It’s no secret that RVs are a popular way to travel. In fact, in recent years, RV ownership has exploded in popularity. However, many people don’t realize that RV insurance is a must. Just like your car, your RV needs to be adequately insured to protect you financially in an accident. Here are five things you didn’t know about RV insurance.
1. Replacement, Actual Cash, and Agreed Value Differ
The first thing you need to know is that there are three types of RV insurance coverage – replacement, actual cash value, and agreed value. Replacement cost coverage will pay to replace your RV with a new one of a similar make and model if it’s totaled in an accident. Actual cash value coverage will reimburse you for the depreciated value of your RV if it’s totaled. Agreed value coverage is similar to replacement cost coverage, but you and your insurer agree on a set amount that your RV is worth before purchasing the policy.
2. RV Insurance Is Different Than Auto Insurance
While RV insurance may seem similar to auto insurance, some key differences are actually. RVs are considered "recreational vehicles" by insurers, which means they typically fall under different coverage rules than regular cars. Additionally, RVs are often equipped with unique features that need to be insured separately, like awnings, slide-outs, and generators.
3. Part-Time RVers Need Insurance, Too
If you only use your RV occasionally, you might think you don’t need insurance. However, that’s not the case. Even part-time RVers need to have adequate insurance coverage in place in case of an accident. If you’re found at fault in an accident, you could be held liable for damages – and that’s where RV insurance comes in.
4. You Might Need Specialized Coverage
Depending on how you use your RV, you might need specialized coverage. For example, if you use your RV for business purposes, you’ll need commercial RV insurance. If you take your RV overseas, you may need to purchase foreign travel insurance. And if you’re an avid RVer, you might want to consider a full-timer’s policy, which provides coverage for those who live in their RVs year-round.
5. You Can Insure Personal Belongings, Too
RV insurance doesn’t just cover the vehicle itself – it can also cover your personal belongings. If you have items like jewelry, electronics, or sports equipment in your RV, they may not be covered under your auto insurance policy. However, you can usually add them to your RV insurance policy for an additional premium.
If you’re an RV owner, it’s important to understand the ins and outs of RV insurance. Brock and Poole Insurance Agency in Collierville, TN can help you find the right policy for your needs. Give us a call today to get started!