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Protecting your RV Vacation5/31/2022

Vacationing in a recreational vehicle (RV) is becoming very popular. It’s a home on wheels that lets you see more of the country as you drive, create your own schedule, and makes losing your luggage less likely. During the pandemic, it also provides a safer way for people to get out of town and have a place to rest without worrying about being exposed to the virus in airport hubs or hotels. RVShare reports that in 2020, first-time renters made up over 80% of the bookings. They expect this trend to continue, particularly among Millennials.

To rent an RV, you’ll need insurance coverage; it’s required by all states. You have a couple of options to explore: a. your car insurance or b. insurance through the RV rental company.

If you have car insurance, your policy may provide collision coverage on an RV rental. This means that if you hit another car or back into a lamppost, you’ll get some reimbursement for the cost or repairs. If you want liability and comprehensive coverage, some companies can add a rider to your existing policy.

You can also purchase insurance through the RV rental company. There are different kinds of policies which can range in cost from $15 to $70 per day, depending on the level of coverage. Some RV rental companies also have roadside assistance programs to fix your RV or to swap it with another if you’re near another RV facility.

You should always review your insurance and understand what is covered if an RV breaks down. Steve Rodgers of Madison, Wis., who’s taken two RV vacations, opted to rely on his own car insurance because it covered an RV rental. “We had one perfect trip, but on another our RV died and it took two days out of our vacation to get it taken care of,” says Rodgers. “I had to haggle with the company to get reimbursed for some of the rental fee.”

Whichever insurance provider you use, review the policy carefully to be sure you know your rights and responsibilities in the event of an accident or breakdown while driving an RV.

In the market to purchase your own camping trailer or RV? Extra Credit Union's Recreational Vehicle Loan can give you the funds to make that dream a reality. 

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