How to Save Money on Insurance for Vanlifers
Insurance is a significant cost for everyone, whether you own a home or live in a van. For van dwellers, the three main types of insurance are:
Vehicle insurance
Health insurance
Travel insurance
In this article, we will discuss these three categories and provide tips on how to save money on each type of insurance.
RV Insurance
Generally speaking, insurance for your van will cost between $1,000 and $2,000 per year. Broken down into a monthly cost, that's about $80 to $165 per month. The exact costs will depend on your RV, the coverage you want, and your insurer.
Here is a list of the most popular RV insurers:
Progressive - Recommended for vanlifers
State Farm
Geico
Allstate
Good Sam
Nationwide
RVInsurance.com
Roamly - Recommended for vanlifers
National General
Note that many insurers may not want you renting out your campervan on platforms like Outdoorsy or Yescapa.
Regular auto insurance can also be difficult to get without a permanent address. Even if you have a mail forwarding address, most insurance companies require that you have a “garageable” address for your vehicle and don’t take too kindly to the idea that you’re living in a van full time.
Tips for Saving Money on RV Insurance
Compare deductibles of different insurers: A higher deductible will reduce your premium.
Consider the benefits or discounts offered by different insurers, such as safe driver discounts, multi-policy discounts (i.e., bundling), or RV club affiliations.
Check if the insurer also covers what’s inside the van.
Find out if the insurer requires any mandatory inspections.
Triple check that you are allowed to live full-time in your van (if that is your plan).
Check for any specific requirements from the insurer.
Find out if you can rent the van out (if you want to).
Check for any restrictions on where you can travel.
Consider specific installations that may lower the price, such as installing a GPS device.
Maintain a good credit score.
Re-register your van as a motorhome to potentially get cheaper insurance.
Health Insurance
In Europe, health insurance is not considered an optional extra, as most countries provide it for free or at an affordable price. However, health insurance in the USA is more expensive. Some vanlifers may choose to forgo health insurance, but it is essential to budget for medical expenses regardless.
Options for saving money on health insurance include:
Checking out the Affordable Care Act (ACA) for subsidized plans based on income.
Obtaining short-term medical insurance when leaving your home state.
Considering health share ministries if affiliated with a specific religion.
Opting for catastrophic health plans if you are young and healthy.
Utilizing Health Savings Accounts (HSAs) for tax-efficient management of healthcare costs.
Looking into travel insurance with health coverage.
Considering telemedicine services for cheaper online doctor consultations.
RVer Insurance Exchange offers health insurance specifically for RVers and is worth checking out.
Travel Insurance
Travel insurance is essential for vanlifers who are on the move. It covers medical emergencies, trip cancellations, and lost or stolen belongings.
When choosing travel insurance, check that the following is covered:
Vehicle coverage for breakdowns and break-ins
Adventure activity coverage
Coverage for specific countries or states
Coverage limits and deductibles
Consider getting an annual plan rather than a per-trip plan if you travel frequently.
Top 10 travel insurance providers for vanlifers in the USA:
World Nomads
SafetyWing
Allianz Global Assistance
IMG Global
Travel Guard (by AIG)
AXA Assistance USA
Seven Corners
Travelex Insurance Services
InsureMyTrip
RoamRight
In conclusion, saving money on insurance for vanlifers is possible by comparing different insurers, considering various coverage options, and looking for discounts. Always make sure to triple-check that the insurance plan you choose meets your specific needs and requirements.