Residents of Milwaukee, WI love their RVs. In fact, the annual Milwaukee RV Show is currently preparing to enter its 50th year. Area residents look forward to this event each year, and in 2014 more than 100 exhibitors will be presenting their latest and greatest recreational vehicles.
There is much to be said about the joys of the RV lifestyle. What better way to see the country than through the windows of a home on wheels? If you have invested in one of these motorhomes, it is a good idea to protect it with a suitable Milwaukee RV insurance policy.
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Recreational Vehicle Facts and Statistics
- Approximate number of full-time RV residents in the U.S.: 400,000
- Approximate number of U.S. households that own an RV: 8 million
- Percentage of Americans who state they would like to own an RV someday: 21
- Number of RVs purchased in Wisconsin in 2012: approximately 6,100
- All recreational vehicles in WI must be registered with the state with the exception collapsible camper trailers that are under 3,000 pounds in weight unless they are used commercially
Milwaukee Residents Own Many Different Types of RVs
There are several different types of recreational vehicles. You can purchase a Milwaukee RV insurance policy that is suitable for any one of them. The type of vehicle you own will influence your insurance costs. The most common types of RVs found in the Milwaukee area are:
- Class-A recreational vehicles: Considered top-of-the line, these motorhomes resemble busses and include bathroom facilities, a kitchen, bedrooms and climate control. They range from 24 to 40 feet in length.
- Class-B recreational vehicles: These RVs, which include pop-out or pop-up campers, are smaller than both the Class-A and Class-C vehicles. They make for close living quarters but offer better maneuverability on the road.
- Class-C recreational vehicles: These RVs are similar to Class-A vehicles, but are usually a bit smaller and include a truck cab with an overhead bunk, similar to a camper.
- Towable trailers: These include travel trailers, camper trailers, and fifth-wheel trailers. They provide a pop-out-type camper that can be towed behind a truck or SUV. These are the least expensive RV options and do not have many of the home-like amenities you would find in the other vehicles.
What Is Milwaukee RV Insurance?
A new RV can range in price from $30,000 to $500,000 dollars, so it is important that they are protected by suitable insurance policies. Recreational vehicles are unique in that they need vehicular coverage for the times that they are being driven on the roadways, as well as homeowners type insurance for the times that they are used at homes.
An RV insurance policy combines these two needs in an insurance package specifically designed for owners of motorhomes.
What Does Milwaukee RV Insurance Cover?
Policies can differ from one insurance company to another. However, one thing that all policies will have in common is the inclusion of general liability coverage and contents coverage as part of the standard insurance package. This means that you will have protection against liability if you are responsible for an accident while driving your RV and the personal property that you keep inside will be coverage against damages and theft.
There are many other coverage options that RV owners may have an interest in. Some insurance companies may include some of these options as part of a standard package, while others will require you to purchase each option separately. These options include:
- Full-timer liability coverage
- Campsite liability coverage
- Comprehensive coverage
- Collision coverage
- Medical payments coverage
- Uninsured / underinsured motorists coverage
- Roadside assistance
How Much Coverage Should I Purchase?
Deciding how much coverage to purchase can be difficult. Recreational vehicles are expensive investments so it is a good idea to consult an insurance professional or financial advisor when making this decision.
When it comes to liability insurance coverage, the state minimum requirements are likely to be far too low to adequately protect your finances if you are responsible for a vehicular accident while driving your RV. These vehicles are very large and heavy and can therefore cause a lot of property damage as well as severe bodily injuries. It is therefore a good idea to purchase enough liability insurance as you can comfortably afford. You may also want to consider purchasing an umbrella insurance policy.
When it comes to covering your personal property including both your motorhome and the contents kept within, you have choices to make. It all boils down to how much you can afford to lose. Some options you may want to consider include the following:
- Total loss replacement: This is typically available only for recreational vehicles that are fewer than five years old. In the event of a total-loss, you can receive a comparable replacement vehicle, even if the replacement costs more than the value of the one they lost.
- Replacement cost of personal property: This addendum to the contents coverage portion of your policy will allow you to receive the replacement value of any lost or damage items, regardless of their depreciated value.
While these options will add to the cost of your insurance premiums, they will also enable to continue enjoying the RV lifestyle with little or no financial hardships even if your vehicle is lost in a disaster such as a fire.
How Much Does RV Insurance Cost in Milwaukee?
- Estimated premium for a Class A RV: $1,000 to $4,000 per year
- Estimated premium for a Class C RV: $800 to $3,000 per year
- Estimated premium for a trailer or 5th wheel RV: $170 to $1,000 per year
- Estimated cost of insurance from an RV rental company: $15 to $75 per day
The first thing you probably noticed is that these estimated insurance rates have a very wide range. This is because there are several factors that can affect your calculated premium costs. Insurance companies will take into consideration the following:
- The RV you are insuring, including its type, size, weight, make, model, year and value
- How frequently you use your RV, including the number of miles you drive it and the number of days per year you use it as a home
- Where you store your RV when not in use
- The amount of contents coverage you are purchasing
- The amount of liability coverage you are purchasing
- The amount of you deductible
- Your personal driving record
- Your claims history and credit score
If you use your RV for commercial purposes, you can expect your insurance rates to be even higher as you will face increased risks of liability and property damage.
The only way to know for certain how much a Milwaukee RV insurance policy will cost you is by comparison shopping. It is very likely that the quotes you will receive from different insurance companies will vary significantly.
Get a Selection of Milwaukee Motorhome Insurance Quotes
Finding an RV insurance policy that meets your coverage and budgetary needs can be particularly complex. An independent insurance agent in the Trusted Choice® network can simplify this process. Your agent can answer your insurance-related questions and can find you a variety of policies that are designed specifically for you. Your local Trusted Choice agent can help you compare motorhome insurance quotes in Milwaukee.