Do you need RV insurance?
Even if your state does not require you have RV insurance, you should consider it. Your RV is a big investment. If it’s damaged in an accident, do you have the money you need to make repairs and get your vehicle back on the road? Also, RV insurance can cover other losses like theft, fire, and injury to you or your loved ones. In this article, we discuss your options to help you decide how you want to protect your adventure vehicle and yourself. Then you can decide what price you put on peace of mind.
What Kind of Insurance Do You Need?
If you have financed the purchase of your adventure vehicle, you need insurance. Because the lender will require it. Even if you don’t have to have RV insurance, you’re smart to have it. It not only protects your investment but can also provide extra protection for you, your passengers and your belongings.
Basic RV Insurance Coverages
Liability Coverage pays for damages or injuries you cause to others, plus lawsuit costs if you’re sued, up to your policy’s limits. So if you rear-end another vehicle, your liability coverage takes care of their costs. Your insurance company pays the expenses left after you pay your deductible, up to a preset limit.
Collision Coverage protects your vehicle. It takes care of expenses for repairing your vehicle after an accident. It covers expenses great than your deductible, up to the limit of coverage.
Comprehensive Coverage protects you when your vehicle is damaged for reasons other than an accident. This might include a natural disaster, vandalism or fire. You will decide the level of coverage based on where you live and how you will use your vehicle.
If your RV is stationary, you might choose to have the minimum required collision coverage but increase your comprehensive coverage.
The limits of coverage you choose for each type of coverage depends on what you can afford in monthly payments. You pay more for higher limits of coverage. But you can reduce your monthly cost by accepting a higher deductible.
RV Insurance For Frequent Travelers
If you’re on the road a lot, Roadside Assistance is a very valuable add-on to your insurance policy. It usually covers mechanical breakdowns. It might also cover the cost of lockouts and tire repair. The best roadside assistance coverage even includes towing.
Also, if you’re going to be on the road a lot, consider Uninsured and Underinsured Motorist coverage. Uninsured motorist coverage pays for damages and injuries if your vehicle is hit by an uninsured driver. Underinsured motorist coverage pays for costs greater than the coverage carried by the other driver.
Medical Payments or Personal Injury Protection help cover medical expenses after an accident. It protects you, your family, employees and other passengers. This type of coverage may be required or prohibited depending on where you live. Your agent can help you determine what options are available to you and how they will affect your costs.
Don’t Get Auto Insurance for Your RV
Despite what your agent might tell you, RV insurance is different than auto insurance. Auto insurance will cover your RV as if it were a car. That leaves your interior, add-ons, amenities, and luxury features unprotected.
If you plan to live in your RV for long periods, or permanently, you want a policy like a homeowner’s policy. “Long-term” or “full-timer” policies provide an extra level of protection. They may cost a little more but insure that your RV home remains livable.
Also, you can protect your valuable Personal Belongings coverage. This coverage helps you replace important items you keep in your vehicle. These are things like your laptop, jewelry or clothing. Take stock of your electronics, kitchen supplies, bedding, and other miscellaneous items. Then talk with your insurer how to value these items. With this information, you can choose the proper amount of coverage.
What If My Vehicle is Totalled?
The type of loss settlement you choose also affects your costs. What happens if an accident damages your vehicle beyond repair? If you want to be sure that you can replace your damaged vehicle with a similar vehicle, you will want Total Loss Replacement coverage. It will cost a bit more than your other options. But it ensures your investment is fully protected. Depreciation can’t touch you.
You May Want to Read: Total Loss Replacement Coverage Provides Full Protection for Your RV
Things That Effect Your RV Insurance Cost
Some additional things impact your insurance costs. These include tickets, accidents, your age, gender, and how much you drive. You may earn discounts. Insurance companies do complex math to come up with your rate. Now that you know your options, talk with an expert and have them prepare an insurance quotation for you.
At American Adventure Insurance, our agents are experts in recreational vehicle insurance. They understand your options. And, they will design a policy that meets your needs and your budget.