Travel Trailer Insurance: The Costs, Finding Your Best Policy, and Ways to Save

How Much Does Travel Trailer Insurance Cost?

Even though travel trailers are one of the more inexpensive forms of RVs, they still can require a hefty investment that you'll want to protect. Many car insurance policies will also cover liability for travel trailers, but that will only pay for damages done to others in the case of an accident—not any damage done to the RV.

It's best to seek out a specific insurance plan that will cover your RV to be safe and help prevent a potentially costly repair bill if you get into an accident with your travel trailer. But what should you look for, and how much does travel trailer insurance cost?

Saving Money on Insurance

While having a travel trailer insurance policy will help you save money in the event of an accident, adding another bill can seem like financial stress, even if trailer coverage isn't the most expensive type of insurance out there. Thankfully, with careful consideration, you can find ways to save money on your policy without sacrificing quality.

• Shop around. Different companies have a variety of policies, and sometimes the price for similar coverage can be vastly different. Be sure to compare costs before committing.
• Don't take coverage options you don't need. Many insurance companies will have upgrades to their policies—some of which are helpful and some of which you don't need. For example, for an older travel trailer, the cost of comprehensive coverage may not be worth it.
• Combine your policies. Most insurance companies offer discounts if you hold more than one policy with them. Ask about the potential savings with your current company when comparing prices.
• Pay your premium up front. Instead of keeping up with monthly installments, paying your entire year's policy in one lump sum can decrease the cost. Since travel trailer policies aren't as expensive as others, this can be a manageable amount.
• Check your credit scores. Some insurance companies will increase your insurance prices if you have poor credit. If you share ownership of the travel trailer with someone else, it may save money to have both parties apply and see if one can get a cheaper quote.
• Raise your deductible. It's possible to lower your premium by increasing your deductible—the amount you pay in an accident before insurance kicks in. While this can save you money on your payments, don't set your deductible so high you can't afford to pay it.

Travel Trailer Insurance Costs

Several factors will contribute to the price of insurance for your travel trailer. Between the size of the RV, how much you use it, what you use it for, and the coverage you obtain, one person's insurance premium can look completely different from someone else's.

In general, the more your trailer costs and the more you use it, the more coverage you'll want to have—and the more coverage, the higher the premium.

Customized travel trailers, like toy haulers, can cost up to five hundred dollars a year to ensure, and especially so if you choose to get comprehensive coverage. Only having liability will be much less expensive, costing only a few hundred dollars. Some insurance companies will occasionally allow you to cover a small trailer under your standard automotive policy at no additional cost.

Unfortunately, because of the vast range in travel trailer types, the price range of insurance coverage is also broad, so there's no one right answer to this question. However, many insurance companies have price calculators that will let you see your costs, depending on what types of coverage you need.

Tips for Picking the Best Travel Trailer Insurance

While saving money is an essential factor to consider when thinking about your travel trailer insurance, you don't want only to select the cheapest policy, or you may miss out on critical coverage when an accident happens. However, the most expensive policy doesn't always indicate the best option, either. Instead, you should compare options and find the best coverage for your needs.

Comprehensive Coverage vs. Liability

Liability insurance is often the bare minimum that you'll find in a policy. For a travel trailer, this type of coverage will pay for any damages caused to another party in the event of an accident. It will not, however, pay for costs to your travel trailer. Comprehensive coverage, on the other hand, will pay for repairs to your RV in an accident or different situation outlined in your policy.

Both have their pros and cons, and the one you choose should depend on your needs. For an older travel trailer, liability may be all you need. However, for a newly purchased RV, it can be better to pay for the comprehensive coverage—especially if you want to protect your belongings against theft.

Cargo Coverage

An area you'll want to pay close attention to in your policy is if it includes cargo coverage. If not, you may not receive a payout to repair or replace anything carried inside your trailer in the event of an accident. If you know you'll be hauling cargo, such as sports equipment, you should ask your insurance agent if you have the coverage for it in your policy.

Thankfully, cargo coverage usually isn't too expensive to add to your policy. However, it may be an option you see no need for and want to remove to reduce your overall premium.

Using Your Auto Policy

As mentioned, some auto policies will allow you to cover your travel trailer on the same policy without any additional cost. However, doing so can sometimes only provide coverage to your RV when it's attached to your vehicle.

For some people, this inexpensive option will be an excellent solution, but take note that one of the most prominent risks for RVs of any kind is theft, which can happen even when your RV is in storage. If you're worried about this possibility, your auto policy might not be enough.

Since the costs of travel trailer insurance aren't too expensive, it's more than worth it to protect your RV in some form.