The Best Comprehensive Guide to RV Insurance Costs

Age of Your RV 

Compared to older variations, newer RVs come with state-of-the-art features and technology built into them. So, if you were to get into an accident, the cost of repairs or replacement to your vehicle would be higher than some older models. 

Insurance providers will be wary of this and set high insurance rates on newer RVs.  

Usage 

RVs serve multiple purposes for their owners. According to reports by The Washington Post, as of 2020, around a million Americans live in RVs full time. So, as with homeowners insurance, people may need to purchase additional coverage such as liability coverage, medical compensation, and loss assessment coverage. This can significantly increase the cost of RV insurance. 

Even if you use your RV only for recreational activities, you will need to notify your carrier exactly how many days a year you plan on using it for the purpose. According to the North American Camping Report of 2021, North American campers actually intend to increase their trips in the coming years. Some insurance providers will increase your policy’s premium in accordance with the rate and frequency of usage.    

Your Driving Experience and Record  

RVs, before anything else, are motor vehicles. But driving and handling an RV is different from driving traditional cars. If you have any prior experience operating any type or class of RV, your insurance company may lower your insurance premiums. 

Every insurance company will check your driving record to reach your premium amount. Having a clean driving record can earn you more competitive rates, and you may also get discounts on your RV insurance.     

Type of RV Insurance Coverage Cost     

If you’re still financing your RV, your lender might require you to have both comprehensive and collision coverage. Lenders will want to protect their assets as long as they still have a claim on them. So, it will raise the price of your policy. 

You also have the option of adding additional coverage such as roadside assistance, total loss replacement, and vacation liability to your existing policy. However, doing so will further increase the rates of your premiums. 

Your Prior Claims History of RV Insurance Costs

Your prior claims history shows your proficiency as a driver. Someone who has many claims is seen as high-risk by insurance companies. So, if you have a history of auto insurance claims, your RV insurance rates will be higher. 

Your Geographical Location Affects RV Insurance Costs

The geographical location where the RV is stored and used will also influence the rate of insurance. Insurance providers tend to set higher premiums for RV owners who live in a region with a high population density.  

Regions with a higher population density also see a higher rate of vehicular accidents and thefts. Thus, insurance carriers will take all of these factors into consideration while setting your premium.