Recreational vehicles do more than just carry you from one place to another; they transport you with an eye toward maximum fun and/or comfort along the way. Just because some of these vehicles are associated with playtime, that doesn’t mean they don’t need the same insurance protection as any other piece of expensive property you own. In fact, they may need more insurance since they also create a potential for liabilities.
The time when you should get RV Insurance
The RV industry has been growing at an exponential rate, a statement supported by the latest data from the US Census Bureau which revealed a significant increase in the number of sales. According to the economic census, in 2017 RV dealers generated vast sales of $25.9 million, an increase of more than 81.5% since 2012. This demonstrates how much the industry has grown in the past few years. However, this also increases the need for getting recreational vehicle insurance.
An RV is indeed a significant investment and having insurance protects against potential damage and/or theft. You should have an insurance policy with at least a minimal amount of coverage. Large vehicles of all kinds come with various risks and complications, and it is therefore highly advisable to have an insurance policy. Various car insurances do cover policies for smaller trailers. However, even if your car insurance covers RVs, you will benefit from a separate policy that directly targets RVs, and by extension covers all the potential losses.
What is Recreational Vehicle Insurance?
Philadelphia RV Insurance is a policy that covers various recreational vehicles and provides protection in case of damage, loss, or collision. While it is in use or storage, the insurance policy will provide much-needed protection. The exact requirements for insurance and liability vary from state to state. We will discuss the requirements for RV insurance in Philadelphia later. First we’ll discuss the most important question: do you need RV insurance or not, and if so what kind?
Liability Insurance for Recreational Vehicles
Your recreational vehicle is, just like an automobile, a moving vehicle that can cause bodily injury and property damage to others. In order to help pay for any damage you inadvertently inflict, you should secure liability insurance. This policy can also help cover the cost of environmental cleanup after an accident that causes the spillage of a toxic chemical or other pollutant.
Liability coverage will have limits that work on both a per-incident and per-policy basis. They may also have a deductible that requires an out-of-pocket contribution for each incident or year.
Property Coverage
After you’ve considered the potential liabilities you are exposed to while operating a recreational vehicle, it’s time to secure coverage for the value of the vehicle itself. Recreational vehicle coverage can include financial compensation in the event of physical damage, vandalism, theft and collision. In addition, your policy may allow for reimbursement of personal effects stored on a vehicle such as an RV, boat or snowmobile.
In some cases, you may want to consider adding specialized coverage for additional risks including the loss or damage of awnings and custom equipment. If you have an RV that you live in part or full time, you may need extended protection so be sure to discuss that with your agent.
The Bottom Line
Insurance policies are complex, and the process of getting one is even complicated. At Remco Insurance Services, we understand all these concerns that you may have in your mind. Our experts will ensure that you get the right coverage for your needs. As a trusted RV insurance agency, we have helped various clients get their insurance. Contact us or schedule a consultation to discuss further and get all your queries solved.