What is recreational vehicle insurance (RV insurance)?
Whether you are an avid outdoorsman, or someone that enjoys sitting around the camp fire, making sure your RV or camper is covered correctly in the event of a claim might be hard to determine without a trusted advisor. In the United State, approximately nine million households own a recreational vehicle or camper trailer. This is why it is important that you go over the coverage with your insurance agent, to protect you in the event of an accident. From backing into another vehicle, to a major accident – your RV insurance protects you from added expenses that many customers thought they were covered for. There are many additional coverages that can be purchased with a RV policy that can help with those extra expenses that the consumer many not be aware of.
In many cases the RV you purchase and add to an auto insurance policy will be covered on an actual cash value basis. When your policy pays a claim on actual cash value, that means that the insurance company will depreciate your vehicle based on many factors, but what this means for the customer is that if the RV is new and there is a claim, it is possible that the depreciation on the RV will be more than the customer owes. The customer will be left with the added expense of the difference between what the insurance company pays and what is still owed on the RV.
Types of RV insurance
Many companies offer something called Total Loss Replacement. This replaces the “Totaled” RV with a newer model or a similar make and model. This coverage is usually very inexpensive to purchase and gives the customer peace of mind knowing that in the event of a claim their investment is fully covered.
A coverage that many consumers are not aware of is Emergency Vacation Expense. This coverage provides a certain amount of money for lodging and transportation if their RV is damaged on a trip. If your RV has to be put in the shop for minor repairs or there is a major repair that will take several days, the customer does not want to have to spend more money on transportation and lodging. This coverage can be added to you policy for very little premium also.
24 Hour Roadside Assistance is must for RV owners. Many auto polices do not offer this coverage, or have a small amount of coverage for towing. 24 Hour Roadside Assistance coverage is exactly what is says. If you breakdown, have a flat, or run out of gas at any time of the day or night, this coverage allows you to get assistance with whatever need you may have. Also, it will insure that you have the correct coverage if your RV has to be towed (plus covering the towing fee as well).
Last, Replacement Cost Personal Effect is a coverage that many customers are not aware they need. Many people pack their RV with essential needs, such as, pots and pans, toiletries, bedding, and even clothing. Replacement Cost Personal Effects replaces these items at full value.
Having a RV is an exciting way to see the sites the country has to offer, or to get away for a short weekend trip to your favorite campsite. Making sure your RV is covered correctly, and the customer can have peace of mind knowing whatever may happen they will be back on the road and enjoying their vacation is essential. This is why it is important that you sit down with your insurance agent and go over all the coverages that are offered to make sure that in your time of need you are fully covered.