Many recreational-vehicle (RV) owners are living the American dream either part time or even full time. Whether they are travelling the country for pleasure, or running their business from their RV, thanks to modern technology and the Internet, travelling can be a lot easier. No matter if your RV is for personal use or you are a workampreneur working from your RV or converting a land-locked business into a mobile one, you still need RV insurance.
RV Insurance – for business or pleasure
Some small business owners who operate their business out of their RV might think they are sufficiently protected with their auto insurance policy. However, that’s not necessarily the case. An auto insurance policy may not provide adequate motorhome insurance coverage, whether simply using the RV for pleasure or work.
Other RV owners hesitate to purchase recreational vehicle insurance because they think that their personal property housed in their RV will be covered by their homeowners policy. However, personal property coverage is limited under said policy when the property is housed at a location other than the “residence premises”.
In order for the RV owner to be adequately protected, it’s recommended to purchase a separate motorhome insurance policy. The types of coverage that recreational vehicle insurance coverage includes are:
- Total Loss Replacement – If your RV is demolished within its first four model years, a total loss replacement portion of motor home insurance can provide you with a comparably-equipped RV and new recreational vehicle. For models between the fifth and seventh year, the coverage would be either the original purchase price or the actual cash value at loss, whichever is higher. From the eight model year and above, actual cash value would be covered.
- Personal Effects Replacement Cost – When resulting from a covered loss, the replacement cost of your personal items in your RV will be covered.
- Emergency Expenses Coverage – Should you need to stay in a hotel or use transportation as a result of a covered loss, there is an emergency expense coverage component with RV insurance.
- Windshield Coverage – Provides coverage for windshield repair or windshield replacement in amounts provided by your policy.
- Medical Payments – Regardless of fault, recreational vehicle medical payments coverage provides payment for necessary medical treatments as a result of an RV accident.
Make sure your RV, your personal property, and your business is adequately protected with RV insurance.