How to Save Money on Insurance for Boats, RVs
One unexpected consequence of the coronavirus pandemic is a giant upsurge in the purchase of boats and recreational vehicles (RVs).
According to DiscoverBoating, a website operated by the National Marine Manufacturers Association (NMMA), "It may come as a surprise to some that boat sales are up. After months of low to no employment among certain sectors of the population, it may be counterintuitive that activities based on discretionary spending such as boating or even RVing are attracting large audiences, but a closer look at the underlying driving factors suggests this may be the ideal time to try out a new lifestyle or to upgrade to a newer or larger boat model."
As mentioned, RVing is enjoying the same summer boom that boating is. The RV Industry Association (RVIA) reported that in June wholesale shipments of RVs posted their best month in 2020 and the highest monthly total since October 2018. After falling off the cliff in March, sales to consumers have regained momentum every month since and are expected to remain robust. In the wake of this spring's economic scare, boat and RV dealers have offered uncommonly good discounts and deals.
The reasons that RVs and boats are gaining popularity are easy to understand. As Americans seek recreational outlets that will get them out of their homes, RVs and boats offer obvious advantages in the COVID-19 era. Both offer the opportunity for "social distancing" while vacationing with family. Both are largely outdoor activities and outdoors is thought to be safer than staying indoors. In an atmosphere where large group activities like sporting events, concerts and festivals are forbidden, boating and RV travel enables pleasant family recreation.
Of course, the boom in RVing and boating begs the question "If I buy a boat or RV are there ways to save money on insuring it?" The answer to that question is yes, but, like many things, the answer requires some explanation.