Do I need to insure my RV year round?
If you’re one of the many Canadians who wants to enjoy the abundant natural wonders of our beautiful country using an RV to get around is a great option. But if you’re only using your RV seasonally should you be keeping it insured year round? Isn’t that unnecessary and expensive? The short answer is yes you should keep it insured year round as damage and theft can happen at any time (even if your RV is stored in a secured facility).
Year-round RV insurance protects from theft and damage.
Whether you keep your RV parked in your driveway or at a storage facility theft and damage can happen. RV Insurance can help you pay for repairs or replacement in the event this occurs. Break-ins vandalism fires and building collapse are all things that can happen over the winter months – you’ll want to ensure your RV is protected.
The extent to which your RV is covered by your home insurance policy varies drastically. In the event of a break-in you don’t want to discover that your insurer will only pay to replace your RV’s broken door while you are left with the cost of everything that was stripped from the inside of it.
If you financed your RV you may not even have a choice. Most lenders require that the RV be protected year-round with comprehensive coverage. This protects the unit in case something happens before the loan is paid back.
Don’t cancel your RV insurance.
If you think cancelling your policy when your RV is not in use and later re-insuring it when in use is a good way to save money it’s not. Apart from leaving you responsible for the costs of repairing or replacing your RV in the event of theft or damage the plan does not often result in any money saved.
To start with a lot of insurers can legitimately refuse to insure you if you have previously cancelled a very similar policy or have a history of “on today off tomorrow” insurance. Switching between different companies will only limit your options in the long run especially given the continued consolidation of the insurance market under a few big names. Furthermore continuous insurance gets you discounts and RV policies are created with the knowledge that people only use them seasonally.
Contact your broker to discuss your options for RV insurance.