MONDAY, JULY 14, 2014
It's not exactly your car, but it's not necessarily your home either, so where does your RV fit on your insurance coverage?
 Specialized RV insurance actually carry their own policies which combine the benefits of both car insurance, homeowners insurance, and travel insurance rolled into one policy.
According to a recent article on Bankrate.com: …you need specific coverage that's like property insurance because you essentially live in the vehicle when you're using it", says Gregory J. Blanchard, an associate vice president with Nationwide insurance in Des Moines, Iowa. "You also need liability insurance to protect you if someone trips and falls on your campsite or slips inside your RV."
Why Not Auto?
A typical auto insurance policy simply does not include adequate liability coverage for the potential loss caused by an RV. Because you and your family or friends may stay in your RV for an extended period, it increases the chance of someone getting hurt.
A typical auto policy does not include liability coverage if someone trips and falls getting out of your car, or burns their hand grilling a hamburger in your trunk. In addition, your RV probably has special equipment on board such as a generator, or a water pump and appliances that needs coverage.
Why Not Home?
Your homeowners policy does cover personal belongings even if they are not in your home, but there are often limits and exclusions to this policy. Additionally, the items in your RV will likely exceed your homeowner's coverage.
For example, evaluate just the electronics in your RV. You may have a laptop, digital camera, tablet, binoculars, and perhaps a television or gaming system. If your homeowner's insurance is like most, you only carry a few thousand dollars of coverage for electronics. Even if your RV is parked in your backyard and is broken into, your coverage may be inadequate.
Costs and Savings:
The cost of RV insurance varies as much as the cost of RV's. The price tag of your policy mostly depends on the specifications of the RV. For example, if you are hauling a non-motorized trailer, the insurance rates are minimal.
If you are driving a small house down the highway, your rates will increase. Insurance rates are also affected by the driver's record, age, gender, location, and other factors. Typically, RV insurance is less expensive than auto insurance because insurance companies understand that you most likely drive your RV less, and drivers of RV's are more experienced and more cautious than everyday drivers on the road.
If you are on the road more than 150 days a year, your policy may increase substantially. You may be eligible for a discount on your RV insurance if you are a member of an RV association, or you take an RV safety course. Be sure to inform you insurance company during the season when your RV is kept in storage, as your rates may decrease during that time.
By Matt Reynolds - Google+
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