The cost of insuring an RV depends greatly on what part of the country that you live, what type of RV you have, the company that you take insurance out with, what type policy you take out, plus many more other factors that we will take a look at below. You can learn more about each of these here.
With pricing regulations varying from state to state, some, such as North Carolina and Massachusetts, have established themselves as the cheaper parts of the country to get RV insurance in. In North Carolina, an annual insurance policy costs around as little as $860 and in Massachusetts it is around $1,128.
Compare this with the likes of the more expensive state of Michigan that has an annual insurance premium for an RV of around $4,490. However, it should be stated that these are simply baseline figures and that premiums vary from person to person. As a result it may be the case that a certain individual in North Carolina pays a higher annual insurance premium than a certain individual in Michigan because of their own personal circumstances and financial situation.
RV Insurance Costs
The main thing that can have an impact on the cost of RV insurance is the type of RV that is being insured. For example, insuring a Class A vehicle, i.e. a motorhome, will cost considerably more than insuring a Class C vehicle, i.e. a camper. Even cheaper than this is the insurance for a travel trailer.
The condition and age of the RV also have a big impact on the cost of insuring it. Whilst you may think that the newer that the vehicle is, the higher the cost of the insurance will be, this is not always strictly the case. For example, if your vehicle is in not very good condition, the insurance company may think that you are likely to file a claim for it and so will increase the cost of insuring it regardless of how old it is. Similarly, if you own an old RV that has been well looked after and maintained throughout the years, then the cost to insure it may be cheaper than it is for a newer model, as they know that it will be driven with care.
Experience in Driving
The amount of experience that you have in driving RVs also plays a part in the cost of insuring it. For instance, those individuals who have been driving these types of vehicles for a number of years without ever making any claims will have lower insurance costs than those who have never drove one before. In fact, there are few insurance companies out there that really jump at the chance of covering RV drivers with very little to no experience at all. This is because they are such large vehicles and so are really difficult to maneuver, thus making the inexperienced more likely to have an accident with one.
Any past traffic violations or previous accidents that an individual has been involved in can also have a detrimental impact on the cost of insuring an RV as they show how capable or not capable of a driver you are. If you have no prior history of driving accidents or violating traffic laws, then you will be less likely to do these in the future, thus, lowering the cost of insuring this type of vehicle.
The zip code that you live in also has a direct impact on the cost of insuring an RV. In cities where the cost of living is high, then it will be the case that insurance costs will be high too. In quieter suburbs or the countryside where the cost of living is low, the cost of insuring a vehicle will be low also.
How often you drive is also an important factor in determining the cost of your RV insurance. For instance, the more time that you spend on the road driving, the more likely that you are to have an accident in your vehicle and, thus, make a claim with the insurance company. It is for this very reason that if you are insuring your RV for full time use, you will pay a higher cost than if you were just using it occasionally.
Check for Specifics
Upon purchasing your RV insurance, it is important to check all of the finer details so that you do not ever accidently breach any of them, thus leaving the policy invalid. For example, some policies cover you whilst driving in safer foreign countries, such as Canada, but very few will cover you for driving in less safe countries, such as Mexico or other Central American countries. If you are unsure as to which specific countries are covered, make sure that you speak with your insurer before travelling into them in order to avoid any problems.
With there being so many different types of RV insurance policies it can be overwhelming to decide exactly which one(s) you need to take out. Some of the options available to RV owners include pet injury insurance, total loss replacement insurance, custom equipment insurance, vacation liability coverage insurance, roadside assistance insurance, personal effects insurance, comprehensive and collision coverage insurance, and bodily injury property damage liability insurance. This last one is usually mandatory in most states and so there is little choice but to take it out.
If you plan on living and travelling throughout the country in your RV on a full time basis, then the type of insurance policy that you require is different to the regular type that only covers your for occasional use of an RV. With it doubling up as both your vehicle and your living space, the insurance cover is doubled also, and so the cost of the cover is increased considerably. Full time RV drivers are considered a much higher risk than those part time drivers and so you must pay a premium for that very reason. However, it is still likely that this combined insurance is cheaper than a separate RV insurance and home insurance if you were not living in it full time.