An RV is a vehicle, and as such, most insurance companies will be happy to issue a policy. However, insuring an RV with a typical auto policy will leave significant coverage gaps. Therefore, RV's should be insured with a specialized policy which covers the things an auto insurance would miss, such as:
- Total loss replacement — This coverage is applicable to buyers of new RV's in the first five model years. It replaces the RV with a similar unit, even if the replacement costs more than the original. This coverage is good protection against steep RV depreciation, in case of total loss.
- Replacement cost of personal belongings — Auto policies usually cover a limited amount of content in a vehicle. RV policies give you the option to specify a limit to include all of your personal belongings destroyed by most events.
- Fulltimer liability — Offers liability coverage similar to homeowner's insurance when the RV is parked and is used as a residence. This coverage includes emergency treatment and medical expenses for others injured in or around your RV.
- Campsite liability — Similar to fulltimer liability, but designed for short-term vacationers.
- Emergency expenses — Reimburses expenses related to living outside the RV while it is being repaired, as long as the covered loss occurs a set number of miles from your fixed residence (usually 50 miles). Common expenses covered are lodging, meals, and travel back home.
- Higher liability limits — RV insurance policies allow for significantly higher liability limits than auto insurance. Because most RV's are much larger than cars, they have the potential to cause a significant amount of damage in a mishap. Higher limits provide greater financial protection after an unfortunate incident.
- Medium duty tow trucks — Covers trucks over one ton when used to tow a trailer or fifth wheel.
- Suspend collision coverage when in storage — When the RV is in storage, you can suspend portions of the policy which apply only when the RV is moving on the road, such as collision coverage. This is a cost-saving option because you are not paying for unnecessary coverage.
Please be aware that insurance companies may call the above coverages by slightly different names. Be sure that you understand the terms used in a policy quotation, and what they cover.
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