Understanding Total Loss Replacement RV Insurance: What You Need to Know

Planning your next RV adventure brings excitement, anticipation, and the feeling of freedom. But it can also bring unexpected events. So what do you do when things don't go as planned? That's where Progressive Insurance comes in with coverages like Total Loss Replacement.

What Is Total Loss Replacement RV Insurance?

It's a type of insurance coverage offered by companies like Progressive, that will kick in if your RV is totaled in a covered claim like an accident, theft, or fire.

RV Underwriter, Melissa G. explained, "If your RV was totaled in a covered loss during those first 5 years, Progressive will provide the insured with a new vehicle close to the one they lost. The process is easy for customers and a great way to stay protected just in case.

Basically, it helps pay to help replace your RV so you can get back out exploring and worry less about your finances.

But how does the reimbursement process work?

If your RV is totaled, there are two main coverages that insurance companies offer: Total Loss Replacement and Actual Cash Value. Knowing which one your RV insurer offers is smart because it can make a big difference in how you move forward after a covered loss. Here's how the two types of coverages differ:

• Total Loss Replacement (TLR): Covers the cost of a new RV with a similar make, model, and features (or its closest equivalent) in the case of a total loss. This option protects you from the financial hit of depreciation.
• Actual Cash Value (ACV): Reimburses you for the market value of your RV at the time of the loss. This amount accounts for depreciation, meaning you may receive significantly less than what you originally paid for your RV.

At Progressive, we offer both TLR and ACV so RVers like you can choose coverage options that fit your budget and your RV!

Who is eligible for TLR?

TLR coverage is typically only available for new RVs. For example, Progressive Insurance allows this coverage for RV models that are less than 5 years old at the start of their RV policy.

How can you be sure your RV is covered if there's a total loss?

Staying informed and choosing the right insurer is a great way to feel confident in your coverage. Start by carefully reviewing your RV's policy to confirm if TLR or ACV is available. Pay special attention to time limits and exclusions on any TLR coverage to make sure you qualify.

"Talk about coverages available with your agent or Progressive representative," said Melissa G., Progressive RV Underwriter. We have folks available to walk you through your policy and help ensure you're protected for what comes your way. You'll also want to check in with your insurer over time to keep your policy updated and make sure your RV still meets the eligibility requirements for TLR or if you want to consider additional coverage options when your RV makes the switch to ACV.

Being informed and talking with your insurer gives you the freedom to explore without any worries and help to ensure your policy reflects the true value of your vehicle!

Is Total Loss Insurance coverage right for you?

Total Loss Replacement RV coverage offers the reassurance that you'll be able to replace your vehicle without financial strain in the event of a covered total loss. While it comes with eligibility requirements, the benefits often outweigh the costs-especially for new RV owners who want to protect their investment.

By understanding how TLR insurance works, comparing it to other coverage options like Actual Cash Value, and staying informed about your policy's terms, you can ensure you're fully prepared. "We are always busy trying to build a lifelong relationship with our customers so that they can enjoy their RV how they want to," said Melissa G., Progressive RV Underwriter.

So, whether you're cruising down the highway or parked at your favorite campsite, you can rest easy knowing your RV is protected with the right insurance coverage. Learn more about our sponsor Progressive and the types of coverages they offer at progressive.com.

Progressive Casualty Ins. Co. & Affiliates. Prices, products, and providers will vary if you shop online, by phone, by mobile device, or using an agent or broker. Featured coverage subject to policy terms and deductible payment, not available in all states and only available for RVs of five model years old or less.

Sponsored by Progressive Insurance