Protecting your investment is imperative in case of a covered loss or accident. Similar to a homeowner’s insurance for your primary residence which protects the dwelling and your personal property in case of a covered loss, an RV insurance policy offers similar protection for physical damage to the unit and the personal property inside the unit during a covered loss. Having a large, unexpected cost can dampen the freedom and fun that comes with owning an RV.
Insurance requirements vary state by state and it is important to work with an agency that knows regulations across the country. Here at RVsurance we write policies in every state of the union and can even offer coverage if you travel to Mexico in your RV. If you own a Class A, B, or C motorhome you will need liability coverage in addition to your physical damage coverage. Having the correct limits for your motorhome is essential in case of an accident.
What about my personal auto policy?
Your liability coverage from your personal auto insurance would most likely extend back to your trailer while you are towing. This would offer coverage for bodily injury and property damage up to the limits listed on your personal auto insurance. If damage is sustained to your trailer, fifth wheel, or camper then you would financially be on the hook to repair or replace for situations such as, but not limited:
- Wind & Hail
- Theft & Vandalism
- At-Fault Accidents
A note about financing
A bank or other financial institution will most likely require you to have a RV insurance policy that lists them as a loss payee. If you are financing through your dealership, they may require you to show proof of insurance before you are able to take your new unit home. A couple of items to note about loss payees:
- Any claim settlements will be paid by the insurance company payable to you and the loss payee
- The loss payee will be notified via mail of any changes to your insurance policy
In the unfortunate case of a total loss to your RV or motorhome the loss payee will have their first pick of the insurance settlement check to satisfy the outstanding loan amount and then any remaining would be distributed to you. If there is a remaining balance, then you would be responsible for satisfying that amount with the bank. GAP insurance provided by the dealership is an effective way to ensure that you will not have to pay that remaining balance in case of a covered total loss.
While GAP insurance is a great coverage to have, another option is to purchase a replacement cost policy. Some carriers offer this for brand new units in certain states and is generally only available if you are the original owner. Replacement cost coverage will replace the unit with “like kind and quality” in case of a total loss. Here is an example:
- A tree falls on a
Benefits of RVsurance coverage
If you have questions about what coverages that we may be able to offer, please refer to our blog post entitled WHAT IS COVERED BY YOUR RV INSURANCE? Our insurance agency is set up to provide quality RV insurance coverage that meets your needs. Give us a call at 913-521-2072 or visit us online at RVsurance.com.
Open roads ahead, Luke Willis, MBA
