Some RV enthusiasts live in their recreational vehicle on a full-time basis. Others may only take their RV out of storage a few times a year for short journeys to nearby destinations. Regardless of how frequently you use your RV, you understandably want to make the experience as affordable as possible. RV insurance is one of the top expenses that you may be responsible for as an RV owner, but rest assured that there are several steps that you can take to reduce this expense. In fact, here are the top ten ways to save on RV insurance.
Shop for the Lowest Rates Online
There are many insurance companies that offer RV coverage, and you may be surprised to learn how significantly rates can vary from provider to provider. Because of these variations, one of the best ways you can save money on RV insurance is to shop around and compare rates between different providers. You can most easily compare rates when you shop online. When you compare rates, always request the same level of coverage from each provider. This will enable you to more easily make an apples to applies comparison for easier identification of savings available from the top provider.
Look for Discounts
You may be aware that there are many insurance discounts available for your automobile coverage, and the same holds true for your RV coverage. In fact, one of the top ten methods of savings for RV insurance is to look for discounts. For example, you may qualify for a discount if you take a driver’s safety course, and you can take these courses online or in person. Some RV insurers also provide you with discounts for being married, for driving a limited amount of miles each year or even for having other types of coverage with the same provider. For example, if you carry homeowners, automobile or life coverage with the provider you get your RV coverage from, you may save a small fortune on your premium.
Choose Your RV With Insurance in Mind
If you are still in the RV shopping phase and are looking for the top ten ways to save on RV insurance, you may consider getting different insurance quotes for the top TV models that you are thinking about buying. The coverage rates can vary significantly based on the type of RV that you choose to buy as well as on the make and model. In addition, some RV models have various features in them or may be made out of certain materials that make them more affordable to insure. A candid conversation with your RV insurer about how these factors impact your premium can help you to make a more informed buying decision.
Select the Right RV Coverage
When your goal is to maximize savings from the top ten ways to save on RV coverage, consider the type of RV that you drive. Just as there are different types of coverage your automobile makes and models, there are different coverage options available for your RV. You should first learn more about the specific coverage types and amounts required in your state. These state requirements should be considered as the minimum amounts that you purchase, but there may be reasons to increase your coverage. For example, if your state has very low liability or personal injury requirements, you may opt for increased coverage in these areas.
Raise Your Deductible
Another great way to save money on your RV insurance is to raise your deductible. Your deductible is the amount you will pay each time you file a claim against your policy. Therefore, it should always be affordable for you to pay at a moment’s notice. It is wise to increase your available savings account balance to an amount sufficient to pay the deductible as needed. Then, you can easily afford to have a higher deductible and to take advantage of the great premium savings available through a higher deductible.
Pay Your Premium in Full
If you are serious about finding the top ten ways to save money on your RV insurance premium, a smart idea is to pay your premium in full. This is in comparison to setting up monthly payments for your premium. Different insurance companies offer various discounts for paying the premium in full, and some may offer as much as five percent or more off of your premium. However, others may not offer this discount at all. With this in mind, inquire about this discount before you make your final decision about which provider to work with for RV coverage.
Buy Usage-Based Insurance
There are different types of RV coverage available, and one of the options is usage-based insurance. If you plan to live in your RV or if you plan to drive your RV frequently, this may not be a discount that is applicable to you. However, if you only plan to use your RV a few times per year, a usage-based insurance policy may be a great option. Consider how frequently you plan to use your RV carefully before you get a quote for usage-based RV insurance.
Improve Your Credit Rating
You may not realize it, but your credit rating plays a considerable role in your RV rates. Your insurance company will pull your credit report and will analyze your scores before determining the premium for your policy. Those with a better credit rating will qualify for lower rates. It is wise to review your credit report today to determine what your scores are. If you notice a lower rating, taking steps to improve your credit rating can result in a lower premium cost. This may include paying down debt balances and avoiding applying for new credit unless absolutely needed.
Ask Groups About Membership Discounts
Some groups and organizations offer discounts on insurance. This may be employers, special interest organizations and more. Make a list of all of the groups and organizations that you are a member of. Then, research membership discounts that may be available for each organization or group that you belong to. This can take a significant amount of time and effort, but the effort may result in considerable savings on your RV insurance premium.
Set Up Automatic Payments
If you do not choose to take advantage of premium savings through the payment of your premium in full, you may still benefit from savings by setting up automatic payments. This is perhaps one of the most common types of discounts available from different insurance companies, but the amount of the discount can vary from insurance company to insurance company. Therefore, as you shop around to compare rates for RV insurance, it is beneficial to inquire about the availability and amount of this discount.
These are the top ten ways to save money on your RV insurance premium, but there may also be other options available. You can easily combine these and other methods together to save a considerable amount of money on your premium each year. Consider implementing these tips today to maximize savings on your RV insurance policy.
Related: Compare RV Insurance Quotes