A Closer Look At RV Insurance
November 18, 2013
Do you have a recreational vehicle? If you do, is that same vehicle under some type of insurance policy?
Many people often get into the ‘field’ of owning and maintaining a recreational vehicle–only to find out that much of the ownership part has a lot in common with owning a standard vehicle. Much of that surprise involves the fact that, yes, you do need specialized insurance to cover your recreational vehicle.
Get a RV insurance policy
Recreational vehicles, also known as RVs, are vehicles that can double as ‘homes’ when on the road. Thanks to this unique ability, many recreational vehicles like motor homes and trailers need a separate insurance policy to make sure that it’s adequately protected against unexpected occurrences.
You’re not going to get enough coverage from homeowners insurance or car insurance. Car insurance doesn’t provide coverage for vehicles like RVs, and if you find a policy that does provide coverage, it’s not enough. Homeowners insurance won’t cover motorized vehicles—if the policy even offers some coverage for any kind of vehicle at all.
Due to those factors, getting an entirely separate insurance policy for your RV is the way to go. To get started searching for a recreational vehicle insurance provider, you can actually type that into a search engine. For now, we’re going to take a brief look at some of the things to expect when searching for RV insurance.
Terms and coverage options to watch
As with any insurance policy, there are a number of options you need to ‘watch out’ for when you’re shopping for the right one. Here, we’re taking a look at a few.
Total loss replacement coverage provides reimbursement for any needed replacement and/or repairs for your recreational vehicle. Many insurance providers have different terms and conditions to determine how their cash settlements are paid out.
As an example, RVs of newer model years might gain a higher cash settlement than those of an older one. There are also options that allow you to cover any personal possessions that are associated with your RV, which can provide thousands of dollars of coverage in the event of a loss.
Liability coverage for vacations and travel covers you in case of third-party bodily injuries and/or property damage losses occurring at your vacationing site.
Many policies also include some form of emergency expense coverage, an option that pays for transportation and hotel expenses in the event of a covered loss. Many RV insurance policies will also provide coverage for medical payments if you or another party suffered injuries from an RV accident.