A Recreational Vehicle, more commonly known by the acronym RV, is a generic category name used for the following automobiles and/or water crafts: all terrain vehicles (ATVs), dune buggies, mini-bikes, golf carts, snowmobiles, motorcycles, motor homes, recreational vehicle trailers, trail-bikes, antique and classic autos, off-road vehicles and various watercraft including jet skis.
The broad definition varies from one insurer to the other and the coverage of the RV Insurance policies is decided based on the particular vehicle, its usage, the cost of the vehicle and/or its accessories and various factors.
Recreational Vehicles Insurance is a policy that caters to a very specific market segment and is tailored many times in comparison to generic car insurance policies, even if the insurer of the two vehicles is the same. RV Insurance coverage encompasses Liability coverage, Collision coverage and Comprehensive coverage, just like any other car insurance policy. It is often extended to cover other risks depending on the usage of the RV (example: using it as a full time residence or only as an occasional camper vehicle) and the cost of the vehicle and its accessories (example: whether it’s a camping van or a snowmobile, and whether it’s fitted with multiple equipment suitable for daily life and more or it’s accessorized just like an off-road broadcaster’s van).
There can be several different clauses added to a basic RV Insurance policy to cover various types of risks, such as:
Generic Liability coverage, Collision and Comprehensive coverage:
These contracts are more or less similar to a car insurance policy and provide the expenses of medical and legal liabilities, costs of repair and replacements of the vehicle or parts of it, in case of a road accident.
Full Timer’s Insurance:
If the customer is using the RV as a full time residence, then it should be covered with an additional insurance coverage that is somewhat like a Homeowners Insurance policy. It is known as Full Timers Insurance.
Underinsured and/or uninsured driver coverage:
If it is hit by another motorist who is under-insured or completely uninsured, then the cost of the damage repair would be taken care of by this coverage.
Additional coverage on the contents of the RV:
If the RV is carrying high-value items like some costly technical equipment, or expensive personal belongings like jewelry, art collectibles etc., important company papers and other personal assets, then the coverage can be designed to protect these items also. The policies can either be written to provide total cost of replacement for the insured contents or the market value of the damaged content at the time, when damaged by a covered cause or lost or stolen.
Other special coverage options:
There can be other coverage options added to the basic insurance coverage as an extension or provided as separate policies, such as:
- Roadside Assistance Coverage
- Vacation Liability Insurance Coverage
- RV Medical Payments Coverage
RVs belong to a very exclusive taste of lifestyle and hence are used to handle multiple situations quite unique to it. Because of their sheer size and class, RVs pose a greater threat of accident regardless of fault and have a greater vulnerability to medical and legal liabilities. Also, combining the requirements of a home along with a motor vehicle (i.e. a full-time residential RV) has its own set of unique and often complicated implications from the insurance perspective. Spending long hours on the road, these vehicles may face different road-side hazards more frequently than a regular car. So, maintaining an additional bucket of expenses named for towing and/or emergency assistance would be a good decision. Owning and operating an RV comes with its own string of risks and expenses. It is highly essential to have all the correct and adequate insurance coverage as deemed necessary.
Having basic RV Insurance coverage for liabilities is a mandatory requirement for every legal RV owners in all states.
Points to note
Since a Recreational Vehicle is different from a regular car, it needs special treatment from an insurance perspective. Be very careful about choosing the insurance coverage to make sure nothing important is missing in the contract before signing and paying for it. Review it periodically with your insurance company to make sure the gaps are covered. Before filing a claim, be sure to check the facts and figures of the claim in detail.
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