For many Americans, the word “vacation” is synonymous with “road trip.” For those who own recreational vehicles, the ability to take their lodging with them can open up endless possibilities.
It’s no wonder, then, that so many people enjoy traveling in an RV. It’s important to protect the investment by purchasing RV insurance, but costs can vary widely from one state to the next.
With so many factors and state regulations that affect premiums, the price you are quoted may vary. Here’s everything that you need to know about the cost of RV insurance.
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What Factors Go into RV Insurance Cost?
Similar to car insurance, RV insurance has many variables that determine your premium. One of the most important, of course, is your driving record. Other factors can include where you live, your claims record, and in some states, your marital status.
Size and Cost of Your Recreational Vehicle (RV)
Recreational vehicles are divided into different classifications, depending on features and size. Here are just three of the many types:
- Class A: Large and well-equipped, these RVs look a bit like buses, with a large living space and luxurious finishes. They are usually the most expensive RVs.
- Class B: Sometimes described as camper vans, these may be the smallest of the three classes. For those concerned about parking space availability, Class B RVs may fit the bill. They are sometimes the least expensive motorhomes. They can be easier to drive and cost less to insure.
- Class C: Class C RVs represent a middle ground. They may offer more living space than Class B camper-style RVs, but they may not be as large as Class A RVs. This style typically has a separate cab for the driver and passenger and a sleeping compartment above the driving cab.
Age of the Recreational Vehicle (RV)
As with a car, a new RV may cost more to insure than a used one based on the condition of the RV and how expensive it is. As a result, a well-maintained older RV may have very reasonable premiums.
Frequency of Use
If you own an RV for weekend trips, camping, and the occasional long adventure, you will pay a different rate than someone who has decided to travel the country and live in an RV full-time. These distinctions are the difference between a recreational RV policy and a full-time RV policy.
A full-time policy may cost more for a number of reasons, including the simple fact that if you live in your motorhome year-round, you’ll be traveling more—and more miles traveled could mean higher insurance costs. With a full-time policy, you may be able to add coverage that works more like homeowner’s insurance since the RV is functioning as your home.
Is There a Difference Between RV Insurance and Travel Trailer Insurance?
Yes. An RV is different from a towable trailer, and they require separate types of insurance coverage because an RV has its own motor, while a trailer does not.
You might not even be required to purchase insurance for your trailer, depending on the state. Keep in mind if you are leaving the state with that trailer, another state may not require it to be insured, but it’s a good idea to do so. Of course, if you have financed the purchase of the trailer, your lender may require some level of insurance coverage.
How Can I Save Money on RV Insurance?
There are several ways that you may be able to save money on RV insurance.* Here are a few examples.
- Consider Increasing Your Deductible
The higher your deductible is, the greater your responsibility will be if you ever need to make a claim. Since you’ll be paying more out of pocket if you file a claim, insurers frequently recognize this by charging you less for your premium.
When setting your deductible, however, it’s important to make sure it’s an amount that you can comfortably cover out of pocket. If, for example, you select a $4,000 deductible and you have a minor fender-bender that costs $5,000 to repair, you’ll need to decide if it’s even worth it to have a claim on file. (Minus your deductible, you’ll only be receiving $1,000 from your insurance company.)
- Consider Bundling Your Policies
If you have other insurance policies, you may be able to get a discount by bundling coverage.
Bundling is an easy way to encourage people to combine all of their policies with one company, meaning the insurer will receive premiums from you for multiple “lines” of insurance. It also saves time and is more efficient for both you and the insurance company.
- Take a Safe Driver Course
This will vary from one insurer to the next, so call your agent to see if completing a safe driver course could save you money on your insurance.
If you haven’t yet purchased your RV but have your eye on a certain make or model, ask if there are any safety features that could affect your premium. Some safety features like rear-facing cameras or anti-theft devices could save you money on your insurance.
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The Bottom Line
Recreational Vehicle insurance costs will vary widely from one state to the next, similar to car insurance. With three different classifications of RV types, many factors can impact your premium cost—including the size and style of RV you choose.
One of the biggest factors is whether you’ll be using the RV recreationally or living in it full-time. Full-time residents can expect to pay more for RV insurance than those who use their RV for recreational purposes. Speak with an Expert Agent today to compare RV insurance quotes and see how much you could save.
Disclaimer:
* Savings, if any, vary based on consumer’s profile and other factors. Contact your insurance agent for more information. Restrictions apply.
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