Hitting the road behind the wheel of an RV is an exciting feeling unlike anything else in the world. If you have recently decided that you would like to pick up a new RV, then it is time to start thinking about your options for insurance. Unlike insurance for your daily driver, recreational vehicle insurance is designed to protect you against the unique risks that can take place in these larger automobiles.
Total Loss Replacement Coverage
This type of insurance is often referred to as specialty coverage because it offers protection beyond that of traditional auto insurance. An example of this would be totaling the RV in an accident and only being offered the actual cash value of the vehicle. While this would help the driver with at least some of their losses, it would not actually allow them to purchase a new RV. In order to do that, the owner would need a total loss replacement value policy that will allow them to completely replace the vehicle itself.
If an RV is vandalized, stolen, or damaged in a collision, there is a high likelihood that the owners will need to repair or replace more than just the vehicle itself. These vehicles are generally filled with one’s personal possessions and are home to a variety of gadgets such as GPS systems, electric awnings, and generators. Owners will need to decide if they would like additional coverage in order to help them replace these items if they are ever damaged or stolen.
Determining How the RV Is Used
Some other major variables that will need to be considered include how the RV will be used in the coming years, where it is stored, and if it is considered the owner’s primary residence. An RV that is only taken out once or twice for short vacations will require much different coverage than an RV that is on the road and in campsites most of the time. Owners should keep in mind that the premiums for their recreational vehicles insurance will be determined by the likelihood of an accident taking place.
Recreational Vehicle Insurance
Being on the road in a recreational vehicle (RV) is exciting. If you are in the market for a new RV, then it is time to think about insurance. Unlike insurance for your daily vehicle, recreational vehicle insurance protects you against unique risks raised by a recreational vehicle.
This is referred to as specialty coverage because it goes beyond traditional auto insurance. An example is destroying the RV in an accident and receiving the actual cash value of the vehicle. This would help with some losses, but not enough to purchase a new RV. To do that, you would need a total loss replacement value policy to completely replace the vehicle.
There is also coverage for when an RV is vandalized, stolen, or damaged in a collision. In those cases, you will need to repair or replace more than just the vehicle. An RV is usually filled with personal belongings that can be stolen or broken. You need a rider to cover personal items.
Determining Factors for Premiums
How you use the RV plays a role in determining your premiums. For instance, the insurance company will want to know how the RV will be used, where it is stored, and if it is a primary residence. An RV used once or twice a year will require different coverage than an RV that is continuously on the road.