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Having RV insurance is a crucial aspect of RV ownership. It provides financial protection when unexpected incidents occur and ensures that you stay on the road. At Franklin Insurance Agency in Rio Rancho, NM, we guide customers in finding the right insurance policy according to their needs.
What Is RV Insurance Really?
Essentially, RV insurance is a contract that pays for vehicle fix-ups or medical bills when a covered event occurs. Similar to auto insurance, RV insurance offers varying protection forms, such as liability coverage or comprehensive coverage, which is chosen based on various factors like the RV’s age, repair ability, driving frequency, and more.
Is RV Insurance a Mandate?
Most states necessitate RV Insurance. However, the required coverage amount varies from state to state. Your insurance agent at Franklin Insurance Agency, Rio Rancho, NM, can clarify adequate insurance coverage for your RV.
Additionally, if you have financed your RV through a loan, your lender might require insurance coverage. This helps protect their investment if an accident occurs. The lending bank might even demand higher insurance coverage than the state requirement, which should be factored in while budgeting for a new RV.