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Recreational Vehicles Insurance

Recreational vehicles insurance is an insurance product that provides financial protection in the event of a loss such as an accident, fire or theft involving your recreational vehicle. If you own a recreational vehicle, investing in insurance for financial protection is something you should consider, and if you have a taken out a loan to purchase the RV it is likely the lender will require minimum coverage.

How does it work?

When you purchase insurance for your recreational vehicle you pay a premium and in return, when a loss occurs, the insurance company will pay to repair or replace the damaged recreational vehicle and/or the damaged contents based on the coverage you’ve purchased. When a claim is filed, the insurance company will review the loss and the coverage before issuing payment.

What are the different types of coverage?

The most basic coverage covers your recreational vehicle itself. This coverage will pay to repair or replace the RV, including its factory components (such as an awning). You can elect additional coverage for the contents of the RV, roadside assistance, emergency expenses and campsite or vacation liability. Additionally, there are coverage options available for people that use their recreational vehicles as a residence, which provides liability insurance similar to that of a homeowners policy.

Is recreational vehicles insurance beneficial?

Insuring your recreational vehicle has many benefits. While you do have to pay a premium depending on the coverage you elect, the protection against financial loss is a wise decision for financial security. Additionally, RV insurance is not the same as auto insurance, so you will want to make sure you are protecting your asset properly. If you have total loss coverage, a recreational vehicle policy with a stated value will keep you protected against deprecation, so you don’t end up receiving much less for the RV than you anticipated. Ultimately, RV insurance is beneficial because you can tailor the policy to fit your budget and your needs.