Alberta RV Insurance Covers Physical Damage
Our RV insurance covers physical damage to your RV, its contents, and outbuildings, which includes:
Some physical damage coverage is optional and may require add-on coverage (known as an endorsement). Remember that insurance is for unexpected events – it won’t cover maintenance items.
When you buy your RV insurance, you’ll decide on the loss settlement. If your RV is a write-off in an insured claim, the loss settlement will determine how the amount you receive is calculated. There are three main options:
1- Actual Cash Value. This is the market price of your RV at the time it is damaged, or the purchase price minus depreciation. All-risk coverage is available until the unit is 25 years old.
2- Replacement Cost. You will get the value of a new RV that is of similar kind and quality. This coverage is only available for RVs that are newer than 15 years old.
3- Guaranteed Replacement Cost. You will get a brand new RV of similar kind and quality. This coverage is only available for RVs that are 10 year old or newer. You must insure your trailer to the MSRP of the unit new.
4- Replacement Cost Plus. Available for trailers 10 years of age or newer. If your trailer is a total loss, you can replace the trailer up to 110% of its value as indicated on the policy (your trailer must be insured to the MSRP of the unit new).
You’ll also need to decide on your policy limits – this is the maximum amount that will be paid out for a covered claim. There are also limits on each area of coverage such as your contents and outbuildings. Make sure you choose the right limit to ensure you’re covered if your contents or outbuildings are destroyed.
We recommend making an inventory of your contents and work with one of our RV insurance brokers to ensure you have the right protection.