Should I buy an RV or a trailer?

6 minute read Published on Jun 17, 2021 by BrokerLink Communications

Should I buy an RV or a trailer?

Now that it’s summer time, you may be aching to get on the road and travel through our beautiful country. In order to do that, you will need something to travel in. Some people are happy with their car and a tent, but if you’re looking for something roomier, what are your options? Many people buy either an RV or trailer to travel around with and enjoy the summer months. There are many advantages and disadvantages to both of these options. Deciding which one you want to purchase can be tough – keep reading for tips on what to consider.

The benefits of buying a trailer

1. It can be an investment

When purchasing a trailer, you get a valuable new asset to call your own, that can retain its value if you take good care of it. You can keep it solely for your own use or even rent it out part time.

2. No additional fees

When you own your own trailer, there are no additional costs like drop-off or late fees; or charges for wear and tear on the trailer. If you choose to rent a trailer instead, you may be subject to these fees, and additional ones too, including rental insurance.

3. Availability and flexibility

An owned trailer is an available trailer. It’s there when you want it. You have the flexibility to use your trailer as you see fit, and are not bound by any terms and conditions from a rental company.

The benefits of buying an RV

Just like trailers, RVs are great to have whether you’re planning a long distance road trip or dropping in on family – you don’t have to pitch a tent or stay in a hotel, and there are other benefits of owning a trailer, including:

1. Convenience

Your RV is available to you year-round and you can leave all your gear inside. This means that you can be ready to hit the road without too much planning.

2. Active lifestyle

Traveling in an RV can take you to to scenic places, resorts, campgrounds, and various recreational spaces. While comfortable, the limited space inside the RV can inspire your family to get out and explore your new surroundings.

3. Fewer travel expenses

Travelling in an RV can reduce many of the costs usually spent when travelling. There is no need to budget for hotels, you can make fewer visits to restaurants, and you can pack your own entertainment and bring it along – like bikes, games, boats and more.

Things to consider before buying a trailer

Budget

Trailers are usually less expensive than an RV. In addition, trailers tend to hold their value longer than a motorhome or RV. However, you will require a towing vehicle with a trailer hitch. If your vehicle is now powerful enough to pull a trailer, you might need to purchase a new one which can negate the savings you get from buying a trailer instead of an RV.

Restrictions

You cannot have anyone riding in the trailer while you are on the road. All of your fellow travelers must be inside your towing vehicle until you are parked.

Insurance

Travel trailers are not motor vehicles but when the trailer is being towed, it receives the same liability coverage that is currently on your auto policy. However your trailer is not covered by any other coverages associated with your auto policy such as comprehensive or collision coverage. In addition, while your property insurance may cover the contents of your travel trailer it may not be enough.

You should have a proper travel trailer insurance policy, with coverage that include:

  • Damages
  • Collisions
  • Bodily Injury
  • Contents Coverage
  • Standard Emergency Roadside Service
  • And more

Things to consider before buying an RV

Usage

Some lifestyles are better suited for RV ownership than others. Before purchasing an RV, it’s important you first consider how often you will use it, how much room you need and how far you plan to travel. When researching which RV you want to buy, find one that matches your expected use and needs, whether it be for visiting national parks across the country, or for weekend trips closer to home.

Occupancy

Owning an RV is a long-term investment, so it’s important to consider who plans to share your RV adventures with you. RVs are a great way for families and friends to travel and spend time together. Consider the number of people who will use your motorhome when deciding the size and style of RV you want to buy.

Insurance

RVs come in many sizes, with both basic and luxury options. Because recreational vehicles can be driven independently, they require their own auto insurance policy. RVs (motor homes) are organized into three classes; A, B and C. The rate you pay for your RV insurance will depend on these classes, as well as how much you use it and the value of the RV.

In addition, if you don’t have a large enough driveway or a place to park on your home property, you may have to pay to store your RV somewhere else when it’s not in use.

Get in touch with an insurance broker at BrokerLink today!

Let BrokerLink be your resource for all things RV and travel trailer insurance. From start to finish, our brokers handle the legwork and make sure that you walk away satisfied.

It’s easy to get in touch with a local BrokerLink insurance advisor to discuss your RV and other insurance needs! You may also do some quick quotes in advance:

Get a car insurance quote Get a home insurance quote

FAQs about buying RV and trailers

Is my trailer covered by my auto insurance?

While your trailer is being towed by your vehicle, the third-party liability portion of your car insurance policy will extend to cover your trailer. However, your policy will only cover your trailer while it’s attached to your car. Once your trailer is unhooked from your vehicle, it will no longer by covered by an auto insurance policy. This is when you would need a separate policy just for your trailer.

When is the best time to buy an RV?

Although RVs are available for purchase year-round, the best time to buy one is during the winter months. During October and November, sales slow down, which might lead to some pretty good discounts. December and January may be even slower, making them great months for RV shopping. Sales tend to pick up in March, which is when the price points also tend to increase.

Are you allowed to live in an RV for extended periods of time?

You are allowed to live in your RV for as long as you please. Some people even choose to live in their RVs permanently, as they find that this fits their lifestyle best. There are no laws against this practice, however, before parking anywhere, make sure you’re allowed to park there. Double check if there are any fees associated with parking your RV somewhere.