You know how important it is to have life insurance, homeowners' insurance and car insurance. But once you make the investment in a caravan, it is also vital that you protect your new asset with motorhome insurance.
Think of the disasters that could occur involving your new motorhome. It would be a shame to lose your new vehicle to a fire, theft or accident, and imagine how frustrating it would be to experience damage from a wild animal or a recreational vehicle while it is parked. With a good motorhome insurance policy, you can rest at ease knowing that your investment is protected.
While it may be tempting to simply call your car insurance company and have your caravan added to the policy, you should use due diligence and research what is available as far as coverage limits, optional riders and deductibles. For example, you may need a separate rider for your trailer, and standard comprehensive coverage might not include damage done by stray animals. If you have audio or visual equipment, such as DVD players or televisions, your standard plan may or may not cover these items. Mention any travel plans that include leaving the country; in some cases, you need a separate rider for trips outside of your country's borders, but in others, coverage in other areas is included. Ask your current insurance provider for a quote, along with a printed list of coverage options and exclusions.
After you have this quote from your current provider, call several others in your area and ask them for quotes. Make sure that all of your quotes include the same riders, limitations and exclusions, so you know that you are comparing like products. If you do not know which agents to call, ask your friends and relatives who also own motorhomes for their recommendations.
Always ask about discounts. You may qualify for a "safe driver" discount if you have not been in a motor vehicle accident and have no points against your license for traffic violations and no recent insurance claims. A further discount may apply if you take a class on motorhome safety that is affiliated with the company. Also, belonging to certain organizations may earn you a discount. Ask each of the insurance providers what may help you qualify for an insurance break. If one organization offers you a discount, others may match it; be sure to ask.
If you do not want to take the time to call several different insurance agencies, consider looking into using an insurance broker. Brokers do this type of legwork for you, saving you time and, potentially, money.
No matter which motorhome insurance policy you choose, go through it annually. What you purchase now might not be adequate in a year or two. You might purchase more equipment, for example, or your travel plans may have changed.
Enjoy your new motorhome, as well as the peace of mind that comes with knowing that you have done everything possible to protect your investment.