Countless individuals and families have used recreational vehicles (RVs) to enjoy life-changing adventures on the open road. However, if you have considered investing in an RV of your own, you need to understand some basic points about another critically important investment: RV insurance.
The world of RV insurance can seem mysterious, puzzling, or intimidating to those who have never needed anything more than standard auto insurance in the past. Check out the following frequently asked questions and answers to get yourself up to speed.
Why Do You Need to Purchase RV Insurance Instead of Auto Insurance?
Standard auto insurance simply doesn't make good sense for RVs. These oversized vehicles can cause much more devastating damage, both to people and to property, than an ordinary passenger car. RV insurance provides the extra coverage necessary to compensate for this higher level of risk.
If you buy a large-scale RV meant to double as your home, you will no doubt invest a great deal of money into that asset. If an accident, theft, or vandalism strikes your home on wheels, you need insurance specially designed to cover the various issues you may encounter and the massive financial losses you might sustain.
What Qualifies as an RV?
By its broadest definition, any conveyance that provides both transportation and living accommodations may qualify as an RV. Insurers narrow the term to apply it to self-powered vehicles. In other words, motor home or customized van would require RV insurance, while a fifth wheel or hitched travel trailer would not.
You should give serious thought to insuring that trailer even if you don't technically need RV insurance. Both the trailer and the possessions you carry in it represent tangle assets that might cost a lot of money to replace if stolen or damaged. Your insurance agent can help you choose the right kind of policy to cover these assets.
The RV insurance rate can you expect to pay will depend partly on what class of RV you have. The primary classes of RVs include Class A (full-sized motor homes), Class B (camper vans), and Class C vehicles (modified trucks). The smallest of these, Class B vans, cost the least to insure, while massive Class A RVs cost the most.
What Kinds of RV Insurance Coverage Do I Need?
Different types of RV insurance cover different situations and circumstances. At the very least, you must purchase the minimum coverage to drive your RV legally. If you drive an RV without insurance in
Mississippi and the police pull you over, you may get charged with a misdemeanor, receive a $500 fine, and/or have your license suspended.
Every Mississippi driver must carry certain levels of liability coverage. You need to carry at least $25,000 in coverage against one person's injury or death, $50,000 to cover the total bodily injury or death in an accident, and $25,000 coverage per accident against property damage.
What Kind of Coverage Do You Need if You Live in Your RV?
Many people move into their RVs, either full-time or part-time, as an alternative to traditional homeownership or to facilitate travel in retirement. If you intend to follow this path as a way of life, however, you need a special kind of RV insurance called full-timers insurance. This insurance offers some of the same protections as homeowners insurance.
Full-timers RV insurance covers a broader range of incidents and losses than standard auto insurance. A typical policy includes personal liability and medical payments related to accidents that occurred in or near a parked RV. It also includes loss assessment coverage against property damage to your RV park or other surroundings.
Perhaps you plan to take long vacations or road trips for extended periods without actually living full-time in your RV. If so, your insurance agent can equip you with a form of coverage called part-timers or vacation insurance.
The Policy Center Inc. can help you choose the ideal RV insurance for your specific needs. Contact us to learn more.