A Comprehensive Guide to Recreational Vehicle Insurance
Dan Levenson July 14, 2022
When you take your family on a road trip in your recreational vehicle, you’re probably focused on having fun. But what happens if something goes wrong? Your vacation could quickly become a disaster if you’re not adequately insured.
Therefore, before you hit the road, you must understand the different types of recreational vehicle insurance and pick the right policy for your needs.
Check out these recreational vehicles (RV) insurance basics so that your excursions aren’t derailed by financial problems caused by mishaps and accidents.
Recreational Vehicle Insurance Basics
Typically, you can expect the exact coverage you have for your car. However, here’s a breakdown of the three most important types of RV insurance: personal liability, collision, and comprehensive coverage:
- Liability insurance – Pays other people when you cause injuries to them or damage their property. It can also cover legal bills if somebody injured or whose property was destroyed takes you to court.
- Collision coverage – Pays for damage to your vehicle when you crash into an object like a tree or other car.
- Comprehensive coverage – Pays for theft of our RV or damage to the vehicle due to fire, weather conditions, or falling objects.
Moreover, you can access RV insurance through insurance agents who will underwrite your policy with a firm. Working with an independent agent can provide you with the assistance you require to compare multiple RV insurance quotes in one location.
What Qualifies as a Recreational Vehicle?
Because there are so many RVs, it’s crucial to know what kind of insurance you’ll need.
Motorhomes are another term for Class A RVs. They are the most expensive and most extensive forms of RV, with the most features. They have the appearance of huge buses and are accessible by a primary side door.
They are sometimes called camper vans and are smaller and less luxurious than class A cousins. Also, they are much easier to drive. Much like a van, they are accessible through a sliding side door.
These are RVs built on a truck and have a traditional truck cabin where the driver sits. You may use their raised roof for sleeping or storage. Class C RVs are slightly bigger inside than a Class B camper van.
If you own or lease a Class A, B, or C vehicle, you must have minimal insurance to drive legally. Towable trailers, such as fifth wheels and travel trailers, are the only vehicles that don’t require to be insured by law.
How Much Does Recreational Vehicle Insurance Cost?
Auto insurance companies will consider some factors when determining how much it would cost to insure your RV.
These are some of them:
- Your location
- The type of RV you have
- How old your RV is (it may cost you more to insure a used RV than a new one).
- If you’re using the RV for holidays or as a permanent residence
An RV’s annual premium might range from $200 to more than $2000. If you keep a clean driving record and have many policies with the same insurer, you may be eligible for discounts.
If you submit a claim under your RV coverage’s comprehensive or collision component, you will be subject to a deductible of $500 or $1000. The insurance company will deduct the monetary amount from the claim payout.
So, if an insurer agrees to pay $10,000 for an accident claim, and you have a $1,000 deductible, your claim check will be $9000.
Many Americans enjoy RV vacationing because it provides a relaxing escape from the city or suburbs. By insuring your RV, you can ensure that you may enjoy your vacation without fear of financial loss.
If you require assistance with your RV insurance in New Jersey, contact us. We at InsureYourCompany.com will help you secure the necessary insurance coverage and papers to operate on a gig-by-gig or long-term basis. Our capable staff also concentrates on the process of growing small businesses and adopting the techniques required to assist you in avoiding future legal issues and economic loss.
This article is for general information purposes only. It is not insurance, tax, legal, business, or other advice. For specific insurance questions related to you or your business, please contact our office.