A Calgary, Canada-based insurance firm is filling what owner Al Dadswell saw as a gap in the marketplace.
According to the Calgary Herald, RV Direct Insurance Ltd. is the only broker in Western Canada specializing in RV insurance.
Most insurance companies try to insure RVs under auto or home policies, but neither does a proper job, according to Dadswell.
“An auto policy is designed to insure just the vehicle itself,” he said. “But when you have an RV, you have things in it – TVs, stereos, CDs, pots and pans, and everything else not covered under an auto policy.
“A home policy is intended to cover something that’s permanently fixed on a foundation and so there are restrictions in coverage with respect to moving and driving and where you’re covered and where you’re not covered.”
RV Direct policies are underwritten by Elite Insurance Co., an insurer that focuses on RVs and mobile homes.
“We have many specific policies because there are many different types of RVs,” said Dadswell. “If you go to a tent trailer or a fifth-wheel or a motorhome or a park model, there are different coverages and different policies available.”
The company’s RV packages provide guaranteed replacement, which means a damaged RV will be repaired to “like new” condition or replaced with a new one.
Premiums range from about $200 a year for a basic towable trailer to $10,000 for million-dollar-plus motorhomes.