We all agree that having RV insurance is a good idea. You never know what dangers await when traveling down the road. A tire suddenly goes flat. You hit a giant pothole. Another car attempts to cut in front of you and, just like that, you’re calling your insurance company! Honestly, who could relax if they traveled without insurance? Not me!
So, you bring the rig home. You winterize it and take it to storage. Then you get out your checkbook and get ready to pay monthly fees on an RV you don’t even use. Should you keep paying for RV insurance on a rig that simply sits for months at a time? Does that make financial sense? Maybe you store your camper in your own backyard. Is it safe to drop insurance if the rig sits there, unused, for up to half the year? These are questions many RVers wonder – especially as the summer camping season comes to an end.
Things to consider
First, if you are making payments on your rig, you may not have a choice about retaining year-round insurance. The bank or lending institution will likely demand it until the rig is fully paid off. Check with your lending company as well as your insurance agent.
If you own your RV free and clear, you will want to consider potential dangers to your camper, even when it’s in a secure storage lot. While theft from a storage facility is rare, it does happen. So do fires and acts of nature. Often RVs are parked together side-by-side with very little room between the units. Your “storage neighbor” may accidentally bump your rig while maneuvering their boat or RV in or out of its storage spot. This is classified as “collision,” and without insurance, you may be on the hook for repairs.
You may think that storing your RV in the backyard means you can drop insurance for the months your family doesn’t use the rig. Not so fast! Wind, hail, and other inclement weather can damage your RV, and (you guessed it) the repairs are all on you if you’ve dropped insurance coverage for the winter.
Some insurance companies offer a reduced rate for off-season months. It’s a good idea to closely check any reduced coverage policy. Talk to several insurance agents, too. Be sure you understand exactly what the reduced policy covers, as well as what is not included.
We’ve decided to keep full-year coverage on our RV fiver. At least for now. What about you? Tell us in the comments below.