What could be better than touring the beautiful countryside, mountains, and deserts of New Mexico than with all the comforts of home at your fingertips? Not much. Recreational vehicles, or RVs, have become popular in NM for this very reason. RV insurance is, of course, required for these homes-on-wheels and there are many providers from which New Mexico’s residents can choose. It is important to compare a variety of motorhome insurance rate quotes and policies before making a selection.
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Recreational Vehicle Statistics
- Approximately 8 million American households own a recreational vehicle.
- Of these, approximately 400,000 consider themselves full-time residents of RVs.
- About 21 percent of Americans who do not own RVs state they would like to some day.
- On average, RV owners drive their RVs 4,500 miles a year and use them 26 days out of the year.
- New Mexico currently has 198 RV parks within its borders.
New Mexico Residents Own Many Different Types of RVs
The popularity of RVs is increasing in this state. In 2010, Albuquerque began hosting an annual convention called the New Mexico RV, Boat and Travel Show. Here, those interested in the RV lifestyle can few new models complete with new amenities to make living in one of these motor homes more comfortable.
New Mexico defines an RV as any vehicle housing a camping body that has a primary use as temporary living quarters while traveling. There are several different types of recreational vehicles from which you can choose and an RV insurance policy is suitable for any one of them. The type of vehicle you own will influence your insurance costs. The types of RVs you are likely to see on the roads in New Mexico include:
- Class-A Vehicles: These top-of-the line motorhomes resemble busses and include bathroom facilities, a kitchen and bedroom as well amenities such as climate control. They are the largest of the RVs available.
- Class-B Vehicles: These vehicles include pop-out or pop-up campers and are smaller than both the Class-A and Class-C RVs. They make for close living quarters but offer easier maneuverability on the road than do the other classes.
- Class-C Vehicles: These RVs are similar to Class-A vehicles, but are usually slightly smaller and resemble a camper in that they have a truck cab with an overhead bunk.
- Towable Trailers: These RVs, which include travel trailers, camper trailers, and fifth-wheel trailers, provide a pop-out-type camper that can be towed behind a truck or SUV. This type of camper will need to be covered by trailer insurance rather than RV insurance as it is not a motorized vehicle.
What Coverage Do I Need?
A new RV can cost anywhere from $30,000 to $500,000 dollars. Because ownership involves a very large investment, it is important that these vehicles are protected by suitable and comprehensive insurance policies. RVs are unique in that they need auto insurance coverage for the times that they are being driven on New Mexico roadways and they need homeowners insurance coverage for the times that they are used at homes. An RV insurance policy provides both.
Policies may differ from one insurance company to another but all will include general liability coverage and contents coverage as part of the standard insurance package. There are many other coverage options that RV owners may be interested in. Some insurance companies will include some, or all, of these options as part of a standard package. Others will require you to choose the options that you want and add them to your policy individually. These options include:
- Collision coverage
- Comprehensive coverage
- Medical payments coverage
- Uninsured / underinsured motorists coverage
- Roadside assistance
- Full-timer liability coverage
- Campsite liability coverage
- Pet coverage
How Much RV Insurance Coverage Is Sufficient?
It can be difficult to decide how much coverage to purchase. Recreational vehicles are expensive investments so it is a good idea to consult a financial advisor or an insurance professional for help making this decision.
As far as liability insurance coverage is concerned, the New Mexico state minimum requirements may be too low to protect you if a serious accident happens. Recreational vehicles are very large and heavy and therefore have the potential to cause a great deal of property damage as well as severe injuries to third parties. If your liability coverage is too low, you will be responsible for payments out-of-pocket, and this can prove quite damaging to your finances. It is therefore strongly recommended that you purchase as much liability insurance as you can comfortably afford. You can further protect yourself by supplementing your policy with an umbrella insurance policy.
When it comes to covering your personal property, including both your motorhome itself and the personal property you keep within it, you will want to be sure to have enough coverage to compensate you if your RV suffers a total loss because of a catastrophe such as a fire or a tornado. You will also have some options to choose from. These will increase the cost of your policy but may provide you with much needed coverage in the wake of a disaster:
- Total loss replacement: This is typically available as an option only for recreational vehicles that are five years old or newer. With this coverage, in the event of a total-loss, you can receive a comparable replacement vehicle, even if the replacement is significantly more expensive than the cost of the one you lost.
- Replacement cost of personal property: This addendum to the contents coverage of your policy will enable you to receive the replacement value of any lost or damaged property, regardless of its depreciated value.
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What Do Quotes for RV Insurance Look Like?
You can expect a comprehensive RV policy to cost anywhere from $700 to $4,000 a year. If you use your RV for commercial purposes, rates will be even higher as you will face increased risk of property damage and liability claims.
There are several factors that can affect how much your particular RV insurance policy will cost you. New Mexico insurance providers will take into consideration the following factors when calculating your costs:
- Your RV: Rates will be calculated based on its type, make, model, size, weight, year and value.
- Frequency of use: This includes the number of miles you expect to drive your RV each year and how many days of the year you will be using it as a home.
- Storage: Where and how you store your RV when not in use can influence rates.
- Contents coverage: The value of the personal property you are insuring as well as whether you opt for actual or replacement value coverage will affect your costs.
- Liability coverage: High liability coverage will increase your rates, but it is a good idea to purchase as much coverage as you can comfortably afford.
- Your deductible: The higher the deductible, the lower your rates will be.
- Your personal driving record: As with auto insurance, your driving record will influence your rates. Maintaining a safe record will keep costs low.
- Your credit score: Your credit past can come to haunt your insurance future if you're not careful. Statistically speaking, people with lower credit scores tend to file more insurance claims, and thus have higher premiums/quotes for insurance.
Because the range of premiums is so wide for this type of insurance, it is especially important that you comparison shop before selecting a policy. It is very likely that you will receive a wide assortment of quotes and coverage inclusions.
Compare Motorhome Insurance Quotes in New Mexico
Finding an RV insurance policy that meets both your coverage and budgetary needs in New Mexico can be particularly complex. An independent insurance agent in the Trusted Choice® network can save you time and money by simplifying the process for you. These agents can answer your insurance-related questions and can present you with a variety of policies that are designed specifically for you.
Contact a Trusted Choice agent with an office near you in New Mexico to start reviewing motorhome insurance quotes today.