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Collision and Comprehensive Insurance: RV Insurance Options Explained

Whether you own an RV, or are considering renting one, it’s important to make sure you have insurance before you hit the open road!

Because an RV is essentially a combination of a vehicle and a house, it requires a unique insurance policy to combine all of the coverage that a home insurance policy would provide, with the coverage that car insurance offers.

Read on to find out about collision and comprehensive RV insurance. This valuable insurance will provide protection for your RV should it be involved in a collision, or sustain other damage that renders it a total loss.

Collision vs. Comprehensive

Collision coverage provides protection should your RV become damaged in case it collides with another vehicle or a stationary object. With collision coverage, your insurance provider will pay for the damage that your RV sustains.

Comprehensive coverage provides coverage should your RV become damaged in an event other than a collision. Comprehensive coverage will apply should your RV become damaged in a fire, vandalism, or if it is stolen.

RV Total Loss Insurance Options

When insuring your RV against total loss, you generally have a choice between three different ways to insure it: market value, agreed value, or total loss replacement.

Market Value – Market value is an economic policy that pays the actual cash value of your RV at the time of loss. This coverage takes into account depreciation considering the age of the RV and the mileage.

Agreed Value – Agreed value pays for the amount that was agreed upon at the start of your policy. Agreed value doesn’t take into account depreciation. If you insure your RV for agreed value coverage, make sure you have proof of purchase, and documentation. In some cases, an appraisal may also be required.

Total Loss Replacement – Total loss replacement value is valuable coverage that will pay for the cost of replacement of your RV with the newest model available. This applies should your RV be declared a total loss during the first five years. If your RV is over five years old at the time of loss, the payout will reflect the prices on the declarations page, decided at the time of the policy.

While these insurance options can vary greatly in price, it’s important to never choose a policy based on monthly premiums alone. When choosing coverage you should always try to find a policy that would provide the coverage you will need, when you need it most.