Why Choose RV Insurance Coverage?
Comprehensive and Collision cover the cost to repair or replace your RV if it is stolen or damaged in an accident, regardless of who is at fault. You select a deductible for each coverage, and once the deductible is met, the insurance company pays for the remaining damage.
With Collision coverage, your insurance company pays for damage to your RV when you collide with another vehicle or object. If you hit a car, a pole or another nonliving object, Collision coverage will apply.
With Comprehensive coverage, your insurance company pays for damage to your RV caused by an event other than a collision, such as fire, theft or vandalism. If you hit an animal, or if your RV catches on fire or is stolen, Comprehensive coverage will apply.
You have three options to insure your RV against a total loss:
- Market Value — A base policy that pays the actual cash value of your RV at the time of loss.
- Agreed Value — Pays the value of your RV that you select at the start of your policy, regardless of the current market value.
- Total Loss Replacement Cost — Pays for replacement of your RV with the newest model if your RV is declared a total loss within its first five model years.
Market Value is the most economical choice to insure your RV. If your RV is declared a total loss, this coverage pays either the lower of the actual cash value (ACV) at the time of loss or the market value displayed on the Declarations page. Market value should be reviewed periodically to ensure it accurately reflects the current value of the RV.
Agreed Value protects your investment in your RV without considering depreciation for total losses. The total loss payout is the agreed value as shown on the Declarations page.
Proof of value is required for this option. For RVs purchased less than two years ago, the purchase documents are proof of value. For RVs purchased more than two years ago, an appraisal serves as proof of value.
Total Loss Replacement/Purchase Price
Total Loss Replacement/Purchase Price coverage provides you with a new, untitled RV if your RV is five model years old or less and is deemed a total loss. If an RV older than five years is deemed a total loss, the payout will be the purchase price as reflected on the Declarations page.
The purchase price value includes all permanently attached equipment, tax, title and license. The value should be increased if additional equipment is added. This coverage is only available for new RVs, up to one model year old.
Your RV is more than a car, and your RV insurance coverage should protect more than what typical car insurance does. Rather than add your RV to your auto policy, consider RV insurance coverage with an RV policy. Keep the following in mind as you decide whether to buy RV insurance coverage, since the following situations are generally not covered under a standard auto insurance policy:
- You keep things in your RV that you wouldn’t keep in your car, such as clothing, jewelry, binoculars, VCRs, laptops, camcorders, or outdoor gear.
- When you park your RV at a campsite, you may be liable for the area around your RV. If someone is injured, you may be responsible.
- If your RV is damaged while you’re traveling, you’ll need a place to stay and a way to get there.
Since none of the scenarios above is covered in the event of a loss, they could end up costing you thousands of dollars. However, when you insure your RV on its own policy, you’ll know you have a wide range of RV insurance coverage for a wide range of incidents.
Bodily Injury and Property Damage Liability (BI/PD) covers your legal liability for an accident that involves injury to another person or damage to someone’s property, up to the limit of liability you select. If you are legally liable for an accident, your BI/PD insurance will pay for the following:
- The cost to repair or replace damaged property
- Medical bills incurred by injured parties
- Lost wages of injured parties
- Other damages you are legally obligated to pay as a result of an accident
If your individual limits are 15/30/10, this means:
- No more than $15,000 would be paid per person for Bodily Injury
- No more than $30,000 would be paid per accident for Bodily Injury
- No more than $10,000 would be paid per accident for Property Damage
You are at fault for an accident that injured another person and damaged another vehicle. The other person’s total medical bills were $5,000 and the damage to the other vehicle was $10,000. Your BI/PD limits are 15/30/10, so all injuries and damages would be covered because they fall within the BI/PD limits you selected. Injuries to the other person were less than $15,000, and the amount for all injuries was less than $30,000. The other vehicle’s damage also fell within the $10,000 Property Damage Liability limit.
Replacement Cost Personal Effects
Replacement Cost Personal Effects coverage is available when Comprehensive coverage is selected. It pays up to specified replacement cost limits for loss of, or damage to, RV contents that are normally used in conjunction with the RV, including clothing; cameras and equipment used with cameras; portable radios and CD players; and travel tickets, passports, and manuscripts. Loss of, or damage to, certain items outside the RV is covered, up to 25 percent of the Replacement Cost Personal Effects limit purchased.
Additional coverage is available, up to $99,000. A $100 deductible is associated with this coverage.