When you buy collision and comprehensive coverage for your RV (which covers damage in collisions as well as non-collision incidents such as vandalism, fire and theft), you get to choose how your claim is resolved if your RV is totaled under a covered loss.
When you choose Total Loss Replacement coverage, or Purchase Price coverage, your insurance company will pay to replace your RV with a new RV of the same make, class, size and type with comparable equipment (or as close as possible). If your RV is older than 5 model years and considered a total loss, the payout will be the purchase price of your RV. Total loss replacement coverage is only available for new RVs that are up to 1 model year old.
If your RV does not qualify for Total Loss Replacement because it is not a new model, you can choose between two other options if you suffer a total covered loss.
This coverage option means your policy will cover the market value of your RV at the time of the loss.
This type of coverage means your insurance company will pay 100% of the agreed value of your RV in the event of a total covered loss. This value is agreed to at the time the policy is written and it eliminates guesswork out of how much you will be reimbursed after an accident.
Contact KADAIR Insurance in Connecticut today to get an RV insurance quote for a policy that offers Total Loss Replacement. Your RV is a substantial investment; make sure it is protected!