You've been dreaming of this for a long time... and now you've finally done it, Congratulations! It's a big investment so make sure you obtain the right coverage for it. Ensuring you have a good motorhome insurance policy in place goes a long way in giving you peace of mind for your travels. A motorhome isn’t just another vehicle it’s a home, your home. Young & Haggis Insurance will guide you through the process of building a motorhome policy that’s tailored to your specific needs.
It’s a vehicle; so many people think it’s just a case of adding it to your automobile policy. It is true that a motorhome can be added to an auto insurance policy. However, we strongly recommend a stand-alone motorhome insurance policy because it provides much broader coverage. You might think that a stand-alone policy would come at a higher cost. In many cases a stand-alone motorhome policy actually costs less than adding the vehicle to your automobile policy.
Most stand-alone motorhome policies offer replacement cost coverage while your auto policy will only provide coverage for your motorhome based on “actual cash value”. Replacement cost coverage means that if your motorhome is damaged beyond repair the insurance company would pay the cost to replace the unit with one of like kind and quality. Your automobile policy would only pay what the motorhome was actually worth at the time of the accident. Considering how fast vehicles can depreciate this could result in a payout that is less than the amount left owing on the loan.
A custom stand-alone motorhome policy also provides coverage that a standard automobile policy can’t offer. What if your motorhome is damaged to the point that you can’t stay in it? A stand-alone policy can be customized to include coverage for a hotel expense.
A motorhome policy is very similar to an auto insurance policy. It provides the same basic coverages as your car insurance, just altered for a higher valued vehicle. :
Bodily Injury / Property Damage Liability: This coverage pays for any damages or injuries that you cause to another party
In addition a stand-alone motorhome policy can provide the following extra coverages specifically designed for a motorhome policy:
Whether you elect to insure your motorhome on your automobile policy or purchase a stand-alone motorhome policy the territorial limits will remain the same. Coverage is provided for anywhere in Canada or the United States of America only. Coverage beyond these territories cannot be purchased as part of your policy.
If you plan on taking your motorhome to Mexico, you should purchase Mexican insurance from a licensed Mexican insurance company.
Contact us today for more information about Motorhome Insurance.