As the winter months draw closer, you might be thinking about storing your RV until warm weather returns. Since you may be paying for the storage space, you’ll want to offset that cost in some way, and reducing your RV insurance coverage may be one option. Before you cancel or alter your policy, however, keep the following considerations in mind to avoid making a costly mistake.

Why You Shouldn't Cancel RV Insurance in the Offseason

If You Still Owe on the RV Loan

In much the same way a lender for a car loan will require that you maintain a high level of coverage on your auto insurance policy, you’ll have to meet those same demands with an RV loan. This means keeping that coverage active all year long, whether or not you’re actively using the vehicle.

Before making any adjustments to your insurance, review your loan documents to learn what coverage you’re mandated to maintain.

If You Own Your RV Outright

Even if your RV is paid off, you should still consider keeping the vehicle insured throughout the winter months. While the vehicle may be parked in a storage area, there’s still the risk of damage.

Your RV insurance will protect you if there is a fire, theft, or damage caused by storms. If you don’t maintain insurance, you’ll be forced to pay for these losses out of your own pocket.

How You Can Lower Monthly Premiums

If you think you can handle a bigger chunk of the cost of repairing any damage and want to reduce your monthly premiums, talk to your insurance company about raising your RV’s deductible. If damage does occur, you’ll have to pay more out of pocket, but you’ll be paying less each month for coverage. Just don’t forget to lower your deductible in the spring when you’ll be taking your RV back out on the road.

Another point to consider is eliminating optional coverage, such as roadside assistance. Since the RV will be parked all winter long, you won’t need to rely on towing and other additional services that you pay for with your coverage. Much like altering your deductible, you can cancel these options in the fall and add them again in the spring. 

As the time comes to park your RV until spring returns, talking to your RV insurance agent about your options can be beneficial. Located in Foley, AL, Southern Insurance AL, LLC is a family-owned agency with 26 years of experience. They’ll help you create a policy that meets your needs and stays within your budget all year. To request a free quote, visit their website or talk directly with an agent at (251) 943-3340.