Does my RV need to be insured when it’s parked?
You may be thinking of trying to save some money by cancelling your RV insurance during the off-season or if you have it parked in a lot. This may not be in your best interest however. Whether you’ve parked your RV in your backyard at a storage facility or at a campground your RV should remain insured. Why? Damage and loss can still occur even if it’s parked and your insurance premiums will be lower.
Risks While Your RV is Parked
Your RV is still at risk for physical damage and theft even while it’s parked. For example if you park it on the street a driver could clip the side of it or it could be damaged by a big winter storm. If you park it in an RV storage facility or campground it could be a victim of a theft or a fire. RV insurance would protect you in those scenarios.
Impact on Your Insurance History and Premiums
Insurance companies take your insurance history into account when calculating premiums. Continuous insurance means a stronger insurance history and lower rates particularly if you’re claims-free. A history of frequent cancellations would likely mean penalties in the form of higher rates. You may also be ineligible for bonuses such as bundling discounts and disappearing deductibles.
Other Benefits of Remaining Insured
In addition to your RV being protected you’ll also retain access to great benefits included with your insurance:
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Travel advice
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Travel discounts
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Claims service
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Liability coverage
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Outbuildings coverage
If you’re parked on a permanent lot the last two will be especially valuable.
Talk to your broker if you have any questions about RV insurance cancellations and how premiums are calculated. They’ll work with you to find a solution that suits your needs and budget.