Vehicle and RV Insurance
Why RV Insurance is Important
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If you live in your RV or just use it for vacationing, RV Insurance can be really helpful if something happens to your RV. And, more importantly, it is a requirement by law in most states.
Similar to car insurance, if you get in an accident or someone steals your RV, having RV insurance will help you take care of the costs. Since you already made a big investment in your motorhome or whatever RV you own, it’s always smart to protect it!
Below are some tips on what to look out for in your RV insurance:
The kind of coverage and the amount you want to spend depends on a few factors: the kind of RV you own, where you live or plan to reside with your RV, and whether your RV is your home or you just take it out on vacations.
If you own a motorhome, then you will need RV insurance that covers whatever the state’s minimum liability requirement is just as in auto insurance. The minimum liability requirements are typically around $50,000 in bodily injury coverage and $25,000 in property damage.
What about coverage for personal property?
Most of the RV insurance policies will also give you the option of covering any of the personal belongings that you keep in the RV or anything else that is of value to you. For example, if you live in your RV, your laptops, television and even satellite dish can be covered.
Car Insurance vs. RV Insurance
Car insurance is really just for cars and not RVs. Some auto insurance policies might include liability coverage, but most auto policies don’t have enough coverage that is needed for an RV.
Since you’re purchasing insurance, you want to make sure that you’re covered for any type of theft, injuries or even a rain storm on the road. RV insurance will cover this and car insurance won’t.
What else is included in RV insurance?
Once you decide on the type of RV insurance you would like to purchase, there are other coverage options that you can include.
Some of the different coverage options you can choose from are the following:
- Uninsured motorist
Uninsured motorist coverage will cover you in case a driver who causes your accident doesn’t have enough liability insurance to cover the damage from the accident or any medical expense that might happen.
- Comprehensive and collision
Comprehensive and collision coverage will cover any damage caused by your RV whether it is an accident with another car, theft or even a natural disaster.
- Personal Property
Personal property coverage is to replace any personal items that were stolen or any damage to these items including furniture, RV, clothing and laptops.
- Total Loss or Replacement
The total loss or replacement coverage will cover the cost of your RV if it is stolen or even totaled.
- Specialized coverage for your RV
Specialized or extra coverage includes additional protection for items that aren’t typically included in standard policies. Some examples are the replacement of water pumps, solar panels and even pets.
How To Choose the Best Policy
To choose the best RV insurance, it depends on if you’re using your RV on a part or fulltime basis.
If you plan to use your RV as your residence, than a full-time coverage policy is the best option. This will protect you against any loss or liability when your RV is stationary for a period of time. It will also cover the costs of any medical expense or emergency if anyone is hurt inside or even near your RV.
If you are going to use your RV as a vacation home or just seasonally, then a campsite liability coverage policy with an additional storage option is always a good choice. This will help you save money and protect you for any accident or occurrence when your RV is on the road or just parked at the camp site.
Once you decide on the type of insurance that works the best for your situation, make sure to get quotes from at least 3 different companies to see which insurance company works best for your RV and situation.
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Travel Health Insurance
If you plan to travel outside of the US and currently have your own health insurance, it’s best to verify what coverage your policy has (or doesn’t) have. All carriers are different and you do not want to be surprised if you find yourself needing medical assistance while out of the country.
If you do not currently have health insurance or plan to leave the country for an extended period of time, you should definitely look into insuring yourself in the countries you are visiting as well as back in the US, if possible. There are a number of carriers that offer travel insurance for nomads and ex-patriots. Here are a few of the favorites I’ve been directed to: