by Penny M. Hagerman
Come summertime or holiday, many RV enthusiasts can't wait to hit the road in their homes on wheels. But with so much invested in such specialized equipment, suffering a breakdown—or having an accident—can lead to delay and major financial setback.
Thus the need for RV insurance. Created as special coverage for owners of vehicles like motorhomes, travel trailers, truck campers and fifth wheels, RV policies offer financial assistance when unexpected events stop a trip dead in its tracks.
With the right RV policy in place, recreational vehicle owners can relax and enjoy the scenery when there's an issue, rather than worrying about repairs or finances.
RV Insurance vs. Car Insurance
While standard car insurance protects only drivers and vehicles, recreational vehicle insurance is more like a cross between car and home insurance.
Because RVs are often lived in for extended periods of time, they're considered "home" by insurers. That means they're vulnerable to theft, damage and the risk of personal injury, just like stationary homes.
How are these risks mitigated by insurance?
Without RV-specific coverage, bills due to accident or injury can really pile up. RV owners should take this into consideration before adding their RV to a regular car insurance policy.
Common RV Coverages
Depending on the insurance company chosen, RV owners have numerous options when insuring their vehicles.
A word to the wise: when insuring your RV, ask for total replacement coverage. This helps guarantee payment in full when the vehicle is irreparable, rather than reimbursement based on current market value.