When we have a trailer and like to travel in them, we must have them insured to avoid any unwanted situation. But, that is where the question of how much travel trailer insurance arises since we can find many companies that offer their services.
The cost of this type of insurance varies depending on different factors, so it is important to know them to have an idea of what the cost is based on.
What factors influence the cost of travel trailer insurance?
RV policy prices vary significantly due to vehicle types and classes. Some of the factors that most affect RV insurance rates will be:
Type, age and condition
Motorhomes are usually more expensive to insure than travel trailers because motor homes will need liability coverage when driven. On the other hand, the latest generation will usually cost more to replace than trailers.
For this reason, we will have a higher price whenever we insure a motor home. Trailers do not have this drawback because they are usually cheaper and pulled by another vehicle, so they do not require extra liability coverage.
If our RV is our permanent residence, and we spend more than six months a year there, we may be able to purchase additional coverages. This way, it can be protected like a homeowner’s insurance policy. Personal liability, medical payments and loss can be included in these cases.
However, if it is used recreationally, the insurer may need to be informed approximately how many days per year it is used for travel. For some insurers, the more we use our vehicles, the higher the policy premium.
This type of insurance will depend on the state, region and zip code. In densely populated areas, the risks of accidents will be much higher, so the insurance cost will increase.
On the other hand, our vehicle insurance policy may also increase significantly in areas prone to catastrophic weather or vehicle theft.
Type of coverage
If we are financing our RV, some lenders will require comprehensive and collision coverage, which will increase the policy’s price. If we want to reduce the rate, physical damage coverages can be eliminated, but this can only be done when paid in full.
On the other hand, all trailer policies must have comprehensive and collision protection, even if it is not financed. We can add additional coverages such as roadside assistance, total loss replacement, or vacation liability, but each coverage will increase the policy’s price.
Driving an RV will not be the same as driving a traditional vehicle, as the experience is very different. Typically for veteran operators, special and lower rates are offered than for inexperienced drivers.
Most insurance companies will check our driving record, which can affect our policy quote. A clean vehicle report can help us get a more competitive rate and discount opportunities with insurers.
Although insurance is designed to cover the event of an accident, if we have a lot of claims, we could be indicating to the insurer that we are a risk on the road. For this reason, we usually pay more for insurance if we have a history of many claims.
How can we get cheaper insurance?
If our motor home is fully paid for, we can only take out a liability policy, although any damage to the vehicle will be at our expense. On the other hand, if physical damage coverage is needed, comprehensive and collision deductibles can be increased to reduce the cost of the policy.
We can find different options in the different companies to reduce the cost of the policy. Some companies offer multi-policies which allow us to combine several policies and thus reduce the cost of the policies.
On the other hand, if we have not had any violations, the price can be significantly lower if we are the original owner. Suppose no insurance claims are made, and the policy continues to be renewed. In that case, it is very likely that different discounts can be obtained, which will always allow us to enjoy great versatility. In any case, we will always have to consult with the insurer because each one may handle their discount programs differently.
How much does a travel trailer insurance policy cost?
The cost of taking out a trailer or motor home policy can vary depending on the coverage and the insurance company. Typically policies are around $400 per month, with fairly broad coverage.
However, if we are looking for basic coverages, the policy could go down to $300 per month, or even less if we take out liability only. However, this will depend a lot on the value of the vehicle to be insured because if it is a luxury vehicle, the price of the policy will be considerably higher.
Factors to consider when purchasing RV insurance
Before buying RV insurance, we must look at some important aspects, such as the following:
- Replacement cost: we can have the option of a full replacement or the actual value of the trailer. It may be best to opt for the full replacement option because we will get a new trailer instead of a depreciated trailer value.
- Bodily Injury: We should always look at personal injury coverage; the more comprehensive, the better. There are coverages up to $500,000, and they do not usually increase the policy’s value too much.
- Roadside assistance will depend on our particular needs because some people do not require it. Normally this service could increase the policy’s value by approximately $25.
- Personal effects coverage: this is one of the most important coverages because it can save us a lot of headaches. Generators are usually expensive and stolen frequently, so it is always better to have additional coverage for these items.
If we consider these factors, choosing insurance for our trailer or motorhome will be much easier, and we will be able to select a plan that fits our needs.