The cost of camper and RV insurance depends on a number of factors which can be grouped into 3 broad categories. These include what kind of camper or RV you have, driver related factors, as well as what kind of coverage you carry. Let’s take a look at each of these as a follow up to last week’s post, Camper and RV Insurance Coverage (see https://wiseinsurancegroup.com/camper-rv-insurance-coverage/).
Camper & RV Factors: What kind of camper or RV you have greatly influences the insurance rate. If you have a camper, then there will be rate differences between a pop up, travel trailer, fifth wheel, or Airstream. If you have a RV, rates will be different for one built on a truck chassis versus a Winnebago, Allegro, or Prevost. Each type has a different cost basis which influences the insurance cost.
In addition to the type of camper or RV you have, other factors include level finish out or customization, accessories such as awnings, satellite dish, alarm system or tracking device, and where you store it when it’s not being used can either increase or decrease the cost of your RV insurance.
Driver Factors: Driver related factors include both socio-economic and driver history items. Socio-economic factors comprise gender, age, education level, what you do for a living, and marital status. Individuals with a good credit rating pay less than those with a poor credit rating, and college educated professionals or retirees pay less than blue collar owners. How often you hit the road with your camper or RV out can also impact the insurance rate.
Your driving record or history influences your RV insurance rate too. Individuals with speeding tickets, other violations or claims (accidents, theft, hail, etc.) will pay more than people who have a clean riding records and no claims.
Coverage Factors: What type of coverage and the limits you carry will also influence what you pay for camper and RV insurance. Campers don’t have liability or uninsured motorist coverage as the car or truck insurance will cover it. They will, however, have physical damage, comprehensive and collision coverage. Whether the physical damage coverage is actual cash value or total loss replacement will cause the premium to be lower or higher. Lower deductibles will make the premium higher while higher deductibles will keep it lower.
RVs will carry liability coverage similar to a car insurance policy since they are a drivable vehicle. They will also have physical damage coverage which may be actual cash value or total loss replacement. Uninsured motorist is an option along with medical or personal injury protection.
Both campers and RVs may have additional policy options such as emergency expense, roadside assistance, vacation liability, and personal effects coverage for clothing, and other personal property that remains in your home away from home. More options raise the camper or RV insurance rate while few options keep it lower.
What do you think? Share your thoughts, questions, and experiences with me on my Facebook, Google +, and LinkedIn pages. I’d love to hear from you!