TUESDAY, APRIL 19, 2022
Your RV is one of the best investments you've made. You've traveled long and hard with it. You are proud of what you've seen and done. Now that your RV is getting older, though, you may be wondering if you should reduce the amount and type of insurance you have on it. In some cases, you will want to do this, but there is still a good deal of risk involved in RV ownership. The right level of RV insurance is essential to both your budget, as well as to minimizing your financial risks. There are a few things to keep in mind as you consider your options.
Protecting its Value
One of the components of recreational vehicle insurance is property insurance. This protects the value of the vehicle from risks. For example, if your vehicle is damaged through fire, theft or vandalism, RV insurance can step in to help you with repairs or replacement as necessary. Property insurance should be equal to at least the value of the RV. As your RV is aging, you may wish to drop the amount of coverage. However, keep in mind that replacing your RV down the road from a total loss can be hard to do if your policy has a limit that's significantly lower than the cost of buying a new one.
Liability Risks Remain
Other types of RV insurance aim at reducing your liability risks. These are types of risks that really do not change as your vehicle ages. In fact, they can go up if the vehicle is no longer in good condition. Liability insurance should likely remain the same for RVs throughout the time they are on the road. Having at least what is legally required is essential, but the size and constant use of RVs makes them more important to insure at a higher level.
As you consider the options in RV insurance, zero in on your risks. If you no longer carry a loan on the vehicle and its value is low, you may not need comprehensive coverage. However, replacing your RV can be expensive and your losses can be high if you do not maintain comprehensive protection like this.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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