Compare RV Insurance Quotes in Canada
Are you an outdoor enthusiast who owns or is looking forward to owning a Recreational Vehicle (RV)? You must have questioned the need for RV Insurance or if you are free to hit the roads without one. Generally, your regular car insurance extends to your trailer; unfortunately, it only offers limited coverage. After all, RVs come with a set of unique risks that aren’t covered in traditional car insurance policies. This leaves your cover with multiple gaps that could potentially backfire on you in case of an accident.
In the event of an accident while you are towing your trailer, for instance, your car insurance will only repair or replace your vehicle and decline to settle any damage caused to your trailer. Therefore, it is recommended that you purchase full RV insurance if you need better coverage for your property. Good RV insurance combines features of traditional auto insurance and homeowner insurance. If you plan to protect your RV, you might as well do the same for your belongings, installed equipment, and attached accessories like awnings and satellite dishes.
If you don’t know where and how to get started with RV insurance, the financial sages at MoneyWizard will help you find the best RV insurance quotes in the marketplace by reviewing prices from several insurance companies.
What is RV Insurance?
RV insurance provides unique coverage designed specifically for RVs. These policy types protect you from incurring excessive repair and replacement costs when you are at fault in an accident that causes bodily injury or property damage. Some tailored RV policies also cover costs of roadside breakdown, which is always a possibility, especially for full-time RVers.
How to Choose the Best RV Insurance
Traveling the country in an RV remains one of the most remarkable ways of touring in style. It is more adventurous than flying directly to your destination and ensures that you make the most from your leisure trips. Despite these merits, a home on wheels comes with considerable hazards. Lucky for you, basic RV insurance helps to mitigate a great deal of those risks.
With different insurance companies offering varying RV insurance packages, you can easily get lost and even confused when trying to purchase one. The key to getting the best RV insurance cover is understanding the type of protection that you need. Like with typical car insurance, you can purchase a comprehensive policy, collision coverage, and liability coverage. Comprehensive RV coverage cushions you against the costs of accidents that don’t involve collision with other vehicles. They include risks like vandalism, theft, fire, and falling objects, such as trees, structures, and hail.
Collision coverage insures your RV against damages or losses caused through crashes or accidents with other vehicles or objects. Meanwhile, liability insurance kicks in to assist you with medical expenses for injury to others and damage to their vehicles or properties. You can avail of vacation liability and roadside assistance coverage as well.
You’ll also need to decide how you will be using your RV, whether it will be your full-time residence or just part-time. Also, tell your insurer if you are looking to get additional insurance for your personal belongings in the RV or if a minimum amount of liability insurance would be enough.
While you may want to keep RV insurance costs low, make sure you don’t underinsure your property—as you might regret this decision later in case of an accident. Lastly, double-check and compare all the available RV rates in the marketplace so you don’t miss out on cheaper alternatives. The experts at MoneyWizard can help you compare rates from multiple insurers and suggest the best offer on the list.
Is RV Insurance Required?
An RV is just another vehicle on the road, which could cause the same accident risks as other vehicles. Many jurisdictions require RV owners to get at least minimum liability coverage to be allowed on the roads. While traditional car insurance policies may extend to your RV, the coverage is limited in many aspects and may not be of much assistance in case of an accident. RV insurance comes in handy whenever your insurer denies certain claims on grounds that these are not covered in the regular auto insurance.
RV Insurance vs Auto Insurance
Technically, RVs are motor vehicles like regular cars, which is why some insurers cover them under traditional car insurance policies. In this case, the insurer views the RV as any other vehicle on the road and not a sophisticated home on wheels. This can be a problem since in case of an accident, the insurer will stop at repairing or replacing the damaged vehicle and will never bother with the damaged or lost amenities that were fitted in the RV. This means that the RV owner gets the RV repaired but loses everything else that made the RV habitable. Bearing this in mind, going the auto insurance route for an RV is quite a gamble.
Specialized RV insurance fills the gaps that come with issuing an RV with regular car insurance. The coverage takes care of emergency expenses, campsite liability, full-timer liability, total loss replacement, and relevant tow-truck coverage. Another benefit of RV insurance is that it can be suspended when the RV is out of commission and put in storage.
How to Choose the Right RV Insurance Policies
Choosing the ideal RV insurance coverage is determined by evaluating your needs. Like personal insurance, an RV owner can decide the amount and type of insurance that they want for their RV. Several statutory laws demand that an RV owner obtain the minimum liability coverage to be allowed on the roads. However, one can decide to pay higher premiums to have their personal belongings in the RV insured as well. Other basic RV covers include bodily injury liability, property damage liability, collision coverage, comprehensive coverage, uninsured motorists, underinsured motorists, and medical payment.
You can also purchase a basic policy and seek to include optional coverage like roadside assistance, replacement cost, towing and labour, safety glass replacement, and vacation liability. Therefore, while cost is critical in purchasing insurance, it should never overshadow the needs of the RV owner. It is important to examine the policies to ensure that all eminent risks are covered extensively. It is extremely crucial to compare prices with all these factors in mind.
Types of RV Insurance
RV insurance is auto insurance for RVs, which means that their coverage types don’t vary much either. The type of insurance you will need depends on how you plan to use your RV. For instance, full-timers, individuals living in their RVs all year round, might need a different coverage compared to part-timers.
The most common types of RV insurance include the following:
1. Collision coverage
Collision insurance is a type of coverage that helps meet the cost of repair or replacement of your RV if damaged in a collision with another vehicle.
2. Comprehensive coverage
Comprehensive policy helps repair or replace your RV when the vehicle is stolen or damaged in an incident that is not a collision. Incidents like fire, vandalism, and falling trees, branches, or hailstones are covered under the comprehensive policy.
3. Liability coverage
Liability coverage is a type of insurance that helps an RV driver pay for losses or damages caused to another vehicle to avoid lawsuits.
As mentioned earlier, an RV owner can seek additional protection or optional coverage options for their personal belongings or costs of roadside breakdowns.
What does RV Insurance cover?
RV insurance covers a wide range of risks depending on what you have insured your RV against. The standard RV insurance policy covers damage to your RV, damage or injuries that you cause to third parties, damage or injuries caused by an uninsured driver or underinsured driver, and personal medical payments. Collision and comprehensive coverage take care of damages caused to the vehicle.
Damages through collisions with other vehicles are covered by the collision insurance policy. Meanwhile, the comprehensive coverage policy protects you from incurring costs of repair or damages caused by vandalism, fire, and other incidents except for collision with other vehicles. Other coverage options include road assistance, total loss replacement, emergency expense, pet injury coverage, vacation liability, loss assessment, and full-time personal liability.
How much does RV Insurance Cost?
RV insurance premiums vary widely from one insurer to the other. This is attributed to several factors that come into play when doing the calculations. Since RV prices vary as well, it is understandable that the cost of premiums comes in a vast range. RV insurance is generally less expensive than car insurance. The difference in pricing is partly because insurers consider RVs less risky, as they are mostly parked.
The several factors that weigh in on the cost of RV insurance include the total cost insured, type of RV, and the frequency you use your RV. Full-timers are likely to pay more in RV premiums compared to part-timers. Based on multiple price quotes compared by MoneyWizard.ca, the average cost of RV insurance in Canada ranges between ~$18 and ~$1000 monthly.
Takeaway
RV insurance provides coverage for fifth wheels and travel trailers. At MoneyWizard, we will help ensure that you get the insurance coverage that best matches your specific needs. Before you get on the road, make sure that you have the right RV insurance. Reach out to us for affordable insurance quotes.
