Insurance Coverage for Your RV – Protect that office on wheels
Before we share RV insurance wisdom, here’s a short quiz. How much do you really know about the glorious motor home – and how might the pandemic make this multipurpose marvel attractive to a new throng of remote workers?
A motor home (also referred to as a recreational vehicle) is commonly regarded as:
- Your occasional personal office space
- Home sweet home
- A means of transportation to wherever, whenever – from the beaches of St. Petersburg, Florida to the mountains of Denver, Colorado.
- All of the above.
‘D’ is the obvious correct answer. As more and more people embrace the work from home lifestyle, RV ownership is becoming exceptionally attractive. If you’re one of the many looking to hit the road in an office/home hybrid, you’re in luck. The following RV insurance tips will help you secure your investment.
When shopping for RV insurance coverage, take note:
- Your premium may decrease during off-use. If you know that this will not be your permanent residence, for example, mention that to your insurance professional. Often, you won’t have to pay the same amount of premium if the RV spends months tucked inside its massive garage.
- Don’t expect your car insurance policy to include RV coverage. Remember: An RV is not a car. It’s much, much more. You’ll need the specialized coverage that reflects this.
- Look for an Emergency Expense Allowance in the RV policy. Imagine this scenario and you’ll understand why: You’re halfway to Toledo when the RV breaks down and the tow truck arrives. An Emergency Expense Allowance helps with temporary living expenses; plus, it cushions the financial blow of RV transport.
- Pet owners, it’s meaningful to know that some carriers will help with veterinary bills if your pet is hurt while riding in your RV. If this is important to you, ask your insurance professional if it is part of your coverage.
- Additional coverage for attachment devices (generators, etc.) will cover those as well.
Know the difference between Actual Cash Value (ACV), Replacement Value and Agreed Value (AV)– because the difference is potentially huge. Let’s say that your RV is totaled.
As a policy, Actual Cash Value is going to pay out in a basic manner, using fair market value. Anyone who has ever owned a vehicle understands the adage ‘It’s worth less as soon as you drive it off the lot.’ That RV will have depreciated in value since you purchased it shiny and new. You’ll receive less of a payout because of that.
Who knew RV insurance would involve so much deliberation? We did. Here at W3 Insurance, we specialize in helping you protect that which you hold dear – from boats to businesses to RVs and beyond. Call us at 727-522-777 and become properly insured before you head out on that marvelous home office on wheels.
