RV / Boat Insurance

You have worked hard your entire life, why not play hard as well and enjoy your time off?  Many people do just that by purchasing a Recreational Vehicle, personal water craft or boat.  These vehicles run the gambit from large and price to small and inexpensive.  Many use their RV's for vacation get a ways while some even use them as their permanent residence.  Here at Interstate Insurance we specialize in finding the policy that fits your RVing / Boating needs perfectly and ensure that you are covered properly should a loss occur. 

Many of the coverage options  you would normally find on an Auto Insurance policy also apply to RVs and boats.  Below are some specific endorsements or options that are important for RV and/or boat owners to understand.  You can view a list of the other shared coverage options by CLICKING HERE: Auto / RV / Boat Insurance Shared Coverage.

Common RV / Boat Endorsements

• Full Timer Package
  Most people live in a home and have home owners or renters insurance; however a rapidly growing segment of our population are giving up the Stick and Bricks for a life on the road in their RV.  Should you decide to go this route it is imperative that you include some sort of "Full Time" endorsement to your policy and make sure the company is aware that the vehicle is lived in as your permanent residence.  We have many full timers insured through our office and are experienced in handling your unique needs. 
  
  
• Personal Effects
  This coverage normally can come from your home insurance policy and is usually limited to 10% of your contents limit.  Full Timers should consider adding this coverage to their RV or boat policy so that their personal contents are covered properly should a loss occur. 
  
  
• Liability Insurance While Parked
  This is where people usually get confused.  Generally your home insurance has liability insurance to cover you.  If you do not have a home or if you do not have home insurance then you should consider adding liability coverage for when your unit is parked.  This is an essential coverage because if anyone gets hurt due to something you did or left out (negligence) you will certainly wish you purchased this very inexpensive coverage.
  
  
• Liability Insurance While in Motion
  There are two parts to this.  If you are towing a boat / rv / trailer, what you are towing is covered liability wise by the auto policy protecting the vehicle you are towing with.  That means if the item you are towing breaks free and injuries another person or their property your auto policy of the vehicle pulling the item will pay.  If your RV / Boat is self propelled then you will need to purchase this coverage on the RV / Boat policy.  
  
  
• Stated Value vs. Agreed Value vs. Actual Cash Value
  Perhaps one of the most important decisions you will make regarding your RV / Boat policy is how you will be paid if there is a total loss.  We are all pretty familiar with ACV or Actual Cash Value.  More or less this means that if there is a total loss we get paid based on the value of the unit less depreciation.  Do vehicles depreciate equally over their life?  NO.  They depreciate (lose value) much faster new than they do old.  Just about everyone knows this yet come claim time generally this is a forgotten issue.  Better to think about it before the loss then after.

  There are several options with many companies to eliminate or limit the impact of depreciation on RV's / Boats.  The best and only way to do this is to purchase an "Agreed Value" endorsement to the policy.  Generally these policies are structured so that in the first year or three (Every company is different) if your RV is totaled you essentially get a new one.  After year 3 generally these policies will pay you the purchase price of the unit.  The important thing to note here is that depreciation does not come in to play on agreed value policies.

  Another common policy type is Stated Value.  This is one where people need to be very careful.  Generally these policies work by the insured "Stating" a value for the item to be insured and this value is used as a rating base.  Generally stated value policies do not indicate how a loss will be paid only how it is rated.  Most policies have payment clauses in them which state the value of the item will be paid to the lesser amount of the stated value on the declarations or actual cash value of the item.  Guess which one is almost always less?  You guessed it, ACV.  Stay away from these types of policies it is important to know exactly what you are buying and how your claim will be paid.
  

Boats and Personal Watercraft

• Policy Structure is Almost Identical to an RV or Automobile
  Regardless if you are insuring a Jet Ski or a large boat the policy structure is generally the same as a RV or automobile.  Don't count on other policies to cover your personal water craft make sure you are properly covered and contact our office for a full review of your coverage options and pricing. 
  
  

Are you properly covered? 

• You have just bought one of the fastest depreciating assets you could ever own.  How will your loss be paid should your RV / Boat be damaged beyond repair?  You don't necessarily have to lose all that money in depreciation!

• What happens if you are towing your RV / Trailer / Boat and it suddenly breaks away and hits another vehicle?  How much will your policy pay for the damages you caused?  What about the damage to your RV / Trailer / Boat?

• What if you are parked at a camp ground and someone gets hurt on your campsite?