If you own an RV, you would be wise to insure it very carefully. We talked to an insurance agent to find out the how to insure your RV properly.
Buying a new RV is both exciting and stressful. It is like combining buying a new car and a new home into one process. Like home and auto ownership, you really need to take that extra step and insure your RV, too. RV insurance is not like a home or auto policy either. You have to know what to look for, and know exactly what you’re paying for. Taking the time to truly understand what you’re getting in to will help you in case of the worst situations. There is no worse feeling when you have an incident where you need insurance and you find out that your insurance doesn’t cover the problem. Let’s take a deeper look at getting the right insurance policy for your RV.
Seek Professional Help
One of the biggest issues with insurance these days is all about misunderstanding. Online insurance shopping is easy and just as they advertise; you can get insurance in a few simple clicks. The problem is you may not be getting the coverage you really need. That premium may look great, but what good does it do if the policy doesn’t cover you in case of an emergency? I sat down with my own insurance agent, Trevena Sheets from the Petersen McGregor Agency in Michigan.
“The number one piece of advice I have for someone looking at RV insurance is to make sure you ask what coverages you have and get an explanation of those coverages,” Sheets said. “Each carrier may have something different to offer, too. For example, awning coverage can be important, but only a few companies offer it as part of the policy.”
It’s Not The Same Kind Of Insurance
According to Sheets, an RV policy differs from a home or auto policy in several aspects. An RV policy covers liability, much like a home policy does. Like your auto insurance policy, an RV policy covers physical damage with comprehensive, collision and towing coverages. One major difference is vacation expense insurance. Vacation expense gives coverage if, for some reason, you can’t use the RV while on the road. It offers motel expense for a few nights to keep your vacation running as smooth as possible.
Your RV can be on mono-line policies, that is, on a policy all by itself, Sheets said. You can usually add it to your auto policy, and sometimes add it to your home policy, depending on the carrier. However, when you add to the auto policy, be sure that carrier offers liability while parked if you don’t have a home or tenant policy that offers the liability coverage. Sheets stressed the importance of having your bases covered when looking at insurance. She has seen far too many cases where people didn’t opt for coverages they needed, only to get bit in the end.
Misunderstanding of coverage is the biggest mistake people make when buying insurance for their RV, Sheets said. For example, in Michigan, the vehicle pulling the RV only extends liability coverage to the RV if they are not motorized (Popups, Fifth Wheels, Travel Trailers). There is no physical damage coverage supplied by the vehicle to the RV.
“Customers seem to think Comprehensive coverage is the all they need,” Sheets said. “Not true, Collision is just as important. If you want your RV to be covered, make sure you have the right policy.”
Another thing to ask about is how long you can have the coverages for. One major insurance company offers full replacement coverage for your RV, but only for the first two years you own it, Sheets said. This is due to the dreaded depreciation factor.
As you’re shopping around for RV insurance, it is fine to do so online. You can start off by going to the insurance page of this website. Know going in that not all online insurance companies offer coverage in every state or province. And by all means, ask for help. Most insurance companies online have chat options to speak with someone that can guide you along the way. And if you have questions, or don’t like what you find, going to your local agent is always a good step.