An RV is a big investment meant to provide fun, memories and relaxation. Properly insuring your RV is essential to make sure your travels are stress free and enjoyable. There are not too many complications associated with an RV insurance policy. They are similar to an auto insurance policy with some key differences.
RV’s are like homes on wheels. They need specialized policies that cover the auto component such as liability coverage in the event that you injure someone or damage their property. However, you also need coverage for the home part such as for the property inside the RV as well as additional features such as awnings or satellite dishes.
Personal Contents Coverage
If your property inside the RV is damaged or stolen, you would need to have coverage for these items.
If someone were injured at your campsite while the RV is parked, this benefit would cover your liability up to the policy limit and it will pay for your defense if you are sued, and it will pay for any settlements that may be necessary.
Full Time Coverage
If you live in your RV full time, your RV policy might function as more of full homeowner’s policy adding additional benefits such as cost of living expense and personal liability.
There are several ways that Recreational Vehicle can be covered for its repair or replacement. The most comprehensive choice is Total Loss Replacement. This option provides that if the RV is totaled the insurance company would provide you with the full cost of replacement. Determining the settlement value for this type of claim would depend on the make, model and age of your RV.
You can also utilize a stated value on your policy which is established when you purchase the policy. This way there is little dispute as to the cost of replacement in a total loss situation.
Discuss your options with your agent to ensure that you have an RV policy that is both affordable and will properly cover your needs. Knowing you have the best coverage available to you will help you to enjoy the RV lifestyle for many years to come.