So you’ve got your RV parked in the driveway, loaded and ready to go. Before you pull out the map and stick a pin in your next destination, there’s something important that you should consider. It may not be on your packing list, but RV insurance is definitely something you don’t want to forget about.
Whether you’re new to RV ownership or have been roaming the open roads for a while, you may be wondering if an RV insurance policy is really necessary. We’re here to answer that plus more in this article, so buckle up!
Should I get RV insurance?
To determine whether or not you should obtain an insurance policy, ask yourself the following questions:
- Are there legal requirements and, if so, what type of RV insurance do I need?
- Is insurance required by a lender?
- Can you afford to risk the consequences of not having RV insurance?
Are there legal requirements and, if so, what type of RV insurance do I need?
There are two main types of RVs: motorhomes and towable campers. If you can drive your RV, you are probably required by law to have general liability insurance, at a minimum. This is because RVs are bound by the same rules of the road as every other moving vehicle. Most states require auto insurance or similar proof of financial responsibility.
However, things are a little different if your RV is towable, such as a fifth wheel or pop-up camper. Generally, liability insurance will extend from the vehicle that you are towing with to the RV. For example, if you back into another car with your truck and trailer, your truck’s general liability insurance will cover the damage done to the other car.
Be sure to check with your auto insurer and let them know that you have a towable RV. It will need to be listed on your endorsements page, as it slightly changes the scope of the policy. Keep in mind that your truck or SUV collision and comprehensive policies usually don’t extend to towable RVs. So even if your insurance pays to repair the car you backed into, they won’t cover fixing your janky bumper and broken taillight. If you want everything to be protected, you’ll need to take out a separate policy.
Is insurance required by a lender?
State governments aren’t the only ones who may require you to have RV insurance. If you took out a loan to pay for your RV, your lender will likely require coverage. Because the vehicle is collateral for the loan, your lender will want to make sure they can recoup their money if something happens to it.
Can you afford to risk the consequences?
Going without insurance is a gamble. Should you decide to forego an RV policy, you must understand the risks. Some of the most common repercussions include:
- Legal consequences: If you are required to have insurance by law and are caught without it, you’ll face the legal consequences. Each state is different, but typical punishment includes fines that can range from several hundred to a few thousand dollars. In some states, you can even face license suspension and have your vehicle impounded.
- Financial consequences: If you don’t have insurance and cause an accident, you are still financially responsible for any damage caused. This includes both the cost of repairs or replacement of the other party’s property, medical bills, and more. RV insurance rates are minimal compared to what this can amount to.
- Loss of your investment: Even if your accident only involves your RV, repairs can be costly. And if you total your RV, you’ll have to purchase another one or go without your beloved recreational vehicle.
In almost every case, the amount of money that you’d spend in the aftermath of an accident is substantially more than RV insurance costs. People often ask what is the best RV insurance. The answer is simple— it’s the policy you have.
If you own an RV that you can drive, it’s likely that RV insurance is required by law, as it would be with any other automobile you drive on the road. However, even if it isn’t required, insurance can protect your investment should you get an accident. Not having coverage is always a gamble, so be sure that you’re fully prepared to bear the consequences should you go without.
Want to save money on your RV insurance? Get a free quote now from Roamly RV Insurance.