Just like a regular car, owning an RV requires a handful of responsibility. While driving, you need to keep your eyes on the road to ensure safety. Without a doubt, an RV is a large investment because you need to set aside a budget for financing and maintenance. Whoever is behind the wheel, you need to make sure that he or she has a clean driving record.
Although an RV is intended for traveling across the country, you still need to make sure that you are protected. This is where securing RV insurance comes in. Get to know the situations where RV insurance is required.
When is it necessary to secure RV insurance?
There are many factors that will come into play when deciding whether to get your RV insured. It is important to know these factors because it will help you make an informed decision. In essence, the liability coverage of an RV is identical to that of a car except for special cases where a separate insurance policy is required.
If you have taken out a loan to finance the RV, you have a rental RV or the RV is a class A or B motorhome, a separate insurance policy will be necessary.
State laws require motorhomes owner to have liability insurance, especially when on the road. Although full coverage is an option, it does not mean that you should opt out. You may need to start with determining the value of your RV and the probability of a loss. If you can handle the cost associated with self-insuring the physical damage risk of your motor home, you might need to weigh your options. There are instances when RV owners live in their vehicle full time. You will also need additional coverage if this is the case.
For finance RVs, you will be required to carry full coverage because the lender will demand reimbursement on the loan you have taken out from them in the event your vehicle was lost or stolen. Without the full coverage insurance, the lender will be the one to secure an insurance policy on your vehicle and send you the bill for the premium. A smart financial decision will involve securing your own insurance.
If you have a rental RV vehicle, you need to take full responsibility for it while it is still in your possession. You need to make sure that you have insurance coverage for your RV. You can check with your insurance carrier so you will know if the coverage is also extended to your rental RV. If it is not covered, the RV rental dealers will include the insurance in the rental price. There are also short-term policies that you can purchase.
When does RV insurance become optional?
An RV insurance might be an option if your vehicle is towable and if you own the vehicle outright.
Towable RVs have pop-ups, fifth wheels, and travel trailers. In terms of the liability insurance, it extends from car insurance policy to your RV if you decide to tow it. So for instance, your camper van suddenly came unhitched from your vehicle and you damage the property, the costs are still covered by your insurance. Since the liability extends to your RV, separate insurance on your towable RV will no longer be necessary.
If you own the RV outright, getting RV insurance will only be optional. However, if you are driving your recreational vehicle on the road, you will need to secure state-mandated liability insurance. The requirements may vary from state to state.
Types of RV Insurance
There are two types of RV insurance you can consider:
This insurance is ideal if you make your RV your own home. With the full-timer policy, you will be able to obtain a liability coverage which is similar to a homeowner’s insurance policy. The insurance intends to cover losses which are associated with using the vehicle as a primary residence. The policy also covers the medical expenses for people who are around the vehicle.
The part-timer insurance almost has the same benefits as the full-timer policy. It also includes the medical expense coverage for the driver and the people around your recreational vehicle. This type of insurance is suitable for RV owners who use the vehicle occasionally.
For your RV needs, you may visit Mays RV so you can gain greater peace of mind when purchasing an RV.