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RV Insurance 101 You Need to Know | Select Insurance Group

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Select Insurance Group
RV Insurance 101 You Need to Know | Select Insurance Group

RV insurance is very different from ordinary car insurance.With car insurance, lots of people are just fine skipping collision and comprehensive car insurance. Cars are inexpensive enough on their own for Many people to just write a check if their car gets damaged or totaled and keep on driving.But rvs can easily cost hundreds of thousands of dollars. And people put a lot of their own belongings in them. Your bicycles, camping gear, computers, office equipment, bedding, and furniture can easily add thousands of dollars to a catastrophic loss.Most standard insurance policies pay based on the actual cash value of the insured vehicle immediately before the loss, minus depreciation.

That means there’s generally a big gap between what a standard actual cash value policy will pay for totaled RV, minus your deductible, and what it would cost to buy a new RV of the same model with the same options and upgrades.

If your RV is totaled or stolen (and not recovered), and it’s less than five years old (for most policies), full replacement cost coverage would pay for what it actually costs to buy a new comparable vehicle, minus your deductible, of course. With a good full replacement policy, you’d get this benefit even if you aren’t the original owner.

If the vehicle is more than five model years old, full replacement coverage wouldn’t cover the cost of a brand new comparable vehicle. But if you have full replacement cost coverage, it would pay out the price you paid for it, and not a depreciated amount based on mileage, age, or wear and tear.


Visit Us - https://selectsr22insurance.com/rv-insurance/

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