“The RV insurance market will see more companies offering coverage for a wider variety of products,” says independent agent Heather Gablehouse. “Several personal lines companies we currently represent are already offering to write coverage for at least one type of RV.”
As more consumers purchase RVs for the first time this year and seasoned RV owners use vehicles in new and creative ways, insurance coverage gaps need to be addressed.
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With more than 11.2 million households owning an RV and 2021 RV shipments projected to break records, agents have an opportunity to capture this business.
The surge seen in the RV sector is a trend witnessed across the nation. With rates currently stable, opportunities exist for agents to capture new customers or focus on rounding out books of business.
“We find it to be beneficial to develop relationships with RV dealers, so they can provide our contact information to their clients,” says independent agent, David Keslar. “We know it is important for the dealers to have a trusted partner for insurance se
RVs are an attractive living option to millennials, but the segment has unique insurance risks and needs.
As far as biggest RV insurance changes go, “RVs are becoming quite extravagant,” says independent agent Yvette Jaramillo. “It is a higher premium, and on top of that a lot of people—especially retirees—live in them. Only certain carriers will cover that.”
A growing number of consumers, including millennials, are more than prepared to hit the road and explore the great American outdoors.
