Do you love travelling like millions of Americans do? If you do then obviously you must be thinking of buying an RV (Recreational Vehicle) such as a travel trailer, camper or fifth wheel. If you already own a RV and not insured then you may be in the process of getting RV insurance.
You better do that because if you don’t and it gets stolen or damaged then your dream vacation will turn into a nightmare. Not to mention that your insurance policy will also not pay for the loss you suffer because of an uninsured RV since it does not fall under standard home or auto policies.
So are you wondering what RV insurance is and why do you need it? Well then, look no further and keep reading.
What is RV insurance?
RV Insurance is a form of specialty vehicle insurance designed to specifically offer protection for the people and their property when they are in or on a Recreational vehicle. So whether you own an:
- Travel trailer
- Fifth wheel or camper
RV insurance is the thing for you.
Why do you need RV Insurance?
Owning an RV can be quite expensive if you are not insured. It is important to note that regular homeowners or auto insurance policies do not cover RVs. If you are traveling in your RV and something happens like for instance when someone heedlessly drives into the side of it, you will be held financially responsible for all damages even if it is not your fault.
Have an accident without insurance?
RVs, travel trailers and motor homes all look like standard vehicles on the outside but do not provide as much protection as a regular vehicle. The average RV, camper or fifth wheel is built out of lightweight metals that can be easy to damage and they also lack multiple safety features such as airbags and crumple zones found in regular vehicles.
So if you get into an accident without insurance then it will cost you a lot more than what you would have paid for the premium. So you must understand the need for having an insurance policy specifically tailored to meet the needs of an RV owner.
RV Insurance not only covers the owner against the loss or damage of the RV but also covers its content, liability coverage and medical expense coverage in case other parties are affected. It also provides emergency roadside assistance should something go wrong with your vehicle while you are out there camping on some distant hillside at night.
As with other types of insurance policies, RV insurance also varies from state to state and it is not available for purchase in some states. So you must check with your State Insurance Commissioner Office to find out if an RV Insurance policy is required there or not.
What does RV Insurance cost?
Well, the cost depends on how much cover you are looking for. RV insurance costs vary from state to state and also the age of your vehicle. The basic rule is that as your RV gets older, its value tends to drop and with it goes the cost of insurance coverage too.
So if you buy a new RV or travel trailer or fifth wheel then you must be looking at an expense of around $300 to $400 for a basic plan. On the other hand, if you are buying an old RV then it will definitely cost less but not by much.
Also keep in mind that the size of your RV matters too. A bigger travel trailer or motorhome will naturally cost more than a smaller one. Another important factor that affects the RV insurance rates is where you live. If you live in Western areas of the country where RV camping is more popular than expect to pay higher insurance.
What are the various types of RV Insurance Coverage?
RV insurance is exactly like car insurance, except you drive a much larger vehicle. RV’s are typically covered under the same coverage as cars or trucks. RV insurance policies can be broadly classified into three categories, namely:
- Liability Only Policy
- Physical Damage Policy
- Combined Package policy
Liability only policy is just designed to provide compensation for damage you cause to other people’s property. It does not cover damage you cause to your RV. It is the cheapest type of policy that offers coverage but in most cases it does not pay for medical expenses if you injure someone in the course of an accident.
Physical damage policy covers both damage done by you or other parties like fire, theft etc to your RV and also damage caused by natural disasters like earthquakes, floods, hurricanes etc. It also covers the contents of your RV should they get lost or damaged.
The Combined policy combines both collision coverage and liability coverage under one specific plan that meets your requirements.
How to get RV Insurance?
If you already have an auto insurance policy then just contact your agent and ask him/her to add coverage for your RV too. In most cases, the agent will do it without any extra charge depending on which company you are dealing with.
In case you don’t have an existing policy then you must get in touch with an insurance provider that specializes in this industry. You can find them on the web or by asking your friends and relatives who have a car insurance policy if they know any good agents for RV Insurance .
You can also get RV insurance quotes from different homeowner’s insurance companies online. But make sure you read the fine print carefully before finalizing a plan with them. Also, keep in mind that the cheapest plan may not necessarily be the best and vice versa.
So, don’t get fooled by low rates and think they are the best for you and your RV. It is always better to pay a little bit more but get a good cover than saving money on an inferior policy which does nothing for you if anything goes wrong with your RV.
Final Take away:
Are you still wondering if you require RV Insurance?
We can’t stress enough on the fact that an RV insurance policy is a must for people who own an RV or other kinds of large vehicles like buses and trucks. The cost of insurance will depend on factors like the make and model of your vehicle, its age etc. But it should not be very expensive if you opt for a good provider.
To find the best RV insurance company take some time out and compare the different offers they have for you. Also if you bundle your RV policy with your existing car insurance or homeowners insurance policy in Tx, the Insurance companies are sure to offer you with some good discount.
So Good Luck on your RV Journey!