Purchasing an RV has become an increasingly popular way to vacation, especially for families. Models are available to fit most budgets, from folding travel trailers that cost, on average, close to $7,000, to conventional Class-A motor homes with an average price tag of over $140,000.
The one characteristic all RVs share is that they represent a sizeable investment for the purchaser. Despite this fact, according to a 2007 Progressive Insurance survey, most RV owners cover their vehicle under an auto policy, rather than secure standalone insurance coverage.
In the survey of more than 1,000 RV owners, researchers found that just 28 percent bought a standalone insurance policy with specialized RV coverage. Fifty-four percent of the respondents said they added the RV to their auto policy, and 14 percent said they didn’t obtain any coverage for their RV.
An RV is a hybrid vehicle that serves as both a home and method of transportation. As a result, it requires specialized coverage that combines the protections offered by both auto and homeowner’s policies. Rather than add your RV to your auto policy, consider insuring your RV under its own insurance policy. Without standalone coverage, you’ll have major gaps in your coverage. Consider the following:
· You may keep personal items in your RV that you would never keep in your car, such as clothing, jewelry, binoculars, VCRs, satellite dishes, laptops, camcorders or outdoor gear.
· When you park your RV at a campsite, you may be liable for the area around your RV. If someone is injured, you may be responsible.
· If your RV is damaged while you’re traveling, you’ll need a place to stay and a way to get there.
If you insure your RV under a standard auto policy, none of these scenarios would be covered in the event of a loss, which could cost you a considerable amount of money.
When you insure your RV with its own policy, you can rest assured knowing that you have a broad range of coverage for a wide range of possible incidents.