If you’re interested in traveling across the country, one of the best decisions you can make these days is buying a travel trailer. Recreational vehicles free you from having to stay in a hotel and let you bring the comforts of home with you wherever your journey takes you.
Out of the many RV options available to you such as campervans, fifth wheels, and Class A motorhomes, travel trailers offer you a lot of convenience at a fraction of the cost. If you already have a truck or SUV capable of towing, then you can avoid having to buy another motorized vehicle, which can be more expensive to buy, maintain, and insure. Instead, you can just hitch the trailer to the back of your car, pack it up with all the food, drinks, and entertainment you need, and hit the open road.
An insurance policy on a travel trailer should have a very reasonable cost— usually ranging between $250 and $500 per year. The exact cost can vary depending on a variety of factors, which we’ll cover in this article.
Here’s what insurance companies will look at to determine how much your rig will cost to insure.
The first thing that will influence your travel trailer insurance cost is your level of coverage.
There are many different personal coverage options available for travel trailer owners. As a general rule of thumb, the more coverages you add, the higher the annual cost of insuring your RV will be.
The most basic and least expensive insurance option for your travel trailer is liability coverage. A liability policy protects you in the event that you are at fault in any sort of accident. A claim will pay the victim for any damages caused to their property (be it their car, home, RV, or other possessions such as boats) or any medical expenses accrued due to injuries you caused them.
Many auto insurance policies include liability protection on any towed items, including a travel trailer. So before purchasing additional liability insurance, check your auto policy to see if it is already covered.
Comprehensive coverage insures your travel trailer against damages caused outside of collisions, such as hail, lightning, fallen trees, and flooding, or even theft and vandalism.
This one goes hand in hand with comprehensive coverage, covering you for damages your RV takes in a collision, with another vehicle or a stationary object, regardless of whether or not you are at fault for the collision.
Comprehensive and collision coverage are often only sold as a package deal, and if your RV is still under financing, the lender who holds the lien may require you to carry both of these insurance policies until you have paid it off. You can expect to pay significantly more for comprehensive and collision coverage than you would for liability protection alone.
In the event of an accident, you can buy coverage for medical payments for you and your passengers. Since passengers won’t be in the travel trailer while it is moving, this applies when the trailer is parked on campsites or rented property.
If you are involved in a collision where the other driver is at fault, but they are either driving without liability insurance or their policy cannot pay for all the damages caused, then this policy will make sure that damages and medical bills are still paid for.
Say you lose two tires to poorly maintained roads or an axle blows while you’re driving. Roadside assistance from RV insurance will pay to have your trailer towed to the shop, or even on-the-spot repairs if they are doable.
Some policies only provide roadside assistance for the trailer itself, while others will also cover the vehicle you use to tow the trailer with support such as jumping dead batteries or bringing you fuel if you run out.
This type of coverage pays to repair or replace goods that are damaged or destroyed in a collision, or stolen or vandalized. If you need to bring your 75-inch TV with you on the road, or any other valuable items, you should consider getting them protected.
It’s not always smooth sailing on the open road. Learn what you should do if you get in an accident while traveling in an RV.
Photo via Unsplash
The value of your travel trailer is also a large factor in your insurance costs. Do you drive a large, luxury trailer or a small teardrop? The larger and more expensive that your RV is, the more it will be to insure.
If your travel trailer serves as your primary residence, then it is a good idea to purchase a full-time RV insurance policy. This will be more expensive than a typical policy as the risk of accidents or damages increases the more you use the trailer.
The good news is, in addition to the policies listed above, full-time RV insurance includes loss assessment, emergency expense coverage that will pay to house you temporarily if your residence is damaged, adjacent structures coverage, and debris removal. This type of policy is designed for those who intend to live in their trailer for more than six months out of the year.
EXPLORE FULL-TIME RV COVERAGE
Are you a full-time RVer wanting to protect you and your home on wheels? We have everything you need to know about the coverage you need in our nifty full-time RV insurance guide. Ready for a quote? We can help you with a full-timer RV insurance quote.
The cost of insuring your travel trailer will vary depending on the location where it is kept. If it is kept in private storage where it is monitored and protected, your rates might go down, while keeping it on your own property can increase the cost if property crime such as theft or vandalism are common where you live. Insurance rates might also be higher if you live in an area prone to flooding, wildfires, tornadoes, etc.
Photo via Unsplash
Similar to car insurance, there are plenty of personal factors that can impact your insurance rates.
Your driving record will play a part in the cost, since a history of collisions makes it riskier to insure you and your trailer. Some insurance companies will also charge you higher rates if you have a low credit score. Having a lower deductible will also raise your annual insurance costs.
You also might have to pay a premium if you intend to rent out your travel trailer, and many insurers won’t allow it at all. Fortunately, all of Roamly’s policies allow you to rent out your RV while you aren’t using it, and you can still save up to 25% on your policy.
INSURE YOUR RV
Are you an RV owner looking to make money off of your rig when you’re not exploring? Learn more about Roamly— insurance coverage for owners who want to rent out their RV.
Travel trailers are a great way to explore all of the beauty that the country has to offer. Make sure you and your investment is protected by insuring your RV. Looking for a great deal on your travel trailer insurance? Look no further than Roamly. We have policies to fit your needs and your budget, so you can focus on hitting the road!
Cover image via Unsplash
Did you know you could save an average of 25% compared to other insurance companies by getting a comprehensive plan with Roamly? This insurance company was created by passionate RV owners,so they know exactly the type of coverage you need for your RV. No more paying for expensive features you don’t need.
Additionally, Roamly doesn’t stop covering your RV if you decide you want to rent it out on peer-to-peer networks like Outdoorsy. That means you can make extra money when you’re not using your RV.