Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001 and has an undergraduate degree from Manhattan College in ...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Sep 20, 2021

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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 for an RV insurance policy:

– 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

What is the typical RV insurance premium price range? 

Unlike a camper, an RV is essentially a moving home; a vehicle that could potentially see an accident. Full of your personal belongings as well as a place of residence for a certain amount of time out of each year, sometimes for a well-deserved vacation, it makes sense that people would want to look into coverage options.

Recreational vehicles require coverage in order to protect those who drive them, and so it makes sense that they would need an RV policy. 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. It’s explained this way because you can either make monthly payments, which is pretty common. Or you have an annual premium, where you pay for your annual policy upfront. Sometimes if you pay the annual premium all in one go, you’ll see a lower annual cost, too.

There are a few more things to look at that will potentially give you an affordable rate. 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.

And then there are factors that will raise your average rate. If you borrow money to purchase your chariot, or even 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, have great credit, and a clean driving record. You could possibly be looking at $200 or lower annually for your mobile property.

Conversely, if you buy a brand new RV, are required to pay for additional options such as physical damage coverage, have a spotty driving record, and a credit score on the lower end of 680, you can expect to be in the $500-$700 (or more) range for 12 months of coverage. It all depends on who you want to be a customer with – which provider you choose is going to determine how much you’re going to pay. That’s why it’s always best to shop around and compare prices.

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Is It Parked?

If you’re not going to be using your RV full time, then there’s no sense in paying for full-time coverage, right? 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. It acts as a bit of a discount, not having to pay or sometimes paying less when you’re not using the RV. Many insurers take this into account in their pricing model and charge accordingly. You should also simply ask if they have any additional discounts offered; it never hurts to check.

Just take note that with this maneuver, they might be removing the liability coverage from the vehicle and keeping only the physical damage coverage active, if you had any of those types of coverage to begin with. 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. Getting a discount on the price you pay isn’t going to help if you end up having to fork over hundreds of dollars for someone’s medical bills and damage done to their car.

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 miscellaneous 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. You’ll certainly want extra protection against any sort of accident on a vehicle that not only gets you to your destination, but allows you to live there as well. Your personal property is important; look at what extra coverage would mean, and see if you can fit it into your budget.

(photo: dave_7)