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Are you thinking about renting out your motorhome or travel trailer through an RV peer-to-peer rental service to make some extra money? That’s a great idea! However, be sure to understand exactly what kind of RV rental insurance you need to protect yourself and avoid additional fees.
In this article, we’re covering all things related to RV rental insurance. You’ll learn what type of insurance you’ll need as an owner, and what insurance the renter is required to have.
Additionally, we’re going over what to look for in both an RV insurance policy and a peer-to-peer RV rental platform.
Without further ado, let’s jump in.
What is RV Rental Insurance?
RV rental insurance is a special type of RV insurance that protects and insures your RV during the rental. This type of RV insurance is different from your personal insurance policy and covers things your regular insurance policy doesn’t.
As an owner who rents out their RV, you need two types of RV insurance coverage:
- You need traditional RV insurance that covers you and your RV
- You’ll also need RV insurance that covers your RV during rental periods
Most traditional RV insurance policies don’t have rental coverage. If this is the case, they may deny your claim or charge you extra if something happens during a rental booking period.
However, companies like Roamly aim to change that.
In addition to your need for two types of RV insurance coverage, your renter will also have to purchase an insurance package for the duration of the booking. This is called third-party liability rv rental insurance coverage. This type of insurance is typically offered through the major peer-to-peer RV rental services.
The 3 Types of RV Insurance Coverage We’re Talking About
To keep it all straight, we’re talking about 3 different RV insurance coverages:
1. Traditional RV Insurance
Traditional RV insurance is the policy you need to have when you’re using your RV. These insurance policies cover you, your family, and your RV on the road and at your campsite. This policy covers the RVin any situation other than a rental situation.
2. RV Rental Insurance for the RV Owner
A policy like this protects you and your RV when someone else is using your coach during a rental period. RV insurance companies like Roamly offer coverage like this through Outdoorsy. Other RV peer-to-peer rental companies have similar partnerships with RV rental insurance carriers.
3. Third Party Liability RV Rental Insurance for Renters
When someone rents your RV through a peer-to-peer RV rental service, they must buy a third-party liability RV rental insurance policy to protect themselves, their family, and their property during the rental period.
The Wrong RV Rental Insurance Leaves You Exposed
As mentioned before, most traditional RV insurance policies don’t cover you when renting your RV. If you rent your RV without a policy that specifically allows you to rent your RV out, you could be denied coverage in the unfortunate event that you have to file an insurance claim.
On the other hand, there are some RV insurance policies that do allow you to rent your RV.
However, with the few that do, you will likely be required to inform the company every time you are renting. In some cases, you as the RV owner will be required to pay an additional daily fee while renting your RV.
The best way to avoid a situation like this is to look at RV rental insurance coverage for owners through Roamly.
Roamly RV Rental Insurance for Owners
Roamly has specialty RV insurance that allows you to rent your RV hassle-free. You don’t have to inform them when you rent out your RV. You also don’t have to pay an additional daily fee for doing so.
If you choose to switch to a specialty RV rental insurance like the policies offered through Roamly, you don’t have to keep your traditional insurance policy, either. This company also offers home and auto insurance bundling options to help you save.
What Is 3rd Party Liability RV Rental Insurance?
3rd party liability is the RV rental insurance carried by the RV renter. As stated above, RVs that are available for rent from peer-to-peer RV rental services like Outdoorsy need two types of insurance; policies that cover you outside of the rental period and insurance that covers the RV during the rental period.
The insurance that covers the RV during the rental period is required to be purchased and carried by the renter, who is the 3rd party. Outdoorsy provides renters with varying levels of insurance coverage during the rental period through their insurance partner, Assurant.
While your Roamly insurance will cover your RV and your belongings, the RV renter also needs to purchase third-party liability insurance through Assurant to cover themselves and their property during their rental period should something happen.
The great thing about this is, Outdoorsy offers it all through their website platform. Instead of the owner or the renter having to search for it themselves, it’s all offered within one place.
Does Auto Insurance Cover RV Renters During the Rental Period?
In most cases, the RV renters auto insurance will not cover them during the RV rental period.
And for you, as the owner, regular RV insurance or regular auto insurance will not cover you if you decide to rent out your RV. According to Progressive, even if an RV rental is covered by the renters auto insurance, it won’t offer any protection for the following:
- Vehicles with more than four wheels.
- Extended rentals, i.e. anything longer than 30 days.
- Coverage of the full value of the rented RV.
- Non-auto incidents, like septic tank issues, motorhome system failure, RV fires, etc.
Auto insurance cannot and should not be relied upon by renters to cover their rental period.
This is why we highly recommend renting out your RV with a company like Outdoorsy who offer several packages of additional coverages for the renter through their insurance partner, Assurant.
Types of 3rd Party Liability RV Rental Insurance offered by Outdoorsy Through Assurant
Outdoorsy offers three different RV rental insurance packages from Assurant. Partnered with Outdoorsy, Assurant sets the standard for RV rental insurance and offers among the best rental coverage in the country. Here are the package breakdowns.
|Coverage||Essential||Preferred||Peace of Mind|
|Liability||State minimum||State minimum||$1M in liability|
|Comp. & Collision||Up to $1M||Up to $1M||Up to $1M|
|Additional||Windshield repair||Windshield repair, concierge services, mobile mechanic, RV tech assist hotline||Concierge services, mobile mechanic, windshield repair, accident interruption, RV tech assist hotline|
But Outdoorsy doesn’t stop there.
They also offer interior damage protection, an optional trip reimbursement package in the case of an emergency or an accident, and more.
How Much Does RV Rental Insurance Cost?
If you’re looking for RV insurance that allows you to rent out your RV, we highly suggest getting a personalized quote from Roamly. Unlike other RV insurance policies, Roamly will not drop you for renting out your RV.
Additionally, you don’t need to tell them each time your RV is out for rent, and you’ll never need to pay an additional daily fee during the rental period.
On average, RV owners save 25% compared to their traditional RV insurance companies when using Roamly. This insurance company was created for RVers by RVers. The cost of your RV insurance policy will vary a lot depending on how you use it.
With a program like Roamly, you will only pay for the insurance that you need. They have commercial policies, full-time RV policies, coverage for the weekend warriors, and more.
RV types and uses vary widely. While we can’t give you an exact price range, we can tell you that most people actually save when switching to Roamly.
The # of Coverages to Look For In an RV Insurance Policy
Whether you live in it full-time or not, an RV is a home on wheels. As such, an RV needs most of the same coverages as auto insurance, but it also needs protection that you’d typically find with a homeowners insurance policy.
Here are the main types of RV insurance including what they cover.
1. Liability, Bodily Injury, and Property Damage
You have to carry state minimum liability coverage on any vehicle you drive. Liability is the most basic type of insurance, and it will protect the other person if you’re at fault in an accident.
Bodily injury and property damage liability will help pay for medical bills and property damage repairs for damage caused by you to another person. In other words, it covers the other person, not you or your RV.
2. Comprehensive and Collision
Some states have minimums while others allow this to be an optional coverage. Comprehensive coverage will cover damage that is caused by things other than a driving accident. These include storm damage, vandalism, theft, etc.
Collision covers damage while driving. It doesn’t have to be a collision with another vehicle, it can cover you if you hit an object, a fence, a median, etc. When renting out your RV, it may be a minimum requirement to have this type of coverage.
3. Uninsured/Underinsured Motorist Coverage
What happens if you get in an accident with someone else, it’s their fault, but they don’t have insurance? If you are injured or suffer property damage at the hands of an uninsured or underinsured motorist, you’ll be left footing the bill.
That is if you don’t have this type of coverage. This coverage helps pay for repairs, to your RV, injuries to you, or passengers in this type of situation. You’re also covered from hit-and-run situations through this type of coverage.
RVBlogger Quick Fact: Did you know that one in three people in Florida is driving without insurance?
4: Contents Coverage or Personal Property Coverage
Since an RV is a home on wheels, chances are when you’re in it, you have some pretty expensive personal property with you. Things like cameras, cell phones, computers, TVs, clothes, shoes, and kitchen appliances are all very costly items.
And these are also all items that can be damaged or destroyed in an RV accident, severe storm, or other catastrophes. Much like a homeowners policy, Contents Coverage or Personal Property Coverage is a valuable addition to your RV insurance policy.
This type of coverage will reimburse you for personal property that was damaged or destroyed as the result of an accident or disaster.
3 Ways to Choose an RV Rental Service for Renting Out Your RV
Making extra money by renting out your RV through a peer-to-peer rental service is an incredible way to turn a depreciating asset into a money-making machine. So what should you look for in a peer-to-peer RV rental service?
1. RV Renters Insurance Options
One of the most important things to consider when looking at an RV rental service is the type of renters insurance they offer to renters.
2. Owner’s Resources
A great RV rental platform will do everything it can to provide owners with the right resources to help them succeed. Resources can come in the form of education, community, and more.
A great way to find out what owner’s resources a service offers is to find it on their website. Oftentimes it’s not hidden, just scroll to the bottom of the page and look for a link that says “Owners.”
Pay close attention to how the RV rental company’s features will make your motorhome or travel trailer stand out from the crowd. After you look through those, read through the tips and guidance they offer. Is there real help and support?
In order to make the most money possible, be sure that you’re clear on the types of fees the platform charges owners before you even sign up. For most peer-to-peer RV rental services, it’s free to list your RV for rent. However, you will pay a certain percentage (via deductions) of the subtotal for each booking as a service fee.
Our Top Pick for Renting Out Your RV
We recommend Outdoorsy for renting out your RV for many reasons. For one, Outdoorsy is partnered with Roamly, so renting out your RV while using Roamly as your insurance provider works seamlessly.
Additionally, Outdoorsy has a huge active owner community on Facebook to connect with and explore the combined wealth of knowledge. It’s like a real estate rental business, for RVs. Outdoorsy provides owners with a ton of education and options for increasing bookings and leads.
Additionally, Outdoorsy also provides RV renters with many different types of supplemental insurance coverages through Assurant, roadside assistance, and more.
The Importance Of Understanding RV Insurance If You Plan to Rent Out Your RV
There’s not a lot of information on the internet about the fine details surrounding RV insurance requirements for owners who desire to rent out their RVs via peer-to-peer rental companies.
If you’re someone who doesn’t read the fine print of your insurance policy, you might never know that you could be denied a claim if you rent out your RV. This could leave you stuck with a massive RV repair bill that you might not be able to cover on your own.
As an owner considering renting out your RV through a peer-to-peer service, always be sure to read the fine print. Your best bet is to go with an RV insurance company that serves all your needs including renting out your RV, like Roamly.
About the Author
Through experiencing both full-time RV and van life, Carrie became passionate about helping others learn how to earn money while traveling. She created the Making Money and Traveling blog to help empower like-minded RV nomads to take control of their lives and finances on the road.
When she’s not camping, you can find her writing or befriending the nearest cat.