Summer can be a great time to get the big toys out of the garage. Jet Skis, off-road vehicles, RVs, and other expensive forms of transportation can make a summer trip more enjoyable.
Those toys also need insurance to fix or replace them if they’re damaged or destroyed in an accident.
Here’s what you need to know to keep all your forms of transportation protected this summer.RV insurance
Most owners of recreational vehicles, or RVs, only use their vehicles for a few months a year and may be able to get their existing auto and home insurance policies extended to their RV for those few months a year. But if you live in one full-time or rent an RV, you’ll want separate RV insurance. A bank may also require you to have it if you’re financing the purchase of the vehicle.
Insurance for an RV isn’t as straightforward as auto insurance. Because an RV is essentially a house on wheels, it requires a mix of travel, auto, and home insurance. Your existing auto insurance policy may cover some insurance needs for an RV, but because of the high value of an RV, specific RV insurance will also likely be needed.
An RV insurance policy can provide personal property coverage, which will cover your RV when it’s parked at your home and when it’s out on the road. Your home or auto insurance policies may cover some things stolen from an RV, but only up to certain limits or on specific items. Expensive camping equipment and a flat-screen TV inside an RV, for example, will likely require extra personal property coverage in an RV insurance policy.
If an entire RV is stolen or damaged in an accident, you’ll want full replacement cost coverage. It’s offered only for newer RVs, while the actual cash value, or depreciated value, is available for older vehicles. Full replacement coverage can be worth having if you just bought a new RV and don’t have the money in the bank to pay for repairs. Without it, the depreciated value may only be covered, and new vehicles depreciate quickly in the first year.
Laws…
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