Which motorhome loss settlement option is best for me?
The best loss settlement for your Calgary motorhome insurance will depend on the age of your motorhome, your insurance budget, and your personal preferences.
Your loss settlement is the calculation of the amount you receive if your motorhome is a total loss in a covered claim.
You have two options for your loss settlement:
- Actual Cash Value – the market value of your motorhome, or the purchase price minus depreciation.
- Guaranteed Purchase Price – what you paid for the motorhome including all taxes (amount shown on the bill of sale), only available until the motorhome is 5 years old.
If your motorhome is permanently parked, you have four loss settlement options:
- Guaranteed Replacement Cost – Available for motorhomes 10 years old or newer, you will receive a brand new motorhome of similar kind and quality. The unit must be insured to the MRSP of a new unit.
- Replacement Cost Plus – you will get a replacement travel trailer that is up to 110% of the MRSP of your current unit new. This is available to permanently parked motorhomes 10 years old or newer.
- Replacement Value – Available for permanently parked motorhomes 15 years old and newer, you’ll receive the value of a new motorhome that is of similar type and quality.
- Actual Cash Value – You’ll receive the market value of your motorhome (or the purchase price minus depreciation).
Talk to one of our Calgary motorhome insurance brokers to learn more about each option and for advice on which option is best for your situation.
I’ve parked my motorhome on a permanent lot, do I need motorhome insurance?
If you’ve parked your motorhome on a permanent lot, motorhome insurance can cover:
- Physical damage to your motorhome, its contents, and outbuildings like sheds and decks
- Premises liability for your lot
You will also likely get a discount for being permanently parked.