It was estimated in 2005 that one in 12 households owned a recreational vehicle or travel trailer. That is about 8.2 million households. RV owners are likely to spend traveling an average of 4,500 miles and 26 days annually. With that much time and money being spent, it is important to have the proper travel trailer insurance coverage for your recreational vehicle. After shopping and buying your RV, it is important that you make sure you have the right specialty travel trailer insurance or rv insurance for your expensive vehicle.
You may think that adding your RV to your current insurance policy is the right option. Many insurance companies might do this but for several reasons, you may want to get a separate RV insurance policy with a travel trailer insurance company. An RV is special vehicle that is a combination of a auto and a home so it needs a special RV insurance policy that provides both types of coverage. A specialty RV insurance policy that will provide this coverage is what you need not a standard auto insurance policy.
Your specialty RV is different then your automobile in many ways. It is much larger and heavier so it has the potential to cause a lot more damage. It might make sense to buy higher liability limits which would pay for your legal liability for this damage.
You need coverage for when the RV is parked. It is more like a residence when it is parked in a campsite or even on the side of your house. You would probably want to buy Total Loss Replacement Coverage. This is coverage that protects your RV from depreciation. Depreciation is huge when it comes to RV’s.
You can also add this to your personal property in the vehicle. You are bound to have a lot more personal property in a RV then in a standard automobile. Standard homeowners policies will cover personal property in an RV but there may be a large deductible. A specialty RV insurance policy with a travel trailer insurance company will have coverages that apply to items that are usually in an RV but may not be in a car.
You also will want to get Agreed Value coverage on your RV. This will help protect you against depreciation. The specialty RV insurance company and you can agree beforehand on a value for your RV. You will need some documentation though so that the company can determine with you the value of your RV. If a total loss happens, then this same travel trailer insurance company will pay the agreed value of the RV. This is a much better outcome then if the RV was with a standard auto insurance company.
