Comparison of RV Insurance
As a vehicle that travels roads and highways, an RV must be insured. Yet RVs and RV drivers differ, so their insurance needs differ. Non-motorized towable RVs are different from motorized self-propelled motorhomes and weekend campers are different from full-time RVers. To complicate matters, an RV has elements of a motor vehicle and elements of a home. A comparison of homeowners and auto insurance with RV insurance clarifies these differences.
Other People Are Reading
-
RV Insurance as Vehicle Insurance
-
Like any vehicle insurance, RV insurance is paid for with a premium and has a deductible amount. It includes collision insurance to covers loss related to a collision. It usually includes comprehensive to cover damage to the vehicle caused by a non-collision event such as fire, falling objects, theft or vandalism. Liability insurance provides coverage should the RV owner be at fault for a covered accident or incident. RV insurance may also include uninsured and under-insured coverage and medical payments insurance.
RV Insurance as Home Insurance
-
The personal property RVers carry makes the RV like a home on the road. As with homeowner's insurance, RV insurance may have a provision to cover personal effects. Many RV policies also cover antennas, satellite dishes, awnings and external racks, and some also will add in tow dollies and trailers that transport extra vehicles.
Homeowner's insurance provides protection against liability if someone is injured on your property. RV vacation liability insurance provides protection if someone is injured at your campsite to the limits and within the exclusions of your policy. Some RV insurance plans provide specialized liability insurance for RV owners who live in their RV full-time. Both vacation liability and full-timer liability coverage are designed to limit the RVer's exposure to liability when they are traveling.
-
Methods of Valuation
-
A typical valuation method for cars and RVs is called actual cash value. If the unit is a total loss in a covered incident, the policy usually pays the depreciated fair-market value. Total loss replacement cost coverage provides for the replacement of an RV either with a new one or the initial purchase price. This coverage is usually only available during the initial five model years of the RV. Agreed-upon value coverage for a customized RV is similar to auto insurance for classic cars. When there is no standard market value, the owner and the insurance company agree upon a value at the inception of the policy. The process is likely to require a qualified appraisal or a bill of sale.
Roadside Assistance
-
Some auto insurance providers offer roadside assistance. Some homeowner's insurance provides for loss of use of the home. Specialized RV insurance may combine these two types of assistance. RV roadside assistance coverage can include towing to a qualified RV repair facility and trip interruption insurance to cover the expenses of lodging and meals when the RV is being repaired. Some plans may even provide airfare home for covered family members in the event the RV cannot be repaired.
-
References
- Photo Credit lake mead national recreation area 4 image by Jim Parkin from Fotolia.com
