Owning an RV, campervan or motorhome can be thrilling and inexpensive way to travel across the country with family members and friends. Instead of spending hundreds of dollars or more on flights and hotels, travelling by RV can significantly decrease vacation expenses. The average family of 4 could save about 27% to 62% each day by traveling in an RV compared to other vacation alternatives.
Whereas buying a motorhome can save your family thousands of dollars a year when it’s all said and done, it’s certainly a straightforward investment. And as with every major investment, it’s vital to know the specifics about added expenses — including RV insurance.
What follows should help you decide on the ideal option when it comes down to insuring your RV or motorhome
What is RV Insurance?
A lot like a normal vehicle, RV’s are required by law to carry liability insurance. If you’re financing your RV or motorhome, you will probably be required to verify that you are carrying full coverage insurance prior to being permitted to drive away.
RV insurance works comparable to your normal vehicle insurance policy. RV insurance safeguards you if it’s your fault from an accident causing property damage and/or bodily injury. RV insurance also pays for any damages in the circumstances of an uninsured/underinsured driver hitting you.
When is RV Insurance Required?
RV insurance policies are required when:
- Your RV is a class A or class B (liability insurance at the minimum)
- You are financing the RV (typically full coverage is needed)
- You are planning on driving a rented RV
When is RV Insurance an Option?
Individual insurance coverage on your RV may be an option when
- The RV is a class C (towable, non-motorized)
You are not financing the RV (there is no loan) and you reside in a state where RV insurance is not required by law, check your state laws.
What is the Cost of RV Insurance?
Class A are the costly to insure. The average insurance cost is from around $1,000 to $4,000 or more annually.
Class C are slightly less costly to insure than a class A, with an approximate cost of around $800 to $3,000 annually.
Class B are going be the least costly to insure since they are smaller and more comparable to full-sized vans. The approximate cost for insurance on class B’s may range somewhere from $500 to $1,000 annually.
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