Stored RVs still face theft, weather and parking-lot damage, RVtravel warns owners
As camping season ends, RVtravel advises owners to check with lenders and insurers before reducing or canceling coverage on rigs in storage.
RV owners who are thinking about dropping their insurance for the off-season should talk to their lender and insurance agent first, according to RVtravel. This piece is based on that one report.
The outlet's guidance is aimed at owners who winterize their rigs and put them away for several months, and who wonder whether to keep paying for coverage until spring.
Owners who are still paying off a motorhome or travel trailer may be required by their lender to keep comprehensive and collision coverage all year, RVtravel reported. Dropping coverage without checking the loan agreement could break its terms.
Owners who have paid off their RV still face risks, the outlet said. Theft, vandalism, fire, falling tree branches, hail and other severe weather can damage an RV parked at a storage facility. Storage lots often pack RVs and boats close together, so another customer could hit a camper while backing in or pulling out.
“The unavoidable truth is that an RV can suffer expensive damage even when it never leaves its parking space.”RVtravel
Parking at home is not risk-free either, according to the report. RVtravel warned owners not to assume their homeowners policy covers their RV, because coverage for recreational vehicles and their contents varies by policy.
The question matters because there may be money to save. RVtravel said some insurers offer storage-only coverage, sometimes called comprehensive-only coverage or a lay-up option. Depending on the policy, it can keep protection against covered events such as theft, fire, vandalism, hail, wind and falling objects while lowering the premium.
That coverage generally protects less than a full policy, the outlet said. If collision coverage is removed, damage from another vehicle hitting a parked RV may not be covered, and liability coverage may also be cut back or removed. RVtravel also suggested asking whether an insurer offers a seasonal discount that keeps existing coverage in place.
A storage facility's own insurance generally protects the business, not every customer's RV, according to the report, and storage contracts may limit what the facility is responsible for.
How much any one owner would save is not clear. RVtravel said savings depend on the insurer, the type of RV, its location, the coverage chosen and how long it stays in storage. It advised owners to compare costs over the whole off-season, think about their deductible, and ask how a reduced policy treats belongings, accessories and awnings left inside.
The report also warned owners not to assume full coverage comes back on its own on a set date. It advised them to confirm with their insurer that coverage is active again before the first trip of the season.
