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For most Americans Recreational Vehicle insurance is a very expensive purchase.
Driving Record
Drivers with previous traffic violations and at fault accidents would be placed in a higher risk group.
Marital Status
Claims among married policyholders are less than single policyholders putting them in a lower risk group than single policyholders.
Residence
The location where you garage the vehicle (usually your residence) also affects the rates. More claims are made from urban areas than rural areas.
Things you need to know
- What is a Peril and how is it covered? A peril is an event, like a fire or break-in, that may damage your home or belongings. There are two ways perils are covered in a homeowner policy. named perils and all risk or open perils.
- What does Named Peril mean and what is included in a Named Peril policy? A named peril policy is a policy that specifically names the perils that will be covered. Often times, things such as fire, lightning, explosion, smoke, wind, hail, vandalism, riots, and certain types water damage are covered. Depending on the policy, what is covered will vary but if it’s not listed, it will not be covered.
- What does All Risk or Open Perils mean and what is included in an All Risk policy? An all risk or open peril policy will cover any peril that is not excluded from the policy. Common exclusions for a homeowner policy are war, earth movement, floods, and nuclear hazards. Again, each all risk policy will have different exclusions, but unless it’s specifically excluded in the policy, it will be covered.
- Replacement Cost verse Actual Cast Value. Replacement cost insurance pays for the full replacement cost of your items, whereas actual cash value insurance only pays for the depreciated value. With replacement cost insurance, you’ll have enough money to replace your belongings.
- Water damage, what coverages are available? Water damage is the number one non-weather related claim in Texas. There are four primary water coverages available; sudden or accidental discharge, continuous and repeated leakage, sewer backup and overflow and foundation/slab leak.
- Are these water damage coverages included in all homeowner policies? No! Depending on the carrier and type of homeowner policy coverage for water damage can very. Be sure to question your agent and ask to verify. Simply put, if it is not listed in the policy it is not covered.
KNOW YOUR OPTIONS
NO-FAULT
Each state must implement either a Tort System or a No-Fault System. Liability insurance above applies to the Tort system. For specific information about what system is in force in your state see chart, “Minimum State Insurance Requirements”. In a no-fault state your insurance company pays you directly for your losses as a result of injury sustained in an accident, regardless of who is at fault. If the other driver was injured in the same accident, the other driver collects losses from his or her own insurance company. You could be sued only under specific conditions. You could be sued if you are the driver at fault in an accident that causes very serious injuries to others.
Personal Injury Protection (PIP) is the most basic no-fault coverage. This coverage pays for the losses incurred due to injuries to anyone riding in your vehicle a minimum benefit amount per person for injury regardless of fault. The level of benefits varies widely among states. See “Minimum State Insurance Requirements”.
- Medical Expense Benefits include all reasonable charges for medical, hospital, surgical, professional nursing, dental, optometric, ambulance, prosthetic services and X-rays.
- Rehabilitation Expenses Benefit includes charges for psychiatric, physical and occupational therapy, and rehabilitation.
- Work Loss Benefit includes coverage for loss of wages up to a specific limit for a specific time period following injury.
- Funeral Expense Benefit covers all reasonable charges up to a specific amount for funeral services including burial and cremation expenses.
- Survivors Loss Benefit provides a payment to your surviving spouse or dependents up to a specific amount for a specific time period.
Residual Bodily Injury Liability Coverage protects your family and anyone else while in your vehicle with your permission in the event you are sued because of injuries caused to others. Each no-fault state has defined certain thresholds that, if exceeded, open the possibility of a suit. These thresholds can be based on specific dollar amounts, clearly defined injuries and/or death resulting from an accident.
No-Fault specifically excludes property damage liability for damage that you cause to the property of others. If you are at fault in such an accident, you will be held liable and can be sued for these losses. You must buy separate collision coverage to satisfy this risk.
PROPERTY DAMAGE COVERAGE
Property damage is covered by either Collision coverage or Comprehensive coverage.
Collision Coverage pays for physical damage to your vehicle as the result of a collision with an object or another vehicle. This coverage is expensive and is optional but may be required by your lending institution or lessor. The higher the deductible, the more you will save on the cost of coverage. Collision coverage only covers your financial expenses for repair of your damaged vehicle. If the repair cost exceeds the current value of your vehicle the insurer will “total” the vehicle and pay you only what the vehicle is worth, not what it would cost to repair.
Comprehensive Coverage pays for damage to your vehicle other than the result of an accident, such as, theft, fire, severe weather, flood, and vandalism. It is not as expensive as collision coverage and the cost can be reduced as you increase the deductible. This coverage is optional but may be required by your lending institution or lessor.
OPTIONAL COVERAGES
Medical Payments Coverage pays for the medical and funeral expenses for you or others injured or killed in an accident while riding in or driving your vehicle even if you cause the accident. Claims include all reasonable hospital, surgical, chiropractor, X-ray, dental, professional nursing, prosthetic, and funeral expenses. It also covers you or members of your family if you are struck by any vehicle while walking or while riding in another vehicle.
Rental Reimbursement Coverage usually pays a specific amount for a specific number of days while your vehicle is being repaired.
Towing Coverage pays the cost of towing your vehicle to the repair shop.