So you’ve decided to rent out your motorhome for hire, but now you’re wondering what’s next? Insurance!
Motorhome insurance is fairly similar to automobile insurance. It insures you against liability to others and you also have the option to be insured against at-fault damage, theft or fire. Motor vehicles in the UK are required by law to be insured to a minimum standard as defined by the road traffic act of 1988. Here’s a 5 step guide in getting your vehicle insured and ready for hire!
Step 1: Decide on what type of motorhome insurance would best suit your needs.
There are three main types which are:
- Third Party Only (TPO) Motorhome Insurance: This is the barest minimum level of coverage required by UK law. It covers your liability to others however your vehicle is not covered in the event of an accident, fire or theft.
- Third Party Fire and Theft (TPFT) Motorhome Insurance: This provides third party liability coverage, including fire and theft
- Comprehensive Motorhome Insurance: Just as the name implies, this provides an extensive level of coverage, including the above listed.
Step 2: Get a motorhome insurance quote online.
It’s quick, free and easy! There are insurance policies specifically for motorhomes which cover a wide range of body styles and classes. If it is more convenient, you may also make an appointment or walk into your nearest insurance office.
Step 3: Make contact with the motorhome insurance company.
Once you are satisfied with the quote you received, most insurance companies will either contact you directly by phone to proceed, or provide you with a unique code and ask you to contact them by phone or email at a time your convenience.
Step 4: While discussing with the insurance agent, inquire about possible discounts; you never know until you ask! Some possible ways to snag discounts include:
- Review Drivers on Your Policy: Instead of adding on a number of different drivers on your policy, consider adding them as temporary drivers on an as-needed basis
- Increase Your Excess: This could result in getting the huge savings you deserve
- Remove Unwanted Cover Options: Some cover options are added by default to your policy. Review and remove those you do not require
- Safety discounts: Installing safety options such as cameras or trackers on your vehicle shows you are less likely to have insurance claims and may result in a discount.
- Join a Club: Many motorhome insurers provide a discount to members of camping or caravan clubs. This is a win-win situation because you get to enjoy both the perks of being a member as well as a discount on your motorhome insurance.
- Review Mileage: Because motorhomes are rarely an owner’s main form of transport, the average mileage is actually only 5000 miles a year. By ensuring you don’t insure your motorhome for more mileage than you actually use, you can shave off costs on this end as well.
- Combine Your Policies: Having more than one insurance policy with the same insurer can save you time and money. If you already own separate automobile or house insurance with the same company, your insurer may let you combine those with your new motorhome policy resulting in increased savings!
Step 5: Decide!
Take some time to review your various options and decide on a company and coverage. Once you have come to a decision, contact the insurance company and depending on how soon you would like the insurance to begin, they may send you a policy slip via email or directly to your home address.
Bonus Step: Congratulations, your vehicle is now insured!
Now it’s time to hit the road and enjoy your motorhome!
For more information, visit the UK government website on vehicle insurance: https://www.gov.uk/vehicle-insurance