If you’re thinking of purchasing insurance for your recreational vehicle, you’re probably wondering how much it will cost. RV insurance is typically far less expensive than auto insurance, especially if you have a pull-behind camper that is only in use a few weeks out of the year. Here is an inside look at all of the factors that determine how much you will pay for your RV insurance.
Size, Type and Age of Your RV
These are the biggest factors that will determine how much you pay for RV insurance. Pull-behind campers will cost less than fully motorized vehicles. If you have a modest motor home, it will be less expensive to insure than a vehicle that resembles a cruise ship on wheels, complete with a hot tub and solid gold door knobs! If your RV is new, you will probably want to pay more for total replacement coverage. Older RV models are usually covered for the depreciated or actual cash value.
Usage and Storage
If you only use your RV for a few weeks out of the year, make sure your RV insurance policy reflects that. Those who insure their motor homes for year-round usage will pay a higher insurance premium. You will also pay more if your RV is listed as a primary residence rather than for vacation use only. Insurance premiums can also vary based on where you store your RV when it isn't in use. In areas with a low crime rate, storing your motor home at your primary residence will get you the best rate. However, if your neighborhood has a higher crime rate, you may save money on your insurance by renting a space at a secure motor home storage facility.
Other Factors that Impact Your Rates
There are many other factors that your insurance company will consider to determine the cost of your premiums. These include:
Some of these items, such as gender, will have a small impact on your insurance rates. Others can raise your rates dramatically. For instance, if you have a long list of violations on your driving record or a poor credit history, you could pay much more for RV insurance.
How to Get Discounts
To get the lowest rates possible, make sure your RV is appropriately insured when it isn't in use. You can save up to 50 percent on premiums during the off-season if your RV insurance has a “layover” period. Bundling your home, auto, RV and other insurance policies can also earn you discounts. Some companies also offer discounts if you are a member of an RV association or if you have taken an RV safety class.
Make sure to ask your independent agent about even more ways you can save on your RV insurance. We are happy to help you get a great rate, while making sure you are prepared for any bumps in the road!