RVs are a great way to travel, and many families enjoy their summer or fall vacations seeing the countryside in one. While there are many questions that potential buyers may ask before purchasing an RV, one of the most common is “Is RV Insurance required?” The answer is, it depends on.
If the RV is an actual motorhome and not just a towable pop-up, then RV Insurance is definitely required. The bare minimum that is required by most states is known as liability insurance. This type of insurance covers the other person if the accident is the fault of the RV driver but carries no coverage of the actual RV itself. This is a risky policy to carry because if there is a total loss from fire or disaster, or it is stolen, there will be no reimbursement from the insurance company. This means the total loss will be shouldered entirely by the RV owner.
If the RV is financed via a bank or some other type of lender, then the RV will be required to carry full coverage through a company such as visit us website. This is because the RV is technically still the legal possession of the lender, and they certainly do not want to lose out on their investment. If the buyer chooses not to purchase insurance on their own, most lenders will purchase the insurance themselves and send the buyer the bill. This usually also entails much higher premiums.
Insurance is typically optional when it comes to renting an RV, but it is highly recommended by both rental companies and industry experts. It is a good idea to check with both the renter’s auto insurance policy and their credit card companies to see if they already have RV insurance options. If not, they can be purchased directly from the rental company themselves.
Insurance is not required if the RV is strictly a towable model and is owned outright. This would include travel trailers, fifth-wheels, and pop-ups. However, it is still highly recommended that RV owners carry full coverage to prevent total monetary loss in the event of accidents or theft.
