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Process of Underwriting of Recreational Vehicle Insurance

A recreational vehicles is one of the best ways to enjoy different parts of the country while still taking along some of the comforts of home. Investing in the right recreational insurance can help to ensure that you and your vehicle are protected from any peril. Knowing what factors are considered during the underwriting process of your policy can help to ensure that you invest in the right amount of protection at the right price.

Underwriting an insurance policy is basically issuing an insurance policy. Insurance companies will evaluate risks and potential exposure they would face if they wrote the policy. When it comes to writing a recreational vehicle insurance policy, there are underwriting factors that are considered, including:

  • Driving record – people who have previous traffic violations and at fault accidents are considered higher risks.
  • Marital status – married policyholders tend to file less claims than single policyholders, making them less of a risk.
  • Residence – where your recreational vehicle will be kept will affect your coverage. More claims are made in urban areas than in rural areas.
  • Gender and age – males tend to be involved in more accidents than females, and teenagers have higher accident rates than the rest of the population.
  • History of prior coverage – your rates can be affected if your previous coverage was cancelled due to the non-payment of premiums.
  • Use of vehicle – higher annual mileage amounts will lead to higher premiums due to the higher exposure to different types of risks.
  • Type of vehicle – the type of recreational vehicle you are insuring has a large effect on how much it will cost of insure.

For all of your recreational insurance needs to ensure that you have the right amount of coverage while enjoying the outdoors, contact the insurance professionals at The Schwab Agency in Colleyville, Texas.

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