Understanding Recreational Vehicle Insurance
Congratulations! Your the proud owner of an RV. Now that your a new RV owner you’ll have to look into which RV coverage is best for you.
According to an article at gilbertrvinsurance.com, “RV Insurance”
“When considering insurance rates, prepare to be surprised. The lowest and absolute cheapest policy you can purchase is a liability only policy, protecting everyone from you but not your investment. This policy is only fit for those who are independently wealthy.
Full Coverage Policies
To say you “have full coverage” is to say almost nothing when you break it down. A blanket statement, such as that, explains no details as to what your policy does and does not cover. It doesn’t specify policy limits or restrictions.
Insurance policies vary a great amount dependent on which agency you use, as does the amount of coverage offered vary by agent. That is to simply say, there is no standard “full coverage” policy.
However, some insurance companies may write a recreational vehicle specific policy. In such cases, policies include coverage’s written specifically for motor homes. No matter which insurance company you choose to insure your RV, be sure to include the following coverage’s:
Total Loss Replacement (TLR)
Sometimes also called Replacement Cost Coverage, TLR is part of a specialized package designed to protect your financial investment in your recreational vehicle. Insurance policies with TLR will replace your RV in the event of a total loss. Typically, the replacement will be the same make, model, class, body type, size and comparably equipped.
Total Loss Replacement motor home insurance usually covers models less than five years old. Once your motor home passes that age, the coverage will be for the initial purchase price of the unit.” To read the entire article click here.