RV Insurance 101: Full-Time RV Insurance

Jan 9, 2022 | Personal Insurance

A recreational motor vehicle is beautifully unique and amazing all on its own. Being a vehicle and a home, more and more people are subscribing to the idea of staying on wheels in the pandemic. They do this by dodging the usual hotel stay and airplane ride and still enjoy traveling. Having Full-Time RV insurance is a must, especially if you are living in your RV instead of a normal home.

If you are buying or renting out an RV, your home insurance will not automatically cover your motor home. You could also be owning an RV currently and are wondering if it is worth it to get insurance. Read on to know more about RV insurance and if it is worth it. 

RV Insurance 101

This is to cover your losses financially if your vehicle caused injury or damage to property. Much like an auto insurance policy but designed for the vehicle in particular including all of its types. This may be independently driven or towed. 

Vehicle Types that are classified under the RV category: 

  • Luxury coaches
  • Recreational vehicles
  • Travel trailers
  • Camper vans
  • Converted buses
  • Motorhomes

Standard Coverage for Recreational Vehicles 

Here’s what you get when you have the basic insurance coverage for your motorhome. It can be depending on what you can afford, what you need, and what the advice of your provider is. 

  1. Liability for Body Injury 
  • This helps in paying for injuries to a person’s body resulting from an accident. This could also include medical bills and assisting the other party financially as they lose income due to the accident.
  1. Property Damage 
  • Helps in paying for damages to property that resulted from the accident that you are liable for.
  1. Uninsured or Underinsured Motorist Coverage
  • Vehicle owners are covered when they incur an injury that is caused by a driver with little to no insurance. Fees are normally reimbursed to the policyholder. 
  1. Medical Fees 
  • Assists you and anyone onboard your RV in paying for medical expenses. Medical expenses resulting from an accident caused by you or another party. 
  1. Comprehensive 
  • This covers you from a wide range of events that could harm your motor home. From natural events like typhoons, hurricanes, flooding, hail, and lightning to man-made events like theft and vandalism along with accidents like fire. 
  1. Collision
  • This covers you from colliding into anything like a lamppost, mailbox, building, fence and so much more that results in damage to your motorhome. 

Other important coverages for your RV

Here are some valuable additional coverages that you can get for your recreational vehicle.

  1. Equipment Coverage is the one that usually covers custom parts added after-sales. 
  2. Windshield replacement or Safety Glass replacement 
  3. Total Loss Coverage pays for the replacement of your RV in the event that it is totaled after an accident.
  4. Emergency Coverage pays for the expenses of having to live in a hotel in the event that your RV is completely unlivable or totaled. 
  5. Replacement Coverage or Accessories Coverage for your awning, solar panel, or satellite dishes if there are any.  
  6. Vacation or Campsite Coverage is the one that pays for property damage and bodily injury while your vehicle is used as a temporary home or during leisurely travel. 
  7. Roadside Assistance includes services like towing and jump-starting your vehicle. This is a usually popular choice among RV owners due to the availability of assistance at any given hour or day. 
  8. Full Timers Coverage, Full-Time RV Coverage, or Package is the one that covers you if you are using your motor home as a permanent home with no other declared properties. It takes care of your special needs as a homeowner and is usually pricier than the standard policies. The price is justifiable though as it ensures that you are protected against risks that you may face when you use your RV as a permanent residence. 

Buying your very first RV

Timing is everything to everything. You are now really excited to make that life-changing purchase venture into the unknown and wake up to a different scenery every morning. That sounds delightful but is now the right time to get your RV? 

One ideal scenario for you to make that purchase is during the winter season or in the late fall when every salesman in every state wants to see that old model gone. The later part of the year provides good discounts and other specials that aren’t offered in any other season. This part of the year for salespeople is called the slow season since not many people are encouraged by the weather to travel or make the decision to get a motorhome for camping purposes. You can get really good deals and value for your money during this time. It also is available from campers, trailers, fifth wheels, and RVs.

You could also attend RV shows where offers are coming at you from each corner of the place. Lots of salespeople want to showcase what their vehicles can do and make deals with interested buyers. 

Be meticulous though and do your research well. Right now is a really good time to purchase an RV with the increase in demand, RV manufacturers and new players in the game are in competition with each other to give interested buyers great features and even friendlier prices. 

Things I should avoid when purchasing an RV

It isn’t really cheap getting an RV. People would sell their houses or work for so many hours just to save up and acquire an RV. In the excitement and the adventure that awaits buyers, people can sometimes lose sight of the different things that could possibly go wrong. Here are a few things to think about like full-time RV insurance.

What is the condition of the vehicle that I am about to purchase? 

As with any vehicle purchase, there is a battle between new versus used vehicles. Buying a new and shiny RV is pricier and we all know that it would depreciate. We just need to know how fast that depreciation would be or if it is worth it to buy the new one. Getting a used vehicle on the other hand could potentially give you a lot of savings but what about the repairs and the improvements that you are about to make? Is this the kind of work you’d like to do? Basing it on your current financial status, think of what you can afford and what works for you in the long run.

Little to no research 

This will be with you for a long time and you would probably be living inside your motorhome for a good amount of time so purchasing something out of impulse should never be where you are. Good research, and not just about the vehicle but the insurance and risks should all be factored in before making that huge purchase.

Size does matter

In the RV world, yes, it does. Buying something too small may cause you to regret it and at the same time buying something too big could potentially make you feel the same way. Depending on how many dwellers would be in the vehicle, you can decide on what kind of RV to purchase with that as a starting point. Then factor in your comfort level. How would you feel if there is just a cooler or a tiny fridge in the vehicle? Would you like to fit all a week’s worth of groceries in? What size of bed are you comfortable sleeping in? Do you want to eat outside or inside the vehicle? 

Weight matters too

Towing weight is important for you to know if you are purchasing a motorhome that will be towed by another vehicle. Examples would include travel trailers and fifth wheels. How much is your vehicle able to tow when it comes to one of these things? 

Forgetting to Compare

Each RV has a different flavor and any minor detail that is in one could be out in another. Again, this should not be an impulse buy but as part of the research, comparing prices and models prior to you making that big decision is a must.

Buying from a reliable company 

Getting your first RV from a reputable company means that you could be guided a whole lot when it comes to the features, the pros, and the cons of the vehicle. This isn’t to say that another dealer is less than the other but established companies also provide warranties and are commonly tied up with insurance companies who can guide you at the onset about the best coverage that you can purchase for your vehicle. 

The Cost of RV Insurance 

There are different factors affecting the cost of RV insurance and here they are: 

  1. The condition of the vehicle, being new or used
  2. Your permanent address, whether living permanently on the RV or temporarily or if you have another property
  3. For leisure or as a permanent residence 
  4. How old is your vehicle is
  5. The type of RV that you own falls under these classes: 
  • First, Class A: Big RVs that are very similar in size to a tour bus at around 75 feet in length
  • Second, Class B: RVs that are very similar in size to that of a van 
  • Third, Class C: RVs that are in between Class A and B and usually have an over cab sleeping area

Getting insurance for your RV doesn’t really look different from that of your regular car insurance. It gives you coverage for the things that are important and would weigh all the risks involved in you living on it whether full time or on a temporary basis. There is really much value in getting one – not just for the peace of mind that it would bring you but it also takes care of you and your vehicle when you really need it. It pays to be prepared and it is a good investment to protect your home on wheels. Contact us now here at Advantage Insurance Solutions here in Denver, CO.