Gap insurance is insurance that may be required if you lease or finance a car. Gap insurance covers the difference between what your car is worth and what you owe on your auto loan should your car be a total loss in an incident. For example, let’s say you have a car loan with a balance of $20,000, but your car is only worth $15,000. If it’s totaled in an accident, your insurance will only pay out $15,000 and you will owe $5,000 to settle your loan. If you have gap insurance, that policy will pay the $5,000 to settle your loan balance.
How much car insurance you need depends on how much coverage you are legally obligated to get, as well as how much coverage you need for your situation. Each state has certain legal requirements for car insurance, and not meeting them can result in negative consequences. Check out our car insurance state guides to see the legal car insurance minimums in your state.
The amount of insurance your RV requires will mainly depend on the type of motorhome or towable you own, how often you use it, and whether you plan to reside in it for six or more months out of the year. There are two types of recreational vehicles, the towable trailer and the motorhome, which falls into three categories: Class A, B or C motorhomes. Class A motorhomes are the largest and tend to be the most expensive. They often include luxury features, customized amenities, and permanent attachments that may require additional protection. Class B vehicles are the smallest type of RV, also known as “camper vans,” and are generally much cheaper to insure than larger motorhomes. Class C vehicles are a hybrid of Class A and B.
If your car is worth more than $3,000 and/or is less than 10 years old, we'd also suggest both collision and comprehensive coverage, too. Our estimates suggest drivers can buy comprehensive and collision insurance for an average of $600 to $700 per year (however, the cost may be higher for some cars), so you would spend $3,000 to $3,500 in premiums over five years. If your car is currently worth less than $3,000, you will have spent more on insurance than your car is worth. You can obtain the estimated value of your car from sites like Kelley Blue Book and Edmunds. Once you have both the value and a quote for coverage, you can determine whether collision insurance will be worth it.
This longstanding insurance company has a lot of options, so there's sure to be a comprehensive plan that meets your needs. Blue Cross Blue Shield is a nationwide provider made up of local independently operated companies. This means the coverage is broad but can vary depending on where you live. There are more plans compared to other insurance providers we evaluated. In fact, we were given a choice of about 20 plans during testing. There is a side-by-side comparison feature that outlines specific costs and benefits with a pop-up window that shows you even more information about each.
A good number of quotes to compare is three. If you already know three companies whose RV insurance you are interested in, go through each of their quoting applications. Then, compare the final estimated premiums and the features of its policy: maybe company A’s policy is cheaper overall, but company B’s offers greater coverage for a slightly more expensive price.
However, there are some circumstances where RV insurance is always required, even if it’s a towable model. For example, if you’re renting or financing your RV, both renters and lenders will want to make sure that they’ll be properly reimbursed in case of an accident or loss, and will require you to acquire an insurance policy before allowing you to take them on the road.
If your employer does not offer an affordable health insurance option and you do not qualify for subsidized insurance or Medicare, you can shop the open market for medical insurance. The health insurance companies we reviewed will allow you to request a quote online rather easily. Premium rates vary significantly by multiple factors. You'll learn that the monthly rates increase quite a bit as you age. Smoking also increases the premium rate. In most cases you can select non-smoking if you have not smoked in over six months.
We evaluated each company’s track record with its customers by looking at the available complaint data on online regulatory organizations' pages and by searching for company pages on independent consumer review websites such as the Better Business Bureau. Some companies also provide unfiltered reviews on their own websites, helping to give greater insight into customer satisfaction rates.
To build the car insurance ranking, we surveyed 2,799 consumers who filed a car insurance claim in the last five years. Respondents provided this data based on their experience with their car insurance company, answering questions about their satisfaction with the ease of filing a claim, customer service, claim status communication, claim resolution, overall value they feel their insurance company gives, if they’d recommend the company, and if they planned to renew their policy.
While some auto insurance policies extend liability coverage for towable RVs, they are still significantly large investments, especially if your RV is financed or is a motorhome in which you live. Most RVs contain personal belongings, home essentials, and attachments, all of which require coverage beyond what’s offered in a basic car insurance policy. For this reason, RV insurance usually has comprehensive coverage plans, which covers personal injury, theft, and natural disasters in addition to liability. RV insurance providers also offer a variety of specialized coverage options.
Non-owner car insurance is just what it sounds like. It’s insurance that covers the driver instead of the car. That is, if you don’t own a car, but frequently drive a friend’s car, rental cars, work cars, or use a car-sharing service, non-owner insurance covers your liability in the event of an accident. It can cover your liability for medical costs and property damage. In some states, non-owner car insurance can also help you regain your license after it’s been suspended. It can also lower car insurance rates if you buy a car later since there won’t be an uninsured period on your record. |
Jonathan and Ashley Longnecker, full-time RVers and bloggers of TinyShinyHome.com, sold their new and oversized 5th-wheel trailer for a much smaller, compact vintage Airstream. Although a family of six, their original RV was very heavy, long, and tall, which made it more difficult to travel long distances without worrying about parking, turning, and hitting low overpasses. The family decided they’d sacrifice the extra space in order to travel lighter and with greater peace of mind.
American Family: American Family car insurance is the lowest-ranked company on our list. While a fair number of customers said filing a claim with American Family was easy, that was about the only positive thing they had to say, with the company faring poorly on measures of customer service, communication about claim status, value, and claim resolution.
The AARP Auto Insurance Program is underwritten by Hartford Fire Insurance Company and its affiliates, One Hartford Plaza, Hartford, CT 06155. It is underwritten in CA by Hartford Underwriters Insurance Company; in WA, by Hartford Casualty Insurance Company; in MN, by Sentinel Insurance Company; and in MA, MI and PA, by Trumbull Insurance Company. The AARP Homeowners Insurance Program from The Hartford is underwritten by Hartford Fire Insurance Company and its affiliates, One Hartford Plaza, Hartford, CT 06155. In CA, it is underwritten by Property and Casualty Insurance Company of Hartford; in WA, MI, MN, by Trumbull Insurance Company; in MA by Trumbull Insurance Company, Sentinel Insurance Company, Hartford Insurance Company of the Midwest, Hartford Accident and Indemnity Company; and in PA by Hartford Underwriters Insurance Company. Not available in all states, including FL. Specific features, credits and discounts may vary and may not be available in all states in accordance with state filings and applicable law. Applicants are individually underwritten and some may not qualify. Auto and Home are currently unavailable in Canada and U.S. Territories or possessions.
Auto insurance premiums depend on the insured party's driving record. A record free of accidents or serious traffic violations typically results in a lower premium. Drivers with histories of accidents or serious traffic violations may pay higher premiums. Likewise, because mature drivers tend to have fewer accidents than less-experienced drivers, insurers typically charge more for drivers below age 25.