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You're getting ready for a summer vacation camping in an RV or cruising on your family's boat. But before you pack your sunscreen for some fun in the sun, make sure that you have the proper insurance necessary for operating your vehicle.

To get started, it's important to understand what this type of insurance covers as well as the factors that may affect the cost.

Why Insurance Coverage Is Important

First, insurance coverage is a legal requirement for RVs that are driven on the road. And some states require boat insurance for boats that can travel above a minimum speed. If you keep your boat in a marina, the marina might require insurance even if your state doesn't.

However, even when coverage isn't mandatory, it's still good to have in case there's a mishap involving your vehicle. While the specifics of what's covered are a little different for each plan, insurance generally covers theft, damage to your vehicle, liability if someone is injured on your vehicle, and liability if your vehicle harms someone else's property. This means that if you need to repair your boat or RV, those expenses are taken care of.

The Insurance Price

The cost of insurance premiums varies. You may find that you're paying premiums that are higher or lower than your friends' because you have a different vehicle model or you bought vehicles in different years. Here are some factors that can affect the price you pay:

  • Age of the Vehicle: An older vehicle usually costs more to insure, while insurance on a recent purchase is often less expensive. Wear and tear over time can increase the chance that something goes wrong with an RV or boat, and insurers take that risk into account.
  • Type of Vehicle: Do you have a camper van, a pop-up, or a truck camper? Is your boat a cabin cruiser or a runabout? Premiums differ based on the particular type of vehicle that you own.
  • Value of Your Vehicle: Premiums on a more expensive vehicle are generally higher.
  • How the Vehicle Is Being Used: Factors such as how many months out of the year your vehicle is in use and how far it travels can affect insurance premiums. For example, you may save more if you're only using an RV one month out of the year instead of taking year-long journeys.
  • The State You Live in: Insurance companies calculate different prices for residents of different states, based on the typical costs of claims in different locations.

As with car insurance, the cost of your RV or boat insurance may go up if your vehicle is in an accident or if you've filed insurance claims on it in the past. That's just one more reason to make sure that you operate your vehicle safely.

Making sure your boat or RV is properly insured will give you peace of mind knowing that you're financially protected. That way, you'll be all set to embark on a relaxing summer adventure.

This information and recommendations contained herein is compiled from sources deemed reliable, but is not represented to be accurate or complete. In providing this information, neither KeyBank nor its affiliates are acting as your agent or is offering any tax, accounting, or legal advice.

By selecting any external link on, you will leave the KeyBank website and jump to an unaffiliated third party website that may offer a different privacy policy and level of security. The third party is responsible for website content and system availability. KeyBank does not offer, endorse, recommend, or guarantee any product or service available on that entity's website.

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