When it comes to hitting the open rode, and bringing the comforts of home while you explore the highways and byways of American, there’s nothing better than an RV. Whether your trip will take you 15 miles or 1,500 miles, your RV is your ticket to seeing all of the places you’ve always dreamed of going, and bringing the comforts of home with you, all the while. But as with any other type of vehicle, you need to take steps to protect yourself. Natural disasters, collisions with wildlife, wear and tear, an accident with another vehicle – these are all risks having an RV entails.
With so much potential for disaster to strike, you need RV insurance to protect both your family and your investment. But with a multitude of insurance agencies, and different types of policies available, how can you ensure that you’re getting the right policy that will keep you and your family safe? Read ahead to discover the fundamentals of RV insurance, and learn about the critical areas you need to know before you make a decision.
What is RV Insurance?
RV insurance is a policy, provided by an insurance provider to a consumer, that protects their trailer, camper or motorhome by agreeing to pay out in the event of damage or loss. Different policies offer different types of coverage, dependent on the RV owner’s needs and desires, to safeguard a vehicle, and provide peace of mind during vacations and long drives.
If you drive an RV, you will have to obtain liability coverage, since both federal and state laws require you to have vehicle insurance to drive legally. In almost every circumstance, any kind of motorhome, any RV that is still under loan, and any rental RVs, will require insurance. In certain states, you may not be required to get RV insurance if your RV is tow-only, and you completely own the vehicle (i.e. have paid off your loan).
What Does RV Insurance Cover?
Insurance for RVs cover some of the similar risks that car insurance provides, such as collision coverage, liability coverage, and extended coverage. You will also be provided with additional security for your private possessions on board, equipment, and other accessories installed in the RV, such as a satellite dish or canopy. Depending on your how much risk you’re willing to assume, you can opt for additional coverage, including overall replacement, emergency expenses, and vacation coverage.
How Does Insurance For RVs Work?
Insurance for your RV will safeguards you as an RV owner from extensive costs in the event of a loss or damage, even if you are the one to blame in an accident which causes injury or damage to property. It can also give coverage for your expenses if your RV ever breaks down on the road. Below are some problems you could encounter during an RV vacation, and how an RV insurance would possibly cover it:
- If you have uninsured/under-insured motorist coverage, and another car crashes into you, but that driver is not insured, your insurance provider will pay for full/partial damages depending on the company’s terms. The amount you will receive will also depend on how critical the damage is, your deductible amount, and the restrictions of your policy.
- If you caused the accident, the other driver must file a claim with your insurance provider. Your insurance provider will pay the claim with the amount, depending on the terms your policy outlines for your liability coverage. You will have to pay for any damage expenses, injuries and other fees incurred beyond the limits arranged on your insurance policy.
- If your RV is non-functional after the accident, and will have to be towed, your insurance policy will cover all or some of the expenses of towing.
- If your RV is stolen, an animal caused damage to it, or is damaged by natural phenomenon, your extended coverage should pay for some or all of your losses, depending on the limits you have chosen in your insurance.
Is RV Insurance Important?
Like automobile insurance, RV insurance is mandatory in all states in the United States. All states also demand a minimum amount of insurance coverage to be able to legally operate a motor vehicle. In some states, they also require getting uninsured and under-insured motorists insurance. Once the minimum amounts of coverage have been set, you will determine the amount of additional coverage you want, and in what areas.
Be sure to determine how you will handle expenses if you get involved in an accident, and do not have sufficient coverage. You will be obligated for additional requirements if you’re renting the RV, if you live permanently inside your RV, or if you borrowed funds to purchase your RV.
What Coverages are Offered?
This will help you pay for any repairs or replacements needed for your RV, if it has been damaged because of an accident with another car or an object. Collision coverage may also cover the physical structure of the RV, and the features attached inside, such as sinks and installed TVs.
Damages to your RV can also be caused by other factors aside from a collision. Extensive coverage will help cover the expenses of repairing your RV if it is damaged by natural disasters. For instance, extensive coverage will help cover damages caused by floods. Read the terms of your insurance policy, or contact your agent to know what is covered in your insurance.
This helps cover medical bills or funeral expenses that you or anyone on your RV incurs as the result of an accident up to the limitations of your policy.
You may have noticed that your RV insurance also offers restricted coverage for all your personal possessions. Read your insurance policy to know about content coverage it provides. If you have homeowners insurance, the personal property coverage on that policy will also help cover your property while it is being stored inside your RV.