Insurance Q&A: “How much is RV insurance?”
If you’re a fan of the open road, you may be wondering what it all costs, wheels excluded.
In short, insurance companies determine RV insurance rates the same way car insurance rates are determined.
Here are just a few of the factors they consider:
– Driver age, credit history and experience with RV’s
– Driving record
– Credit history (insurance score)
– Value of the motor home or trailer
– Coverage requested – Liability-only or liability and physical damage
– How often you “RV” and how many miles you travel
RV Insurance Premium Price Range
That said; it’s impossible to provide an estimated insurance premium, but we can give you a range to wet your appetite.
You can expect to pay as little as $200 per year or as much as $700 annually for RV insurance depending on the type of coverage you desire.
Your credit score can play a significant factor in your overall premium as well (as much as a 35% swing in premium can be attributed to credit).
If you borrow money to purchase your chariot (or lease it), you will have to purchase full coverage, which includes mandatory minimum liability limits, along with comprehensive and collision coverage. The lien holder will require the coverage and you can expect a higher premium.
You may be on the very low end of the premium spectrum if you purchase your RV in cash, opt for liability-only insurance and have great credit and a clean driving record…possibly $200 or lower annually.
Conversely, if you buy a new RV, require physical damage coverage, have a spotty driving record and credit on the lower end of 680, you can expect to be in the $500-$700 (or more) range for 12 months of coverage.
Is It Parked?
You may also want to locate an insurer who offers a premium credit if and when the RV is parked for any extended period of time. Many insurers take this into account in their pricing model and charge accordingly.
Just take note that they might be removing the liability coverage from the vehicle and keeping only the physical damage (if any) coverage active. So if you hit the road, you better notify them to make sure you’re covered for any bodily injury or property damage that may result from your negligence while driving.
But no matter which way you go, it is highly recommended you opt for roadside assistance coverage – and be sure to purchase a program that offers trip interruption coverage.
With the latter in place, if you are over 50-100 miles from your home and your RV is damaged or otherwise inoperable, your food, lodging and other misc expenses would be reimbursed by the insurer for a certain number of days or until you get home (depending on which program you purchase).
Regardless of what category you fit into, contact a local independent insurance agent who can shop your unique profile with several insurance companies at once.