If you have retired, you might want to travel more using your trusty family RV. You have maintained insurance coverage on the vehicle. However, now that you might face a few financial constraints in your senior years, you might want to change or drop back coverage. After all, reducing your limits might help you save on your rates. You might not think you need as much liability insurance, for example. But is reducing coverage a wise step to take?
Reducing your RV insurance — particularly liability coverage — is not a wise move. You have a lot of alternatives before you have to take such action.
The Importance Of High Liability Limits on RVs
Liability insurance applies not to your own driving risks, but to the danger you pose to others when you drive. If you hit another car and the accident is deemed your fault, liability insurance might help you pay for the damage. It will also usually help you pay for the victim's injuries.
Most states — including Texas — require drivers to carry minimum levels of liability coverage. However, we recommend that most drivers carry limits above the Texas state minimums. This might prove especially true for RV owners and senior citizens. Why is that?
- Seniors often have a retirement budget. They don't want (or need) to face significant asset losses following a liability claim. More liability coverage might help you pay less out-of-pocket following an RV incident.
- RVs themselves often prove more of a liability risk on the road. They are heavy, long and require special care to operate. So, the risk of at-fault accidents might increase if you don't know what you are doing. Furthermore, when an accident does occur, the damage might prove much more severe. An RV that collides with a standard car, for example, might destroy the car — rather than leaving minimal damage. Therefore, the liability losses might skyrocket. That's reason enough not to decrease your existing liability limits.
What Can You Do?
You have a lot of options to pursue for insurance savings. You don't need to reduce your liability coverage to cut your costs.
Contact an Insurance Discounters of Texas agent and ask them to review your policy. Your agent can often help you look for options that might decrease your premiums. These might include discounts, special payment plans or increased deductibles. Your agent might even be able to remove certain claims from your record.
Also, it never hurts to ask your agent if getting a similar policy from a new RV carrier might reduce your rates. As an independent insurance agency, Insurance Discounters of Texas can compare a wide range of policies, and thus help you access maximum savings.