Comprehensive and Collision cover the cost to repair or replace your RV if it is stolen or damaged in an accident, regardless of who is at fault. You select a deductible for each coverage, and once the deductible is met, the insurance company pays for the remaining damage.
With Collision coverage, your insurance company pays for damage to your RV when you collide with another vehicle or object. If you hit a car, a pole or another nonliving object, Collision coverage will apply.
With Comprehensive coverage, your insurance company pays for damage to your RV caused by an event other than a collision, such as fire, theft or vandalism. If you hit an animal, or if your RV catches on fire or is stolen, Comprehensive coverage will apply.
You have three options to insure your RV against a total loss:
- Market Value — A base policy that pays the actual cash value of your RV at the time of loss.
- Agreed Value — Pays the value of your RV that you select at the start of your policy, regardless of the current market value.
- Total Loss Replacement Cost — Pays for replacement of your RV with the newest model if your RV is declared a total loss within its first five model years.
Market Value is the most economical choice to insure your RV. If your RV is declared a total loss, this coverage pays either the lower of the actual cash value (ACV) at the time of loss or the market value displayed on the Declarations page. Market value should be reviewed periodically to ensure it accurately reflects the current value of the RV.
Agreed Value protects your investment in your RV without considering depreciation for total losses. The total loss payout is the agreed value as shown on the Declarations page.
Proof of value is required for this option. For RVs purchased less than two years ago, the purchase documents are proof of value. For RVs purchased more than two years ago, an appraisal serves as proof of value.
Total Loss Replacement/Purchase Price
Total Loss Replacement/Purchase Price coverage provides you with a new, untitled RV if your RV is five model years old or less and is deemed a total loss. If an RV older than five years is deemed a total loss, the payout will be the purchase price as reflected on the Declarations page.
The purchase price value includes all permanently attached equipment, tax, title and license. The value should be increased if additional equipment is added. This coverage is only available for new RVs, up to one model year old.