Even if you were able to buy your RV for a nice low price, picking up an old fixer-upper and getting it up to your likings, an RV is going to be a little pricier to insure than a smaller vehicle based on the size alone. It comes down to liability. Essentially, a large vehicle can do more damage in a collision than a small vehicle, so liability coverage is priced accordingly.
Liability is the main reason why car insurance is a legal requirement in the first place. This is the policy that’s going to pay for medical expenses and damages caused in an accident. If you’re held responsible for the collision, then your liability policy is going to be what keeps you from paying out of pocket for damages for which you’ve been found at fault.
Liability is required if you drive your RV. This means that if you’re simply parking it on your Santa Monica, CA property to use as a sort of guest house, for example, or if you only take it out once every couple years, you don’t need to keep it insured. Just make sure that you’re covered if you are going to get behind the wheel.
It is worth noting that travel trailers do not generally require liability insurance. Any coverage you buy for a trailer is going to be to cover your own losses in the event of an accident. You’ll need to cover whatever vehicle you’re pulling your trailer with, of course. But the trailer itself does not require liability coverage in most scenarios.
If you’re looking to get covered or improve your insurance plan, give Express Financial & Insurance Services a call and see what they have for you.