Most owners of recreational vehicles do not purchase standalone coverage for their vehicles--opting instead to add the vehicle on their auto policy, according to a survey by Mayfield Village, Ohio-based Progressive Insurance Co.
The survey of more than 1,000 RV policyholders found that 28 percent bought a standalone insurance policy with specialized RV coverage. The majority, 54 percent, added their RV to their private passenger auto policy, and 14 percent didn't buy any RV insurance.
The majority of RV owners surveyed--53 percent--spend a month or more in their RVs each year, and 42 percent travel more than 500 miles per trip. However, the survey found that motor home owners (a vehicle with living quarters attached permanently to a chassis or a van) want more from their RV insurance than those with travel trailers.
Motor home owners are nearly two times more likely than travel trailer owners to buy specialized RV insurance--40 percent versus 22 percent, respectively. They are nearly three times more likely to shop for insurance than travel trailer owners--14 percent versus 5 percent--because they want specialized coverage that is generally not available as an endorsement on their private passenger auto insurance policy.
"An RV is more than a car, so RV insurance should cover more than what car insurance covers," said Eric Westphal, RV product manager, Progressive. "For example, people may keep things in an RV that they'd never keep in a car, such as jewelry, VCRs, laptops and outdoor gear. A car insurance policy might not cover these things if they were lost or damaged in an RV, whereas specialized RV insurance would."
As for how often RVers shop for insurance, more than half (56 percent) say it's once every three years; about a quarter (27 percent) say at least once a year; and the rest (17 percent) say they shop once every two years.
The most common motivation for shopping is having bought a new RV--39 percent of respondents--but 11 percent said the last time they shopped for insurance it was because their premium had gone up. Eight percent said it was because they moved.
The survey also found that the last time they shopped for insurance, more RV owners said they shopped with an independent insurance agent than those who said they shopped with a captive agent or directly by phone or on the Internet.
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