If this is your first time shopping for a recreational vehicle insurance policy, you will discover that RV insurance is significantly more expensive than traditional auto insurance because your RV is much more valuable and riskier to operate than an automobile. In terms of cost and scope of insurance, you should view RV insurance to be a combination of auto and home insurance. Here are some things to consider when buying RV insurance.
What Insurance Coverage Should You Buy. There are two things that you should remember about RV insurance. First, you are required to have standard motor vehicle insurance on the RV in order to drive it on the roads. You will also want to insure your RV like you would your home. Coverage should include losses due to fire, natural disasters or theft. In this regard, RV insurance will be similar to your homeowners insurance. It will protect the overall structure and provide for reimbursement for the loss or damage to personal property. If you purchased the RV with a loan, then you may be required by the lender to carry full coverage insurance on the vehicle to protect them against loss should an accident or natural disaster occur.
Shop Around. Like other types of insurance policies, RV insurance rates vary from company to company, so it pays to shop around. Get at lease three price quotes. Don?t shop on price alone. Ask friends and relatives for their recommendations.
Before You Buy A RV, Compare Insurance Costs. RV insurance premiums are based on the RV?s sticker price, type and brand. You should get an insurance quote before you purchase your RV to avoid surprises. Also, insurance premiums vary depending on the amount of the deductible (what you pay before your insurance kicks in). Higher deductibles result in lower RV insurance costs.
Buy Your RV, Auto and Home Coverage from the Same Insurer. Many insurers will give you a break if you buy two or more types of insurance. You may also get a reduction if you have more than one vehicle insured with the same company. Some insurers reduce the rates for long-time customers. But it still makes sense to shop around! You may save money buying from different insurance companies, compared with a multi-policy discount.