Insuring your RV is a given. State law requires at least basic insurance coverage while common sense dictates adding extra coverage. The extent to which you insure your RV determines how much financial loss you will face should you ever have an accident or find yourself victimized by nature.
To say that not all RV insurance policies are the same is to state the obvious. Both coverage and price vary depending on carrier and policy. The hard part is figuring out what you need and how much you are willing to pay for it. With that in mind, this post offers a brief introduction into what you should look for in an RV insurance policy.
- Start with Basic Coverage
Every RV insurance policy starts with basic coverage. It is your starting point for shopping. Before you begin looking around, it is helpful to know what your state requires. Minimum state requirements constitute the least amount of insurance you will be able to get away with legally. Still, that does not mean minimum coverage alone is in your best interests.
Basic coverage usually includes some or all of the following:
- Liability – Liability coverage pays for injuries and/or property damage resulting from an accident you cause. Most states require liability on all motor vehicles and trailers.
- Uninsured/Underinsured – You may someday be involved in an accident with another driver who has either no insurance or too little to make a difference. You can protect yourself against this sort of thing with uninsured/underinsured coverage. The states vary in terms of whether or not this is required.
- Collision – Collision insurance pays for damage your RV incurs in an accident.
- Comprehensive – Comprehensive insurance pays for damage to your RV caused by anything other than an accident. Think storms, fires, etc.
- Medical Payments – Additional coverage for medical payments can help defray medical costs when simple liability and uninsured/underinsured coverage is not enough.
Again, these are the most basic elements of an RV insurance policy. Your state may require all of them, or just some of them. Those that are not required can usually be added on.
- Optional Insurance Coverage
It is a good idea to sit down and assess your needs in terms of optional coverage. What you add to a basic policy will likely be influenced by how often you use your RV, how far you drive, where you typically go, and a few other things. Examples of additional coverage include:
- Towing and Labor – For when your RV breaks down on the road.
- Glass Coverage – For those times that your windshield or side windows are broken.
- Personal Effects – For those times when your personal effects are lost or damaged.
- Vacation Liability – For those times when an RV might be damaged while in someone else’s property.
At this point, it must be pointed out that most insurance companies do not cover water damage of any kind. That includes damage caused by burst plumbing. According to AirSkirts, a Connecticut company that makes an inflatable RV skirting product, insurance companies consider water damage the result of negligence. If you can get a water damage rider, good for you. But your chances of doing so are pretty slim.
Finding the best insurance for your RV is a matter of shopping around and paying close attention to your needs. Understand that it is all right to switch policies from one year to the next, as your needs might change. You are not locked into a single insurance policy for the life of your RV. Just like with your car, you have choices.