Many residents of Mississippi enjoy traveling and living in recreational vehicles. In fact, people in the Magnolia State spend nearly $39 million a year on RV sales and service. If you own a recreational vehicle, you can protect your investment and your finances by having a good RV insurance policy.
Local independent agents can gather policies and rates from a variety of insurance companies in Mississippi to help you find a great policy at a competitive price. Find an independent insurance agent near you to get more information and to start comparing customized RV insurance quotes.
How Much Does RV Insurance Cost in Mississippi?
If you are purchasing RV insurance for the first time, you may be wondering if it is expensive. The answer is: it depends. RV insurance costs can range from a couple hundred dollars to a few thousand dollars a year. Rates depend on several factors such as:
- The type and class of RV you are insuring
- Whether your RV is a motorized vehicle or a trailer
- Your RV’s length, weight, and value
- The estimated value of the personal property in your RV's living quarters
- How often and how far you plan to drive your RV per year
- How much time you plan to spend living in your RV per year
- Your driving record and insurance claims history
- Which, if any, coverage options you want to include in your policy
As you may suspect, a Class A motor home will cost more to cover than a camper van or a travel trailer. Also, full-time RVers are likely to spend much more on coverage than those who only use their vehicles once or twice a year.
Is RV Insurance Required in Mississippi?
If your RV is a non-motorized towable, such as a teardrop camper, travel trailer, or fifth-wheel, you are not required by Mississippi state law to have RV insurance. Instead, you can cover it by purchasing a trailer insurance endorsement on the insurance policy of the vehicle that will be used to tow it.
However, if your RV is self-propelled, like a motor home or camper van, it will need to be covered by an RV insurance policy that includes liability coverage in amounts that meet or exceed Mississippi's minimum coverage requirements.
Also, if you have financed your RV and are still making payments, your lender is likely to require you to carry coverage against physical damage until your loan is paid in full.
What Kinds of Coverage Can an RV Insurance Policy Provide in Mississippi?
RV insurance is a mixture of required and optional coverage. A well-built policy can cover your property and finances whether you are using your RV as a home or a vehicle when problems arise.
A minimum-coverage policy for a motorized RV will provide you only with auto liability insurance because it is the only coverage required by law. This liability coverage pays for other people’s medical bills and property damage if you cause a collision. Your policy must include at least:
- Bodily injury liability coverage per person: $25,000
- Bodily injury liability coverage per accident: $50,000
- Property damage liability coverage per accident: $25,000
Some RV owners may also be required by their lender to have physical damage coverage. Even if you are no longer paying for your RV and it isn’t required, you can benefit from this coverage since most recreational vehicles are expensive. This insurance pays for loss or damage to your RV. It includes:
- Collision insurance: This covers the cost to repair or replace your RV if it is damaged or totaled in a collision, regardless of fault.
- Comprehensive insurance: This covers the cost to repair or replace your RV if it is damaged or totaled by a non-collision hazard such as a flood or a tornado.
As you can see, a basic policy provides coverage for your RV when it is being used as a vehicle but not when it is being used as a home. That is why insurance companies offer a variety of coverage options you can choose to build a customized policy. Some options to consider include:
- Personal liability insurance: Most full-time RVers do not have personal liability coverage through a home or renters insurance policy so they can benefit from this coverage. If you or someone in your household is unintentionally responsible for harm to others, this can cover:
- Court costs
- Legal Fees
- Mediation costs
- Vacation liability insurance: If you are a part-time RVer or a full-time RVer who keeps a home somewhere and already has personal liability coverage, this can be beneficial. It supplements the liability coverage you already have to provide extra coverage if you are responsible for property damage or injuries while you are staying at an RV park.
- Contents insurance: This is particularly important for full-time RVers who keep most of their possessions in their vehicles. It can cover the cost of repairing or replacing your belongings if they are lost or damaged because of a covered event like a burglary, a severe storm, or a fire.
- Equipment and accessory coverage: This can cover loss or damage to things like satellite dishes, awnings, and other accessories you own to make your time living in your RV more enjoyable.
- Storage facility coverage: This can cover any personal belongings you keep in a storage facility while you are enjoying your time traveling.
- Towing and roadside assistance: RVs require specialized towing and service if they break down while you’re out on the road. This insurance can cover the cost of a service call and tow to a nearby garage.
It is a good idea to review all offered coverage options and their costs so you can best determine which optional coverage is a good fit for you and your traveling companions.
What Is RV Gap Insurance?
Recreational vehicles can be very expensive. You can easily spend more than $200,000 on a new Class A RV.
If your RV insurance policy includes physical damage coverage and your RV is totaled in a collision, fire, or severe weather event, you can be reimbursed for its actual value just prior to the incident.
The problem is, for many who have financed the purchase of their RV, the vehicle often depreciates faster than the principal on the loan payment decreases during the first couple years of making payments.
This means that if your RV is totaled in the first couple years, you may end up still owing more for it than your insurance company will reimburse you. RV gap insurance solves this problem by bridging the gap between what you owe and what the vehicle is worth so that your loan can be paid off in full.
Mississippi Health Insurance for Full-Time RVers
Everyone can benefit from having health insurance. Without it, an unexpected illness or injury can set you back financially, potentially driving you into bankruptcy.
If you do not currently have a policy and are looking to buy one on the open market, an independent insurance agent can help. These agents can match you up with providers who offer reasonably priced coverage that you can count on no matter where in the US you may be traveling in your RV.
If you already have health insurance coverage but you plan to drive your RV into Canada or Mexico, an independent agent can help you be certain you will have the coverage you need if you must seek medical care while out of the country.
How to Find the Best Full-Time RV Insurance in Mississippi
You will want to be sure that the RV insurance policy you purchase provides all the coverage you need and that it is offered at a competitive price. You can do this by requesting customized quotes from a few different insurance providers and comparing what they have to offer.
Independent insurance agents can save you time and money by doing comparison shopping for you. These agents have relationships with some of the best RV insurance companies in Mississippi, so you can be sure that any policies they recommend are offered by trustworthy providers.
Why Shop RV Insurance with a Mississippi Independent Insurance Agent?
When you are shopping for any kind of insurance policy, independent insurance agents can help. These local agents can explain your coverage options, answer your insurance-related questions, and provide you with a variety of customized quotes that you can review and compare together.
Discover the many benefits of having an experienced insurance professional on your side. Independent insurance agents have offices all over the US, so it should be easy to find one nearby no matter where your RV takes you.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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