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When considering the best insurance cover for your caravan,
camper trailer, campervan, motorhome or RV it is important
you have a clear understanding what is covered under your
insurance policy/ies. Before taking out insurance cover
phone a few insurers and ask them to post out their policy
details to you or view their Product Disclosure Statement on
the company’s website.
Related
Articles:
Insurance - one readers personal experience An extract of one
Queensland couple’s caravan rollover experience.
Both the vehicle and the caravan were a total loss.
Some issues to consider when taking out insurance
cover.
To assess the premium they will apply, RV insurers will
generally ask you three things :
-
the amount you want to insure your caravan, trailer or RV
for and any modifications
-
if you require insurance cover for your annex
-
the amount of insurance cover for the contents of the RV
For example, a number of insurers do not cover the annex
portion of your caravan or trailer whilst erected.
This includes any contents within the annex. They will
cover anything fixed within the caravan or RV such as the
microwave or refrigerator, and loss or damage to the annex
say when it is locked in the caravan or RV and not in use.
The awning fixed to a caravan, trailer or RV is generally
covered as part of the RV itself. A number of insurers
limit the amount of contents cover to $1000 or $2000 but
will increase this cover subject to payment of an additional
premium.
Things to consider –
Do you want an ‘Agreed’ value or ‘Market’ value
policy?
Policy premiums will vary depending on the type
of policy you desire, the amount of cover and
the ‘ancillary’ cover you may want to cover
things such as the annex, bicycles, laptops,
cameras and the like. Generally items fixed
within the caravan, trailer or RV such as the
microwave or refrigerator are considered to be
part of the overall RV cover. Items not
fixed such as laptops, TV’s, outside tables and
chairs, BBQ’s and the like will need to be
covered under ‘contents’. Some companies will
also offer multi-policy discounts and a ‘No
Claim Bonus’ discount, therefore the insurer you
may have for your home buildings, home contents
and motor vehicle may also provide cover for
your caravan or trailer at a premium that is
hard to beat with a ‘stand alone’ single policy
taken out with another insurer just for the RV.
Fees
– fees may apply to cancellation of policies. Pay the
premium by the month facility – although this method of
paying the insurance premium sounds attractive check to make
sure you are not paying a fee for this option. Some
insurers levy about $5 per month on top of your monthly
premium.
How much excess applies?
– the excess is the amount you pay towards the cost of a
claim. For example some policies have a basic excess of
$200 plus an additional $200 for any hail or cyclone
damage. You pay the excess and the insurance company pays
the balance of the claim.
Consider having the insurance policy in joint names
– in the event of illness or an accident to one of you, this
will allow for the other policy holder to discuss issues
with the insurance company. It is a good idea to take the
insurance policy with you when travelling.
When choosing insurance for your RV you should consider the
following:-
damage or total loss of your registered tow vehicle and
caravan, trailer, motorhome or campervan
comprehensive flood damage
alternative accommodation expenses – some insurers may
be ‘capped’ to say $100 per day up to $2,000. Keep
receipts.
hire of a placement vehicle – may specify a daily rate
but may be ‘capped’ say to a max $1,500. Once gain, you
need to keep all receipts.
in event of total loss, transport of recoverable items
back home – may be ‘capped’ to say $500
loss or damage (as a result of the event) to food that
cannot be eaten – may be ‘capped’ to say $300
third party property damage in case your RV damages
another person’s property. Third party liability should
also cover you for medical and legal costs in the event
of death or injury to a third party
policies often only provide a limited amount of cover
for the contents of an RV. You may need to consider
paying an additional premium to increase the contents
cover. Some insurers will cover items on your home
contents policy and you pay an additional premium for
taking them away from the home (eg: cameras, bicycles,
BBQ)
towing or salvage of the RV - some policies say
‘reasonable cost’ to collect and deliver but do not
disclose what the ‘reasonable cost’ $value is. If you
travel in remote areas and require salvage the costs
could be very high
Storage – until repairs can be done. NOTE: Storage
costs are not paid after your claim has been settled
Check the company offers 24 hour, 7 days a week cover
and assistance
If you are to travel in all states and territories look
for a company that offers nation-wide breakdown
assistance
If your RV is large or very heavy check the insurer will
arrange retrieval. If necessary take out extra
cover for this
In the event of a claim make sure you have kept purchase
receipts or other proof of ownership of the RV and items
Make sure you include any modifications, options or
accessories
Read the ‘Exclusions’ part of the policy carefully to
see what insurers will not pay for
The insurance policy will list things you should do in the
event of an accident or if your RV is stolen.
(See article -
Security – Preventing Theft of
RV) Before having any damage repaired check with
your insurer to see if they nominate a specific repairer or
if they have a list of recommended repairers. They may wish
to send out an assessor before authorising the repairs.
In the event of a complaint relating to a claim, insurers
have a customer relations unit to assist customers resolve
any complaints but if that fails you can contact the
Insurance Ombudsman Service – 1300 780 808.
