If you have always dreamed of hitting the road and making the most of Canadian summers, you may be getting ready to purchase an RV, travel trailer or fifth-wheel. If so, you need to make sure that you have the right insurance so that you, your passengers and your investment is protected. In Alberta, while you do not have to have a policy for your trailer, most people want to make sure that they have the coverage they need to fully protect their investment. Keep reading below to find out everything you need to know about travel trailer insurance.
What is Travel Trailer Insurance?
Also called RV insurance, travel trailer insurance is very similar to your auto insurance policy but is more comprehensive and designed to provide protection specifically for fifth-wheels, stationary travel trailers, park model travel trailers, truck-mounted campers, and pop-up campers.
Properly Insuring Your Travel Trailer
It is important to make sure that you have the right coverage for your travel trailer. When it is attached to your vehicle, it is typically covered under your existing auto insurance, but only for liability.
When your travel trailer is detached from your vehicle, although insurance is not mandatory, you will most likely want to protect it from potential damages. Depending on the type of travel trailer you have, you may be able to add it to your existing property or auto insurance policies. However, if you own a motorhome or campervan, these are considered individual vehicles and need to have their own insurance policy for liability.
What Coverage is Available?
There are several different coverage and endorsement options available to protect your travel trailer. Often, people will choose more than one option to ensure that they have the right amount of coverage for property, liability and more.
Travel Trailer Liability – protects against personal injury and damage to other people’s property who are not listed on your policy.
Comprehensive/Collision Coverage – protects your travel trailer from damaging incidents such as collision with another vehicle, vandalism, fire, landslides and more.
Campsite/Vacation Liability – provides coverage if your trailer is parked in a trailer park or campsite.
Accessories Endorsement – provides coverage for items attached to your trailer.
Emergency Expenses- provides coverage in case of an unexpected breakdown.
Low Branch Collision- provides protection against damage caused to your trailer, air conditioning units or awnings from low-hanging branches.
Unfortunately, there is a common myth that many people believe the contents of their travel trailer are covered by their home insurance policy if it is parked in their driveway. If these items are kept in your travel trailer permanently, they may not be included and would need their own coverage. Another thing to keep in mind is that if you retire, sell your home and move into your travel trailer or RV full-time, you will need a different insurance policy as your travel trailer is now considered your primary residence.
Saving on Travel Trailer Insurance
As with other types of insurance, there are a number of ways to save on your travel trailer policy, you may be eligible for certain discounts, such as multi-policy or having a good driving record. Raising your deductible can also help lower your premium amount. To make sure that you find the best rate for your need, speak to an experienced professional at Bow Valley Insurance today for a free, no-obligation quote.