If you’ve finally decided to invest in that RV you’ve always wanted, it’s important to remember you need special RV insurance in Alberta. Before taking to the open road, you will need to find the ideal RV insurance plan designed to suit your needs.
Many things need to be considered, including how often you are going to use it, where you will store it, what it will cost to store it, where you plan to travel, and what it will cost to winterize it (and other maintenance costs). Here is what you need to consider when purchasing RV insurance in Alberta.
What is RV insurance?
RV insurance is a combination between auto insurance and home insurance. It protects you, your RV, and your belongings should something happen either on the road or when your RV is in storage.
Plus, you might find out the hard way, depending on where your travels take you, that the campsites you stay at also require visitors to hold a certain level of RV insurance. As with any insurance policy, RV insurance protects you from being financially responsible in case of accidents, theft, vandalism and more.
What types of coverage does an RV insurance policy include?
RV insurance policies generally include coverage for physical damage to the RV itself and the contents.
This coverage usually has a certain age requirement for the RV and covers all risks of loss or damage.
You need to review the details of the perils, as well as any exclusions that might apply, so you get the best possible coverage based on your situation. You can also choose to add options that will offer extended coverage.
What should I include in my RV insurance?
You should always discuss your specific needs with your insurance company before choosing the best policy. Some possible additions to help improve coverage above and beyond the comprehensive or standard coverage include:
- Travel trailer insurance This is a must because your car insurance only covers a trailer when it’s being pulled by a car or truck. Motor homes are not covered. So you want to add this to ensure your RV is covered at all times, both when it’s being towed or in storage.
- RV replacement It can be confusing determining what your basic policy actually includes. Always ask if your policy is based on Actual Cash Value (ACV), Agreed Value or Total Loss Replacement. If you don’t ask, you could end up not getting the true value to replace your damaged or stolen RV.
- Emergency expenses If your RV is now your home, this is a must, as it includes reimbursement for your living expenses if you are no longer able to live in the RV while it’s being repaired or being replaced.
- Emergency vacation expenses If you travel across the country or head south to the U.S. and beyond, emergency vacation expense insurance is important. This is a common addition for snowbirds as they can continue their vacation with an RV rental or move into a hotel should their RV be stolen or severely damaged.
- Emergency roadside assistance Many new RV owners are unaware that it costs as much as three times more to tow an RV than a car, SUV or pickup truck. If you want to avoid these costs, emergency roadside assistance covers the fees to have your RV towed.
- Storage collision coverage You’re probably thinking you don’t need collision coverage during storage if you won’t be driving your RV. However, you have to keep in mind an accident can occur at the storage facility when the management needs to move your RV or other vehicles in storage. This ensures you are covered should such an event occur.
- Liability insurance This covers damage or injury caused to third parties resulting from the negligence of the driver of the RV.
- Replacement of stolen property Most RVers travel with expensive equipment and electronics, which are not covered with basic insurance policies in the case of theft. You will need this addition to protect your belongings. Always be sure to provide an up-to-date list of your belongings in hand with the proof they are stored in your RV to reduce the risk of your claim being refused.
If my RV is stored at home, is it covered by home insurance?
The answer to this question is, it depends. When your RV is parked in your driveway, some insurance policies will cover certain types of events. For example, if someone is injured near or around the RV, your home liability insurance might cover the event. In some cases, should your RV be broken into and belongings are stolen, sometimes this might be covered.
If your RV is parked in a shed or garage away from your home, it’s less likely to be covered. Besides, many home insurance policies specifically exclude RVs. It is always important to review these details with your insurance company to ensure you are completely covered for all events and risks.
RV Storage and Insurance Discounts
Some insurance policies offer a discount for RVs stored indoors at a highly secure facility. As mentioned above, where it is stored on your property could impact coverage. Always be careful when choosing a storage option to help reduce the risk of damage, loss or theft.
As you can see, RV insurance can be complicated. If you would like more information about the RV insurance available, speak to our team today.
To learn more about purchasing RV insurance in Alberta, call Bow Valley Insurance at (403) 297-9400 or contact us here.
Coverage is subject to policy wording, terms, conditions, and deductibles. Protection is limited to the perils, coverage, exclusions, and limits shown on the policy.