3 Things To Consider When Buying RV Insurance

Did you recently buy an RV? A recreational vehicle can be a fantastic way to enjoy the open road with friends and family. Given that you can live in the RV as well as drive it, traveling via RV can be a great way to save money. One of the first things you'll need to get before you take the RV out on the road is RV insurance. Just like driving a car, you have to have at least liability coverage before you can get behind the wheel of the RV. You may be tempted to go with the least expensive policy possible. However, that may not be the wisest choice. There are a few other things you'll want to consider. Here are three important factors to think about when shopping for coverage:

What's the replacement coverage? An RV can be a costly thing to replace. Manufacturers are constantly coming out with new features and technology, so prices on RVs tend to go up from year to year. If your RV is totaled or stolen, it could cost you a significant amount of money to replace it.

Some of the least expensive policies only pay the value of the RV at the time it was stolen or totaled. If you've owned the RV for several years, that could mean that there will be substantial depreciation deducted from the original purchase price, which means you may not be able to buy a comparable replacement model. Instead, look for a policy that offers full replacement, which means the insurance will help you pay for a new model that's comparable to the lost vehicle, no matter the price.

Are you full-time or part-time? This is an important distinction. Most companies have mileage or time thresholds that determine whether you're an RV full-timer or part-timer. If you're a part-timer, then many of the RV's contents may be covered under your homeowner's policy. However, if you're a full-timer, you may need a separate policy to cover the contents of the RV. This is important because it's very easy for RV contents to get damaged in a serious accident.

Have you customized the RV in any way? One of the fun parts of buying a new RV is the ability to customize it to your liking. Some of your customizations may add value to the RV. However, unless specified, your insurance may only cover the basic model of the RV. Make sure you ask about customizations and how they can be accounted for in the insurance coverage.

An insurance broker, such as Cambridge Insurance Brokers (Preston) Ltd, can help you make important decisions about RV coverage. Talk to your insurance broker about coverage before you make a purchase. That way, you can be sure that you're completely covered on your next big adventure.