Choosing the right RV insurance coverage can be tricky, how much money you are going to be spending on the premium? How much is RV insurance per month? Technically, it can be as low as $55 to as high-flying as $1200.
Several factors contribute to the cost, but we will get to that in a bit. The average insurance cost per month for an RV falls in a wide range and that is why you need to read on to dig deeper about the nitty-gritty behind the calculation of RV insurance costs.
How Much Does RV Insurance Cost Per Month?
Factors That Affect the RV Insurance Cost
Looking for the perfect insurance provider can be overwhelming. They can delude you with so many complex calculations that you may end up paying more premium than you ought to. But if you are prepared beforehand and thoroughly know the factors that affect your RV insurance premium, you can make a more informed decision regarding your purchase. Here are the most important things to consider when calculating your RV insurance premium.
Type of RV
Recreational vehicles belong to several categories, as you certainly must be aware of because you purchased one. But if you are yet to purchase, then these classifications might help you decide on the kind of insurance premium you might be charged.
A Class A RV typically attracts the highest insurance premiums. On average, for a Class A Motorhome, you might have to shell out about $750 a month, depending on other factors.
A Class B recreational vehicle insurance will cost slightly lesser than Class A, at about $120 a month. Class C is likely to be even cheaper than Class B but some insurance companies charge almost the same.
You should be a happy premium payer if you own a travel trailer, for they attract the lowest insurance charges, with monthly premiums as low as $54.
Type of Coverage
So, why did we have to talk about averages? Should not the same type of RV be charged with the same premium? Well, no, not exactly, because other crucial factors must be considered as well.
One of the most important factors is the type of coverage you are looking for. Some of the options include bodily injury, property damage, collision coverage, roadside assistance, vacation liabilities, total loss replacement, custom equipment coverage, and so on. While bodily injury and property damage coverages are usually mandatory, opting for the remaining type of coverages is up to you.
If you would like to have everything covered, down to the last custom equipment, you might end up paying the highest insurance premium per month. It also becomes important to get the maximum coverage in case your vehicle is purchased on a loan.
The insurance agency you choose can significantly affect the premium you end up paying for your RV insurance. When you go shopping for RV insurance policies, you would find that different agencies provide different rates for the same type of coverages. Do not just go for an agency that offers you the lowest premium rate. You want your agency to be reliable as well.
When paying a low premium, you might think that you are saving a lot, but if at all there comes a time when you have to claim the insurance, that is when the service level of the insurance company is going to matter the most. Quick reimbursement and smooth transactions are some of the salient features of a reliable insurance agency.
When it comes to RV insurance, choose the agency based on customer ratings, average savings, online purchases and claims, 24-hour support, and coverage terms.
Condition of RV
Premiums can vary a lot based on how well you maintain your RV. This does not necessarily mean that a newly purchased RV attracts lower premiums than an age-old RV. If you are serious about the upkeep of your old RV, you may even end up paying a lower premium than if you were to purchase a new RV.
On the other hand, if your RV is too old and is in a dilapidated condition, agencies would be smart enough to hand you an enormous premium bill, because they would think that you are more likely to claim the insurance on it.
So, when you have purchased an RV, whether brand-new and just-out-of-the-factory or a used model, make sure you work hard on its maintenance to avoid paying higher premiums when the insurance renewal time comes up.
Being a new driver also accounts for a high insurance premium rate. The insurance agency will, of course, check your license and the number of years that you have driven an RV.
An RV is a large vehicle and usually takes more experience to maneuver in difficult turnings and terrains as compared to a smaller passenger car. This makes your RV prone to accident and the likelihood of you filing a claim also increases along with it. Hence, even if you have experience driving smaller cars, driving an RV is a different ball game.
Insurance agencies take note of this fact and charge you more for your RV insurance if you lack driving experience. As you drive more over the years, you are more likely to be offered more savings by your insurance company.
Traffic Violations Records
When you buy insurance for smaller cars the agencies check for your history of traffic violation and accidents before giving you a quote. But this factor becomes even more significant when you are driving an RV.
This is because an RV is a much heavier vehicle and if accidents happen while you are driving an RV, the impact is usually much larger than if you were driving a smaller vehicle. The injury and the damage caused to other vehicles on the road is even larger than the damages caused to your RV. Hence, the compensation that your insurance agency needs to provide for the accident also significantly increases.
Thus, while driving an RV, you must maintain a clean record. It is not just for the safety of your RV and yourself, but also for drastically lowering your premium charges.
RV’s Time on the Road
Some people use their RV only occasionally, for large family trips or overnight journeys, for instance. For others, buying an RV is for a specific business purpose and these are the people whose RVs spend the maximum of their time on the road.
If you belong to the second category, your premium is likely to be much higher. This is because if your RV spends a lot of time on the road, it is more likely it to run into accidents or be involved in other kinds of damage.
Even if you do not use the RV for business but personal requirements, you may end up paying a higher premium if you drive your RV way too much. This is true for people who practically live in their RVs. They travel through days together and sleep in their RVs when the night falls. If that is you, be ready to pay a full-coverage, high-rate insurance premium.
ZIP Code and Destination
Where you buy your insurance also makes a difference in the amount you pay as premium. Premiums for similar coverages not only vary from state to state but may also vary by ZIP code. States such as Massachusetts and North Carolina have some of the lowest rates for RV insurance, while Michigan is the costliest state in this regard.
When it comes to ZIP codes, premiums may differ based on whether you live in a big city or a small town and may go high or low depending on the area’s general cost of living.
Where you travel also matters, especially if you travel abroad. Within the US, most insurance policies will cover you throughout the country, but there may be exceptions. If you travel to Canada or Mexico, your insurance may or may not cover your RV. Even if it does provide coverage, it may mean a higher premium rate for you.
History of Filing Claims
You might have received a piece of advice from peers when you drove a small car that you should not unnecessarily file claims with the insurance companies. The greater number of claims you file, the higher the premium keeps jumping for your next renewal.
The same is true for RV insurance as well. If you continue to file claims for every little thing, your insurance agency is likely to bump up the premium charges. The worst part is, when they check your claim history, they not only check the claims you filed for your RV but also other automobile insurance claims that you might have filed for a smaller vehicle.
Your claims history is, however, not the sole judge of your premium charges and is cross-checked with your driving experience and traffic violations. So, if all three of them are in the red zone for you, be prepared to feel the pinch in your pocket while paying your next RV insurance premium.
Choose the Right Insurance and Enjoy Your RV
No matter what purpose you use your RV for, the bottom line is you want to enjoy driving your vehicle and save some money. If a lot of money is spent on buying insurance, there is very little left for your RV’s recreational purposes. Hence, it is important to be aware of the factors that affect the cost of your insurance.
Only when you are thoroughly informed about the features you need in an insurance policy and the features that you can discard, you can go ahead and choose one of the most reputed agencies that could provide you a good deal on your policy while offering you the maximum coverage.