The Ultimate Guide to RV Insurance: Everything You Need to Know
RV insurance is a must-have for any owner, whether you have a camper, travel trailer or motorhome. With so many options and factors to consider, it can be overwhelming to choose the right policy. RVs come in different shapes and sizes, and each type has unique insurance needs. The two main categories of RVs are motorhomes and travel trailers.
Types of RVs and Their Insurance Needs
Registering a motorhome can fall under Class LV or PV based on Gross Vehicle Weight (GVW). If the motorhome has a GVW of 15,000 kg or less, it will be registered in Class LV. On the other hand, if the motorhome has a GVW of 15,001 kg or more, it will be registered in Class PV. It is essential to include the weight of any vehicle or trailer being towed while calculating the GVW of the motorhome. Depending on the class it is registered as will affect the basic registration premium; see SGI’s Registration Fees for more details.
Under the basic Saskatchewan licence plate, the coverage limit of $200,000 liability may be inadequate for what you need depending on where you travelling. For example, they can sue for damages incurred in other provinces or the USA.
Travel Trailers & Campers
Travel trailers and campers are towed by vehicles, requiring liability and comprehensive coverage when on the road. If registering as a private-use trailer review, SGI’s Registration Fees to learn more about basic insurance premium rates. For your registration, your premium is determined by your declared value. To learn more about declared values, see our article outlining what you need to know before registering your trailer.
However, suppose you plan to park your trailer at a campsite for the year or season. An Auto Policy can cover physical damage to your trailer for perils such as wind or hail with comprehensive coverage (provided the wheels are still on it) while it sits on the campsite or in storage. However, the liability coverage from the Auto policy does not extend to the land that it sits on. Consider adding seasonal lot liability through your home, condo or tenant insurance so you are protected if anyone is injured or hurt while visiting your site.
Coverage Options for Your RV Camper
Liability coverage is the most basic type of auto insurance required in all provinces to operate a vehicle or take it on the road. Liability coverage will protect you if you cause damage to someone else’s property or injure someone in an accident. It will also cover your legal fees if you are sued for any damages resulting from the trailer.
Collision coverage will pay for damages to your RV in the event of an accident, regardless of who is at fault. With collision coverage on an Auto Policy, you can lower the standard $700 deductible to as low as $100.
Comprehensive coverage will protect you against theft, vandalism, or damage from natural disasters like wind, fire, or hail storms. This coverage is especially vital when putting your trailer away into storage for the winter, as an Auto Policy provides rodent coverage.
Utilizing your cabin or travel trailer for sleeping, cooking, or dining during the storage period is permissible. Nevertheless, informing your broker of its monetary value is crucial if you plan to use it this way after it becomes unlicensed. If you have an Auto Policy, it is always wise to keep your broker informed when your vehicle, motorcycle, snowmobile or travel trailer is unregistered. Your broker can provide expert guidance to ensure you do not place yourself in an uninsured position. For more context, please review SGI Canada’s guide regarding unregistered vehicles and trailers, including campers, motorcycles and snowmobiles. Click here to download the pdf.
Personal Property Coverage
Personal property coverage will protect your personal belongings inside your RV, such as electronics, appliances, and furniture. However, this coverage DOES NOT extend from your Auto Policy. Belonging coverage extends from your property insurance, such as a tenant, condo, or home insurance policy. Review the coverage limits and exclusions with your broker for more details about adding this extension.
Factors Affecting RV Insurance Rates
RV insurance rates are affected by several factors, including the type of RV, how often you use it, your driving record, and your location.
Type of RV
The type of RV you own will affect your insurance rates. Motorhomes are more expensive to insure than travel trailers or campers.
The higher you set your declared value, the higher the insurance cost for your Saskatchewan plate registration for personal-use trailers. See SGI’s Registration Fees for more details.
Your driving record will also affect your Auto insurance rates. If you have a clean driving record, you’ll pay less than if you have a history of accidents or traffic violations.
Your location will only affect your Auto Policy insurance rates, not your Saskatchewan plate registration. You’ll sometimes pay more for insurance if you live in an area with a high crime rate or frequent natural disasters.
Common Claims for RV Insurance
RV insurance claims are similar to car insurance claims, but there are some unique claims that RV owners may experience.
Comprehensive claims are the most frequent types of claims received. They are filed when your camper trailer is damaged by something other than a collision, such as theft, vandalism, or natural disaster. Can you guess the most famous claim in the last few years?
You guessed it: wind and hail storm! Back in 2022, SGI received hundreds of claims after a weekend hail storm in July. Suppose you don’t have a storage area for your trailer or have it out at a campsite this summer. Without the protection of being inside a facility, your trailer is likely to get some weather-related damage. In that case, we’d highly recommend investing in an Auto Policy to help lower your standard $700 deductible to as low as $50 for comprehensive claims.
Choosing the right RV insurance coverage is crucial to ensuring your peace of mind while on the road. It is essential to understand the different types of RVs and their insurance needs, coverage options, factors affecting insurance rates, and your policy’s details. By following this ultimate guide to RV insurance, you’ll be well on your way to choosing the right policy for your needs.
Contact us today to learn more about our recreational vehicle insurance policies.