Buying and owning an RV is a financial investment, which means you need to have a plan in place to protect that investment. Securing multiple types of RV coverage is essential because these plans protect you from financial loss due to accidents, breakdowns, theft, or damage caused by natural events. Unlike everyday autos, RVs combine features of an automobile and a traditional home, meaning the risk potential is greater. Motorhomes and trailers require specialized coverage to maximize protection. This guide provides the information you need to understand what kind of RV coverage you need to ensure peace of mind and safeguard your investment.
Why You Need RV Coverage
When it comes to RV coverage, every registered vehicle is legally required to have minimum liability insurance coverage. Insurance provides protection in case you are responsible for any injuries or property damage because of an accident, helping protect against costly lawsuits and claims.
Whereas insurance is required, RV extended warranties are optional. These policies, also called extended service contracts, are designed to protect your wallet from unexpected repair costs. A warranty provider will cover the costs associated with breakdowns and defects. Warranties cover what insurance does not, providing well-rounded RV coverage.
Types of RV Coverage
The two main types of RV coverage are insurance and warranties, but no policy is one-size-fits-all. Understanding the different available levels of coverage will guide you in determining the best type of coverage to suit your preferences and budget.
RV Insurance
When researching the right RV insurance provider, keep expertise in mind. Some companies, like RVer Insurance Exchange, specialize in insurance catered to RVs. RVs are larger, more complex, and contain more amenities and personal items than everyday vehicles.
Liability Coverage: Protecting You from Legal and Financial Risk
The most basic available insurance coverage, liability insurance covers you if you are responsible for an accident that causes damage or injury. Liability protection has lower premiums, and many plans offer the option to pay in full up front at a lower total price.
Comprehensive Coverage: Safeguarding Against Non-Collision Incidents
More expansive than liability coverage, comprehensive insurance offers protection from damage and theft, covering the cost of any repairs or replacements caused by accidents, theft, vandalism, and natural disasters. Although this type of policy costs more than basic liability, this is the recommended level of coverage.
Collision Coverage
As the name suggests, collision insurance covers damages to your RV, regardless of fault. Collision coverage is best suited to RVers who spend a lot of time on the road. Keep in mind that full-time RVers may want to invest in a plan that offers protections for permanent RV living.
Additional Coverages that Benefit RVers:
Full-Time RV Insurance
For those who use their RV as a primary residence, full-time RV insurance offers a specialized policy with protections similar to homeowners’ insurance. Full-time RVers may also want to consider investing in total loss replacement coverage. In case of a catastrophic event that destroys the vehicle beyond repair, this type of coverage will save you thousands of dollars by covering the cost of a suitable replacement RV.
Personal Property Coverage
This type of RV coverage safeguards your personal property from damage or theft. Personal property coverage is especially valuable to RV owners, who typically travel with a lot of items such as appliances, clothing, and gear.
Vacation Liability
Vacation liability insurance is an optional coverage tailored for RVs. This add-on covers injuries in or near your parked RV while on vacation. This type of RV coverage is intended for seasonal or frequent travelers, but not full-timers. If you live in your RV for more than six months of the year, you will want to forego this coverage and invest in a full-time RV insurance policy.
Trip Reimbursement Coverage
Another coverage for RV travelers to consider is trip reimbursement. This RV coverage can help with unexpected expenses associated with trip interruption. Depending on the policy, this add-on may cover dining, lodging, or alternative transportation.
RV Extended Warranty Coverage
There are different types of extended warranties to meet unique coverage needs. When choosing the right plan for you, consider factors such as model type, travel frequency, resale value, and budget. Providers like Wholesale Warranties have warranty specialists to help guide you through the process and make expert recommendations catered to your travel lifestyle.
Exclusionary Warranty
Exclusionary warranty policies offer the highest available level of protection, guaranteeing peace of mind and potentially saving the policyholder thousands of dollars in repair costs. This plan is intended for a customer who wants to take on the least amount of risk. These policies cover virtually all major mechanical and electrical components, minus exclusions such as windows, tires, regular wear and tear, and aesthetic components.
Comprehensive Warranty
With a comprehensive warranty, policyholders enjoy a broad range of RV coverage at a more affordable price. Comprehensive extended warranties, known commonly as listed or stated component warranties, still cover most major working components. These contracts list everything that is covered under warranty.
Powertrain-Only Coverage
Powertrain-only RV coverage is intended for those looking to protect only the most critical components of the motorhome. These policies safeguard your engine, transmission, and drivetrain components. As the name suggests, these policies do not cover coach components. powertrain warranty is one of the most affordable ways to protect your motorhome
Additional RV Coverages
To maximize peace of mind, consider additional RV coverages like emergency roadside assistance and wheel and tire protection. These programs often bundle with extended warranty programs at a discounted rate. Neither insurance or warranties cover events like blowouts, but wheel and tire protection does.
Roadside assistance provides 24/7/365 service for towing, lockouts, and other needs that arise. If you like to travel in remote areas, consider securing a protection program that provides mobile mechanic services.
Finding the Right Coverage for Your RV
Researching RV coverage can be an overwhelming process. You want to ensure you find the right policy, with the right company, to meet your unique travel lifestyle. Here is a comprehensive checklist to help guide you through the process:
- Prepare Your Documents – Have your license, registration, and vehicle history information available
- Know Your State’s Minimum Insurance Requirements – Legal technicalities vary from state to state, so be sure you have a firm understanding of minimum liability coverage mandates for RVs
- Assess Your RV Usage – Is the RV for part-time recreational use or full-time living? Do you use your RV mainly for short trips, or do you tend to travel long distances? Knowing these answers will inform providers to match you with the best RV coverage for you
- Determine Coverage Needs – Do you want protection from non-collision events? Will your RV be covered for accidents regardless of fault? Decide whether you need comprehensive and collision coverage
- Compare Coverages –What is and is not included? What additional coverages will be valuable to you and give you peace of mind?
- Compare Multiple Providers and Get Quotes – Request quotes from several companies, ensuring they are backed by an accredited (and preferably high-rated) insurer. Compare coverage plans, exclusions, cost, and reputability. Read customer reviews and testimonials
- Review the Policy – Make sure you understand the terms and conditions outlined in the contract and ask clarifying questions as needed
- Ask About Perks and Discounts – For extended warranties, inquire about discounts and perks like exclusive club memberships, bundling discounts, and free programs. Insurance providers may offer discounts for safe driving, insurance bundling, or installing safety devices
RV coverage is essential for protecting both your investment and your travel budget. Securing comprehensive insurance and extended warranty coverage will provide maximum protection and peace of mind. Investing in an RV extended warranty can extend the lifetime of your RV. Get a free quote today.
