According to a USA Today article on March 20, 2008, new sales of RVs hit 354,000 in 2007. Many of those RVs are insured with non-specialized coverage. At Explorer Insurance Agency, we realize how significant an investment a RV can be. This article discusses the three coverage options that are the foundation of the specialized RV policy. Each option provides a form of depreciation protection, but provides it in a different manner.
Total Loss Replacement is available to original owners of RVs with a model year within four years of the current year. This option provides depreciation protection for the first 10 model years. If a total loss occurs during the first 5 model years, the insurance company will replace the RV with the newest model, or a comparable RV. If a total loss occurs during the second five model years, the insurance company will pay the insured the purchase price paid by the insured for the total loss RV to be used towards the purchase price of a replacement RV.
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