Four Tip to Save $$$$ on RV Insurance
Getting cheap RV insurance rates makes owning an RV a lot more affordable. It is a good idea to try and save as much as you can on RV insurance. We’ve grouped together four ideas that we think will help you save a bundle next time you shop for cheap insurance rates.
1. Having a high deductible: This is a great way to save on low cost RV insurance, but it does give you a little higher risk. Chances are that 70% to 75% of the time it will go in your favor. If you don’t feel comfortable, save up the deductible and put it in a money market account. When you have the deductible amount saved up, raise your deductible. Your money will then be making the measily 2% plus the difference in yearly premiums between the two plans. This could earn a savings return of 24 to 50% per year!
2. Bundling of Services- Some larger companies will also offer you life, auto or home insurance. They can also offer you affordable RV insurance. Because your total premiums are higher, your policy takes on a lower risk for the insurance company. Quite often, they will be able to give you a discount on bundled services.
3. Shop around. This is a good idea particularly if it is your first time getting insurance, or if your company has just raised their rates. Getting 2 or 3 rates quotes can often force two insurance companies to be more competitive.
4. Lower Coverage- Lower your coverage benefits to required state minimums. Different states have different minimums an insurance is required to insure you for. These may provide a little more scanty coverage than the standard plans insurance companies offer.
Also compare quality and not just price. To find cheap RV insurance rates that work for you, plan on comparing a least 3 different companies. Make sure to compare them on the basis of protection and coverage, and not solely on monthly premiums. Cutting monthly premiums may save you money in the short run, but end up being more expensive if the coverage is inadequate when you need it.
Insurance Company Reviews
Progressive insurance offers competitive prices on RV insurance and allows you to compare multiple companies at the same time. Another advantage is that they offer you customizable policies and competitive rates.
Liberty Mutual is a company that I have used for several years. I like them because I have found that they don’t raise their RV insurance rates very often. We have also found their rates for home insurance to be quite decent. When one of our investment burned down to the ground, they covered us for the loss.
Gieco is a third insurance company I have used up until they doubled my rates. I was attracted by the introductory teaser rate but this didn’t last very long. It’s possible you might have a better experience. It might be a great idea.
Most RV insurance policies have two parts to them. The first part is comparable to a home owner’s policy. It protects your RV from the same hazards that could affect a stationary home. These include fire and catastrophe insurance. The second part protects you the same way car insurance protects your vehicle in an accident.
Best Luck on finding the best cheap RV insurance that’s right for you!
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