An Introduction to RV Insurance
If you've been working towards purchasing your RV as a long-time outdoors enthusiast, and now finally have the cash in hand to make it happen, here's a panoply of helpful information for obtaining the proper RV insurance.
It's always important to be well-informed about your purchases and moving forward with them, so don't forget to read this article on RV insurance. This article is filled with dozens of helpful suggestions that should help get you started on the right foot when selecting an insurance company.
When it comes to RV insurance, there are many factors that can influence how much you have to pay for your policy: age; number of vehicles owned; classes of coverage (i.e. collision, comprehensive, and liability); etc.
But before diving into the nitty-gritty of your RV insurance policy, it's important to know that there are three types of coverage that are available to you: collision, comprehensive, and liability. That is the terminology in which insurance companies tend to market their policies in. Collision covers damage done to your vehicle from a collision with another object (i.e. an accident) while comprehensive coverage covers other types of events that can damage your vehicle (i.e. fire or theft). Liability is a no-fault form of insurance coverage which protects you from lawsuits from people who are injured while on your property (including if they were hurt while on your RV).
As you shop for an insurance policy from your local agent or the internet, you'll encounter the term "excess value." This is the amount of money that you would be responsible to pay, in addition to your premium, if you choose to file a claim. If your policy has a $500 excess value, and you need to make a claim that costs $750 after paying your premium…you will be responsible for the next $250.
Most RV insurance policies are written with two different types of coverage: single limit and multiple limits. A single limit policy is self-explanatory (it's one limit per incident). A multiple limit policy will provide a certain number of "emergency" vehicles that you can use, and any claims made on those vehicles will be covered. If you are insuring an RV with two slide-outs (i.e. a trailer), your policy would likely offer coverage for both the main RV (which is going to have a higher value) as well as the camper (which would have lower value).
Carriers generally offer different levels of coverage for their policies, but they include different amounts of "value" assign to it. A carrier may list every RV in existence as having a $15,000 value attached to it whereas they're selling an insurance policy for someone else's $20,000 RV.
Another factor you'll need to consider is whether or not you are insuring your vehicle for business purposes or personal use. If someone is thinking about insuring their RV for business use, they will probably have the option of purchasing a commercial policy, which is more expensive. It will include additional items such as blanket coverage (covers all vehicles owned by that person and additional vehicles that he or she may be driving when an accident occurs), and also "underinsured motorist" coverage (which helps pay for damages if the other driver does not carry sufficient insurance).
Travel trailers tend to be more costly to insure than fifth-wheels due to the fact that they can function as either a mobile home or a trailer. They can easily be transported and towed with a pickup truck, which generally means they'll be driven on the road more often than a fifth-wheel would.
RVs are very expensive to replace and repair. Therefore, it's in one's best interest to make sure their insurance carrier is financially stable and reputable. Do your research so that you find someone you can trust with your vehicle. Also, if you're thinking about purchasing additional items such as theft or accident forgiveness while purchasing your insurance policy, make sure to read the fine print so that you're aware of what it entails before signing on the dotted line. If you're not comfortable with something, ask questions and do some research.
RV insurance can be a very confusing subject to know very little about. However, if you keep things simple and stick to the main issues at hand (i.e. what are your needs, how much you drive your vehicle, etc.), you should be able to select a carrier that will provide a plan that fits within those parameters. It's always smart to do some fact-finding before moving forward with an insurance policy for any kind of vehicle – and especially for an RV that may carry quite a high price tag if it were to need repair or replacement.
By: Mike Maczuga
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About the Author:
Mike Maczuga has been writing articles on various subjects since 1997. His articles have appeared in numerous publications such as the Denver Post, Colorado Daily, The Cavalier Daily, and The Virginia Gazette. He is a regular contributor to online portals such as Examiner.com and Newsmax.com. He graduated from Marshall University with a degree in Journalism with minors in English Literature and Political Science. Mike lives in Virginia with his wife Bethany and their three children Carson, Sophia and Mackenzie.
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Conclusion:
Insurance is an important factor to consider if you own a motorhome. If you're planning on purchasing one, it's best to get some quotes from different insurance carriers before making your decision so that you can be as cautious as possible. You may also want to do some research about the policy carriers themselves, so that you feel comfortable about their policies and procedures before purchasing. If someone feels like they're not getting the right coverage for their rig, they should look around for other companies that might offer a better deal. It usually takes more than one quote to find out which company will be providing the best price and coverag...