If you are searching “how much does RV insurance cost” this post should help you find the answers you are looking for.
RV Insurance Costs anywhere from $65 to $25,000. This is partly because of the deferring types and costs of RVs themselves; a non-motorized trailer can cost as low as $5000 whereas a luxury RV with hot-tubs, chandeliers and the works can cost a fortune. A number of owners go for RV coverage in the form of an endorsement on their automobile insurance policy, but there are other options available fashioned especially for RVs. Insurance providers like Nationwide, Progressive, GMAC, and Geico offer specially designed RV insurance that could be best described as an automobile insurance, travel insurance, and home insurance all wrapped in one package.
Determining RV Insurance Rates
Insurance rates will vary from region to region, but region is not all that determines the rate you can expect to pay for your insurance, and there are a number of other factors at play. Some of the most common determining factors are listed below.
The type of RV you own:
Since there are a number of different types of RVs and motorhomes, it isn’t possible to calculate an expected cost until the make, model, and other particulars of your RV are considered.
The condition/age of the RV:
Wear and tear is a reality, and one that is a chief determining factor when determining insurance rates for your RV.
Your driving experience:
Driving an RV and driving a car aren’t comparable for first-time drivers, and there is often an adjustment period where new drivers familiarize with blind spots, back swing when cutting tight corners, height restrictions in garages and bridges, as well as other considerations that come with driving an RV. Meanwhile, experienced RV drivers are less risky to insurance companies than new RV drivers.
Traffic violation incidents / accidents:
As most of us are well aware, when applying for insurance, your history matters. People with a history of traffic violations or those that have been in a number of documented accidents are a higher risk to insurance companies than drivers with a clean history.
Your area of residence:
Areas with high rates of thefts and accidents normally have high insurance premiums. So do mountainous areas or those that see extreme weather like excessive snow, blizzards and storms.
Your travel destination:
Where you normally travel to and how much distance you normally cover in your RV matters to insurance companies. If you only cover short distances you are likely to face less accidents than if you were travelling hundreds of miles on a regular basis.
Time on the road:
If you drive occasionally you’re a lesser risk than drivers that spend months on the road or if your RV is also your primary residence. This is mainly because you’re spending more time on the road, making you more susceptible to accidents, and also because of the home insurance cover that your RV will be subjected to.
Your insurance claims history:
As you file claims on your policy your insurance costs will rise. This might become unmanageable if you’re a new driver that gets into scrapes and accidents while getting accustomed to RV navigation. It’s always advisable to manage some of these costs on your own expense to keep your insurance premiums low.
The insurance amount and type:
In addition to all the above factors, the expected cost of your premium will depend heavily on the type of insurance cover you’re getting, and determining what accident covers you need and which ones you can do without. When purchasing insurance, it’s important to evaluate your needs and set limits, as it’s easy to go overboard.
The insurance agent you meet with will detail the coverage options available, and you can decide how much coverage you need for the personal effects in your RV. Insurance companies will either provide a cover on the actual (depreciated) cash value of your RV or the replacement cost if your RV is stolen or damaged beyond repair. Total replacement cover, however, is limited to new RVs by most insurance providers.
RV insurance rates will also depend on the State you’re in as each state has different laws and requirements pertaining to insurance coverage. A local agent is best suited to guide you in this regard.
Most insurance covers have limits for when the vehicle is in storage. If you’re planning on storing your RV for some time, you may need to expand your existing coverage; this can either be purchased from your insurance provider or from the storage facility, if they offer one.When renting an RV, inquire if it has an existing insurance cover; most rental companies offer insurance covers on vehicles at an additional cost.
Packaged Deals &Discounts:
Most insurance providers offer packages and discounts if multiple covers are purchased, if insurance is being purchased for multiple vehicles, if additional items like GPS trackers are being purchased, or if the vehicle has anti-theft systems installed. Enquire with your insurance provider how you can avail such discounts or if you’re eligible for any.
Shopping for Insurance:
Most insurance companies, including Progressive, GMAC and Geico, offer online quotes.You can also avail insurance comparing websites, like RV America Insurance, that list quotes and particulars from several companies for you to compare and evaluate.