If you’re ready to hit the road in your RV for a long trip you probably have everything budgeted out for food, stops, entertainment and more.
But do you have the right RV insurance budgeted in as well?
There are several factors that go into RV insurance rates and one of those factors is age.
It’s important to know that you have the right policy for your RV because, during times that you need to use it, you want to make sure you are covered. You may be able to get standard coverage or need specialty coverage to ensure you get exactly what you need from your RV insurance policy.
What are some factors that go into determining the cost of your RV insurance? Let’s discuss.
Age
Yes, the age of an RV will affect insurance rates.
When you buy a brand new RV, the value will be worth almost what you paid for it. So when you buy insurance you will be paying for a brand new vehicle to be replaced if needed.
As your RV ages, the value goes down, and you’ll be paying less.
However, if your RV is in poor condition, not just old, you’ll be paying more since it is more likely to break down and need to be fixed more often.
The main part of your insurance rate is determined by the value of the vehicle.
If it’s valued at $250,000 you’ll be paying more than if it’s valued at $50,000.
State
The state you live in also factors into the cost of insurance. Your RV insurance rates are determined by the state you live in. Some areas might have higher costs while other states may have lower costs.
Replacement Vs. Cash Value
If you get into an accident are you looking to replace your RV or get the cash value for its worth?
A cash value policy is going to be cheaper than a full replacement policy since a replacement policy gives you a brand new vehicle.
Type Of RV
Are you driving a traditional RV, or what is called a Class A motorhome? Maybe you drive a smaller Class C or a pull-behind trailer attached to your car.
The type of RV you drive will also change the cost of insurance. Larger, live-in/drive vehicles will be more expensive to cover than the kind you tow behind.
Who Is Driving
Believe it or not, the person behind the wheel will also determine the cost of insurance.
More experienced drivers are going to see better discounts based on their safe driving record. If you have a driver who’s been in accidents or is younger in age, you may see a higher cost due to covering for their inexperience and past driving history.
How Often You Use Your RV
Last but not least in this list of factors is how much you use your RV.
If you only use it on weekends or a few times a year, you’ll be paying much less in insurance coverage compared to living in the vehicle full time.
You want to overestimate the time you’ll be using your RV to ensure you have property coverage the entire year.
Need Assistance Insuring Your RV? RVInsurances.com can help!
If you need insurance for your RV make sure you get the right coverage with our help.
The age of an RV can affect your insurance rates as well as the factors listed above and more. Don’t get caught with the wrong coverage and end up paying out of pocket for expenses.
Our team at RVInsurances.com is dedicated to helping you keep your family safe on the road.
To learn more about how we can help you adequately insure your RV, call us today to get a quote!
For more information and resources about insurance coverage for RVs, boats, motorcycles and off-road vehicles, check our blog page that features articles like Car Insurance Vs. Dune Buggy Insurance.