Many new RV owners often wonder if it’s mandatory to insure their vehicles. Truth be told, no hard and fast rule governs this. However, it’s not compulsory to get RV insurance if you got your rig loan-free, and it’s only towable. More so, your state will determine whether you need insurance or not.
It should be noted that RVs that are purchased through financing solutions require insurance. Asides from that, you must take it seriously if you own a motorhome or plan to rent a rig.
Check out some specialized RV coverage you need to consider.
1. Custom equipment
Several RV owners tend to customized their RVs to suit their tastes and needs. There is a high chance of getting this type if you buy a used RV.
A custom equipment coverage is essential if your RV possesses custom parts. You will find it easier to exceed the regular limit that comes with a standard policy once you opt for this coverage.
2. Total loss replacement
This will cover the cost of replacing a damaged RV due to a fire or accident. People with RVs that are around 1-5 years have access to it. However, it can be daunting to get a claim. Ensure that you read your RV insurance policy carefully to know what to expect in the event of a loss.
3. Personal effects
Personal effects coverage isn’t part of a regular RV policy. This coverage will cover the belongings you lose while traveling in an RV. Confirm whether your homeowner’s policy can offer this package and the states it excludes.
4. Vacation liability
Vacation liability is accessible to occasional RVers only. Such individuals often use their rigs for vacations and nothing else. Getting this coverage will make you eligible for claims for property damage or bodily injury during an accident in your RV.
5. Emergency roadside assistance
Emergency roadside assistance will come in handy if your RV suddenly stops working because of a battery failure, lock-out, flat tire, or insufficient supply of fluids. It also covers entrapment in water, snow, mud, or sand.
Towing an RV after an accident is quite expensive compared to other vehicles. The good thing is that you will be able to tow your RV to a licensed repair workshop instead of being stranded in the middle of nowhere.
Using your RV without any insurance plan is risky. Besides, RV financing specialists often expect RVers to maximize full coverage.
Rental dealers will likely add insurance to the rental cost or offer short-term policies. Nevertheless, there is nothing to worry about if your auto insurance package includes a rental RV.
Full-time RVers need extra insurance coverage to protect their investment. Full-timer coverage is similar to house insurance, and it covers medical payments, personal liability, and loss coverage. Try to discuss with your insurance agent to know the right option for you.
Acquiring an RV through My Financing USA is a huge investment, and you can’t afford to make any mistake. It’s imperative to factor in insurance costs as you budget for other expenses. This is because getting the right insurance plan will serve as a form of protection for your RV.
