For first-time owners and seasoned pros alike, the question of how much RV insurance you should have on your motorhome is an important question to ask. And the answer is: it really depends. Okay, so that’s a cryptic answer, but we do have a number of factors that will help you determine how much RV insurance coverage you should have.
Location: Depending on what state or province you live in, where you register your RV will have a lot to do with the coverage you’ll need. Before you hit the road, make sure to find out the RV insurance requirements in your home state or province. You can get this information by calling your local Department of Motor Vehicles (DMV) or your RV insurance provider.
Type of RV: There are lots of different RVs out there and the type of motorhome you have will influence the type of insurance coverage you need. The bigger the RV, the bigger the possibility of damage to the vehicle – and that means you’ll need more coverage. As well, if you’ve customized your RV to the hilt, you’ll need to cover expensive accessories.
Is Your RV Leased or Financed?: If your RV is leased or financed, you may need minimum insurance coverage that will protect you from having to pay the full cost of the RV in case of an accident. Once you’ve paid for the total cost of your RV, your RV insurance premiums will be lowered.
Coverage Limits: It’s tempting to go for the lower coverage limits, but take a look at your current financial situation. Do you have the means to pay for damages to go over your RV insurance coverage limits? If you don’t, opt for the higher liability limits – this will pay off in the case of an accident.
Deductible: When you choose a higher deductible, your current RV insurance costs are lowered. But down the road, this could cost you. If you get into an accident or suffer a loss, the amount of money you pay out of pocket can be substantial.
Storage: If you’re not on the road all four seasons, you may consider storing your RV. This lets you reduce your premium by suspending collision and liability coverages when you’re not using your RV.
To ensure you’ve got enough coverage, be sure to have a talk with your RV insurance provider.