So you want to buy an RV.
You’re ready to level up your family vacations, or maybe you’re ready to hit the road full time. You’ve priced out the model you want, you figured out how much more you’ll spend on gas and how much you’ll save on hotel rooms, and you’re ready to sign the dotted line.
But there’s one cost you may not have considered. Once you drive your new RV off the lot, the first thing you’ll have to do is insure it.
RV insurance can’t be much different than car insurance, can it? Wrong. There are a few key differences between RV insurance and auto insurance that you will need to take into consideration. For example, RVs are bigger than regular vehicles and can sustain more damage in an accident.
To help you, we’ve put together the following comparisons of RV Insurance VS. Car Insurance.
What Does Car Insurance Cover?
The three types of coverage typically under an auto insurance plan are: third party liability, collision, and comprehensive.
Third party liability insurance protects you in the event that you are responsible for an accident that injures another person or damages their property.
Collision coverage protects you against damage done to your vehicle in the event of a collision with another vehicle or object.
Comprehensive coverage safeguards you from other risks, such as fire, theft, vandalism, etc.
What Does RV Insurance Cover?
Similar to car insurance, RV insurance includes, first and foremost: liability, collision, and comprehensive coverage.
This is where the similarities begin, and this is where they end.
While the basis of RV insurance is the same as car insurance, there are many additional aspects that one must consider when insuring an RV.
On top of the liability, collision, and comprehensive coverage required, RV owners will also need to think of: loss replacement coverage, emergency expense coverage, towing and roadside coverage, uninsured motorist coverage, and either campsite coverage or full-time coverage, depending on your intended use of the RV. Legally, insurance is required on both types.
Sensibly, RV insurance is typically higher in cost than auto insurance, due to the additional coverage required, the higher risk associated with driving an RV, and the higher overall cost of an RV and it’s contents.
There are a few factors above and beyond these that will affect the cost of RV insurance, including: the intended use of the RV (IE: full time living, or holiday only use), your RV’s class type (A, B, or C model), your own driving history, and the amounts of coverage and deductibles you set.
As you can see, there are a few key differences when looking at RV Insurance VS. Car Insurance.
RV insurance begins with the same three coverage types that make up most auto insurance plans, but has many additional factors above and beyond those.
Because of these extras, RV insurance is also typically more costly than regular auto insurance.
However, similarly to auto insurance, RV insurance is most often required by law, and for good reason. RV’s are a large investment, and it is important to protect not only your new investment, but also yourself.