Once the seasons begin to change and the colder weather begins, many RV owners will say goodbye to summer road trips and prepare to store their RV for the winter. While some RV owners may be tempted to cancel their RV insurance during the off-season, we explain below why this is not the best option.
Do You Need to Insure Your RV Year Round?
If you are looking at taking your RV off the road for the winter and hoping to save money on insurance, it is important to talk to your Ontario insurance broker about suspending your coverage, or removing some coverages, as opposed to cancelling it.
Insurance companies look more favourably at those who have continuous insurance coverage without lapses. RV owners who have a lapse in their insurance may be considered “high risk” by insurance companies and as a result, they may pay higher premiums when they look to get RV insurance again. Having a record of continuous insurance, without a lapse, may also make some RV owners eligible for discounts on their insurance.
It is also important to note that if you took out a loan from a financial institution to purchase the RV, they may require you to have insurance on the RV until the loan is fully paid off.
Another thing to consider is that risks can be unpredictable, even in the cold winter months. For many RV owners, their RV is one of the largest investments they will make, so ensuring it is safe and protected, even in storage, is a top priority.
Some Risks Your RV May Face in Storage Include:
- Damage from objects like trees and tree branches if stored outside
- Damage from hail or lightening storms
- Damage from animals like rodents and squirrels.
With all these risks and more, it is in your best interest to keep some RV insurance throughout the winter. There are, however, ways you can reduce your insurance costs in these dormant months. Since your RV will be off the road you may not need liability coverage and you can consider removing any optional coverages you may have on your plan. By keeping your comprehensive coverage, you can be protected in the event of theft, vandalism, or any of the previously listed risks.
When deciding on whether to keep collision insurance on your RV during the winter months, it is important to consider the risk associated with where you will be storing your RV. If you store it at a storage facility where there are other RVs, campers, boats, and trucks, there is a chance that your RV could be hit and damaged when other vehicles or boats are being moved in and out of the facility. Some storage facilities may also have insurance as a requirement to store your RV with them.
Even if you keep your RV stored in your driveway during the off-season, there is a chance it may be hit by another vehicle, so you may want to consider keeping your collision coverage.
If you reduce your RV coverage during the winter months, it is important to remember to contact your Ontario insurance broker in the spring and reinstate your full coverage before your RV is back on the road.
Consider Increasing Your RV Deductible in the Off-Season
If you are looking for additional ways to save money on your RV insurance during the winter, you may want to consider raising your deductible, which can help you save money on your premium. Your deductible is the amount of money you will be responsible for paying in the event of a claim before your insurer will cover the rest of the claim, up to the limit stated in your policy. For example, if you have a $500 deductible, and you file a claim for $2,000 that is approved by your insurance company, you will be responsible for paying $500. It is important to consider if it makes sense for your budget to raise your deductible because if you do file a claim, you will have to pay more out of your pocket for the repairs.
Make sure to speak to your Ontario insurance broker, as they will be able to answer any questions you have about off-season RV insurance and advise you on what coverages you should keep during the off-season
Following the steps listed above to keep your RV properly covered can help to ensure your RV stays in top shape until the weather begins to warm up. Your RV was a big investment, so be sure you take care of it even when it is off the road, and make sure it is properly insured. Contact your local Ontario insurance broker for our expert advice on all your RV insurance needs.
For more information on RV insurance, read our blog Everything You Need to Know About Ontario RV Insurance.
Disclaimer: The information provided on this blog is for educational purposes only and is not intended as professional insurance advice. The coverage, terms, and conditions of each insurance policy are unique and subject to individual circumstances. The information provided does not guarantee the availability or suitability of any insurance policy for your specific needs. You should not rely on the information in the blog as an alternative to professional advice from your insurance broker or insurance company. If you have any specific questions about any insurance matter, please consult a licensed insurance broker for personalized advice and guidance.