Nowadays, you can get insurance for just about anything. From automobiles to pets to homes, you can buy an insurance policy to protect valuables you believe are at high risk. And your RV is no exception. It is, without a doubt, an expensive investment, and you’ll want to make sure it’s protected.
Fortunately, when you have an insured RV, you can stay stress-free, knowing that if something happened to your giant recreational vehicle, you will get financial coverage. However, if you have never invested in an RV insurance policy, you’re probably wondering how much it costs to insure it.
This article covers the factors that influence the cost to insure a recreational vehicle.
Insurance Cost Factors
Like other insurance policies, the insurance cost of an RV isn’t a flat rate. Many factors determine the cost to insure. In general, these may include;
- model, make, and year of RV
- policy type you want to take out
- area you live
- driving record
- usage of RV
- parking location of RV when not in use
Model, Make, and Year
Note that the cost of an insurance policy is largely based on your RV’s value. That is to say; a $150,000 motorhome is more expensive compared to a pop-up camper that doesn’t cost you more than a few grand. Therefore, the costlier and newer your vehicle is the more your insurance will cost due to it’s replacement value.
The cost of an insurance policy varies widely depending on the coverage you buy. Some popular insurance coverages are;
Area You Live In
As the state regulates most insurance requirements, it also affects the cost to insure your RV. Most insurers consider property crime rate, weather, and wildlife in the area to be important aspects when estimating the cost.
If you live in a state that experiences frequent tornadoes, thunderstorms, and hailstorms, it will have higher insurance costs.
Drivers with a spotless driving record get a better insurance rate. Like auto insurance, cost factors can also include gender, age, and marital status of the driver.
Your insurance company may ask how often you use the RV. If you use it frequently, it increases the chances of a crash or road accident. Full-time drivers will have to pay more for their insurance policy.
Where You Park Your RV
Where you park while it’s not in use also plays an important role in the insurance rate you get. You may end up paying more for parking your RV in the driveway as opposed to a designated area.
All in all, these factors are the biggest contributors when it comes to determining the cost of insuring your recreational vehicle. Remember that insurance is one way to save thousands and keep your vehicle protected.