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When Should You Invest in High-Value Motorhome Insurance?

March 11, 2022 Auto Insurance

If you recently purchased a luxury motorhome or RV, you may be unsure how to proceed with insurance coverage. Some standard insurance policies do not offer enough coverage to replace high-value motorhomes in the events of accidents or extensive damage. Others reserve high-value motorhome policies specifically for owners of luxury RVs. 

However, high-value insurance may be necessary for your vehicle depending on your RV’s value and your specific needs. We’ve created this guide to help you understand when to invest in high-value motorhome insurance. 

Read on to learn more about high-value insurance coverage and specific instances where high-value RV insurance is helpful. 

What Is High-Value Motorhome Insurance? 

In general, high-value insurance covers items or property with high market value. Concerning motorhomes, high-value insurance provides coverage for luxury motorhomes or motorhomes with high market values. 

In some cases, a standard RV policy will provide enough coverage to replace your high-value RV in the event of an accident. However, you should be sure that your coverage is sufficient before moving forward with a policy.

Failing to purchase a high-value policy when you need it could prevent you from adequately repairing or replacing your motorhome after an accident. 

When to Invest in High-Value Motorhome Insurance

High-value motorhome insurance isn’t necessary for every RV owner, but it can be helpful in specific cases. Here are a few instances where it may be worthwhile to invest in high-value insurance instead of standard RV coverage. 

When Your RV Falls Into a High-Value Classification

The most obvious instance when you may want to invest in high-value motorhome insurance is when your RV falls into a high-value classification. This means that your RV is worth more than standard motorhomes, leading insurance providers to designate it a “high-value” RV and insure it differently. 

As we mentioned, different insurance companies have different criteria for high-value motorhomes. Some companies classify motorhomes worth more than $200,000 as high-value, while others have higher minimums for high-value vehicles. 

The best motorhome insurance companies reach out directly to customers who may benefit from high-value policies. As a result, as you quote around with different companies, you can expect top-quality providers to mention high-value insurance to you if your RV needs it. 

When You Make Updates or Improvements to Your RV That Increase Its Value

“Flipping” RVs has become common over the last few years, as outdated motorhomes are relatively cheap compared to brand-new ones. If you already have a standard RV insurance policy but decide to renovate your RV, your renovations may push your vehicle into a higher insurance class. 

Most insurance companies that offer high-value policies conduct their own appraisals — or work with appraisal companies — to value motorhomes before starting new policies. As a result, you can talk to your company about appraising your vehicle after finishing your renovations.              

When Standard Policies Do Not Offer Full Coverage For Your RV Value

Even if your insurance company does not explicitly recommend high-value insurance, you may opt to switch to high-value coverage if your existing policy does not cover the entire value of your RV. 

Let’s say you have a total replacement cost coverage limit of $100,000, but you know your RV is worth closer to $150,000. You may want to switch to a high-value motorhome insurance policy to ensure that you receive the full coverage you need to replace your motorhome after an accident.

When You Want an Extra Cushion for an Expensive RV 

Not every owner of high-value motorhomes worries about being able to replace their RVs in a severe accident. However, if you want an extra cushion in case your RV becomes totaled in an accident, purchasing high-value RV insurance may be worthwhile. 

For example, if you have been saving up for your RV for several years, won it in a giveaway, or poured significant savings into the vehicle, you’ll probably want to insure it for its total value. Considering the importance of replacing your high-value motorhome can help you determine whether you need high-value insurance coverage. 

When You Want to Insure High-Value Possessions In Your RV

Standard motorhome insurance policies typically do not include coverage to replace your possessions within the home. Instead, you can normally purchase possession coverage as an add-on for a premium increase.

However, if you have many high-value items in your RV, purchasing a high-value policy rather than a standard one may be more affordable. Many high-value motorhome insurance policies include full possession coverage at no additional cost. 

We Can Help You Determine the Right Coverage For Your Motorhome

If you’re still unsure whether high-value motorhome insurance is right for you, we can help. At Encore Insurance, we know motorhome and RV insurance like the back of our hands. Our insurance agency has extensive experience quoting customers like you with some of the best RV insurance companies on the market. 

First, we’ll discuss your wants and needs for your insurance coverage and examine the value of your RV. Next, we’ll quote you with several companies to find the right policy at the most affordable price. 

Finally, we’ll present the best insurance company and coverage to you and break down your policy piece by piece to ensure that you understand your coverage well. 

Contact our Encore Insurance team today at 248-466-0200 or fill out our online form to get started with your free quote for high-value motorhome insurance.