RV Insurance Shopping: 10 Important Things to Consider
After all the research is done on which RV is right for you and you’ve figured out how to finance it, there is one other major consideration. How much RV insurance coverage do you need?
Here are 10 important things to consider when shopping for RV insurance.
1. Type of RV
Do you have a travel trailer, motorhome, pop-up camper, truck camper, or a converted van? Different types of RVs and different levels within the same brand can have different risks and replacement costs.
2. Value of your RV
The value of your RV and the coverage you want for it will significantly affect the cost of your insurance premium. Be certain that you have enough coverage to replace your rig if something catastrophic happens.
It’s also important to know if your RV insurance covers replacement value, actual cash value, or agreed-upon value.
If you’re the original owner, you can get replacement value coverage. This means that the insurance will cover the cost of an exact rig or one as close as possible to the one you’ve lost, regardless of current market value.
Actual cash value is for situations where you’re not the original owner or can’t get replacement value coverage for another reason. What it means is that if you have a total loss of your rig, you’ll receive the current market value of your rig, which may have been significantly less than what you paid, depending on numerous factors.
Agreed-upon value is helpful for folks with vintage rigs. You and your insurance company agree upon this amount before a catastrophic loss occurs.
Also, if you have a Class B RV, be certain your insurance company covers your rig as an RV, not just a van. Some insurance companies will look up a converted RV via the original van’s VIN number. That means they may cover the cost of an empty shell, not an expensive RV conversion.
Finally, if you’re living the van life or traveling in a converted school bus, you may have to do extra legwork to find RV insurance. Many insurance companies hesitate to cover Do It Yourself conversions, and some have stopped insuring Skoolies altogether.
3. Use of your RV
Will you use it full-time, seasonally, or just for occasional weekend trips? Full-time RVers will need coverage that is different from that of occasional campers. Check with your insurance company, but a good rule of thumb is if you’re going to be living in your rig for more than 6 months continuously, you’ll be better off getting full-timers insurance.
Also, be careful about doing anything in your rig that would classify as commercial activity. Working a remote job isn’t a problem, but using it as a base for selling products might be considered a commercial activity. Depending on your insurance company, even putting stickers identifying a YouTube channel can get you into a grey area if that channel is monetized.
In addition, if you plan on staying in your rig for long periods of time, look into RV insurance. This covers the cost of hotel stays, rental vehicles, and more if your rig is out of commission for a while and needs repairs.
4. Liability coverage
Liability coverage pays for injuries and damages to others you cause in an accident. In most states, minimum liability limits are required by law. But you may want to purchase much higher limits to protect yourself from financial ruin.
5. Collision and comprehensive coverage
Collision RV insurance pays for damage to your RV if you collide with another object. Comprehensive RV insurance pays for damage from other causes, such as theft, fire, or vandalism.
6. Contents coverage
If you have a catastrophic loss of your RV, you’ll want to be sure your RV insurance covers your valuables inside, too. Be careful about the level of coverage you opt for, as the fine print often discusses a percentage of the coverage being applied to contents. You may need to raise your coverage significantly to ensure the percentage for reimbursement is high enough.
7. The amount of your deductible
The deductible on your RV insurance is the amount you will have to pay out of pocket before your insurance company starts to pay. A higher deductible will result in a lower premium, but you must be able to afford to pay the deductible if you have a claim.
8. Available discounts
Many insurance companies offer discounts for taking an RV safety course, having a clean driving record, or storing your RV in a secure location. You may also receive a discount on your RV insurance if you insure other vehicles or a home with the same company.
9. Roadside assistance
Roadside assistance can be a lifesaver if you break down on the side of the road. It can cover things like towing, flat tire repair, and battery jumps. It’s an added cost to your monthly RV insurance premium, but it can be a lower rate than purchasing roadside assistance separately.
10. Quality of care
Saving money in the short run won’t matter if your RV insurance company isn’t there for you when you need it. Before signing up for insurance, do some online research to see what people say about getting claims covered, the speed of reimbursement, and other customer service issues that can affect the quality of care.
Considering all these factors, you can shop around and find the best RV insurance policy for your needs.
Where to Find RV Insurance
RV insurance can be tricky to find since not all major insurance providers will cover full-time RVers. If you use your RV six months or less out of the year, you should be able to add your RV to your existing car insurance plan. Just call your provider to get a quote.
If you want to find a new provider or will be full-time, there are two great options.
1. American Adventure Insurance
American Adventure Insurance will research companies and find you the coverage you need. They are licensed in all fifty states and cover all types of RVs. A company like this can save you time since they will research companies for you, compare your options, and present you with the best coverage.
(Note: School bus renovations are not classified as RVs per RVIA.)
Similarly, Good Sam Insurance will find insurance options for you. I used Good Sam to find insurance my first RV a decade ago and they found Allied Insurance to offer us full-time coverage.
Progressive is another popular option for RV insurance coverage, but it’s hit-or-miss on if they offer full-time RV coverage. Many friends of mine use them, but when I’ve called, they insist that they don’t offer full-time RV insurance.
Finding RV Insurance
The first thing you should do after buying a used RV is to buy RV insurance. Get quotes before you purchase your RV to get a good idea of the cost of ownership.
Read Next: 11 Hidden Costs to RV Ownership
