Effective October 1, 2023, Rooney Insurance will be located at 5100 E Skelly Dr, Suite 1010 in Tulsa, Oklahoma
Effective October 1, 2023, Rooney Insurance will be located at 5100 E Skelly Dr, Suite 1010 in Tulsa, Oklahoma
According to the RV Industry Association (RVIA), over 11.2 million households in the United States own recreational vehicles. RV ownership has been trending upward for the last several years, but this growth has accelerated. The story of how recreational vehicles became popular during the pandemic is complex. Exploring recent trends uncovers some intriguing information.
The RVIA reveals more fascinating facts about the growth of RV ownership. Within the last decade, younger singles, couples, and families have joined the ranks alongside retiring baby boomers. However, the most remarkable shift in America’s RV-owning population has occurred in the last two years: The demographic of RV owners is almost evenly divided between individuals above and below the age of 55.
Recreational vehicle owners are trending younger, too. The median age of first-time RV buyers was 32 in 2022, compared to 41 in 2020. Ownership by 18-to-34-year-olds drastically increased during this period. RVIA shows this age group now makes up 22% of the recreational vehicle market.
While RV registrations dropped during the first part of the COVID-19 pandemic, ownership has strongly rebounded within the last two years. The RVIA attributes these developments to several key factors, outlined below.
RV owners are a diverse group. Some have particular reasons behind traveling in recreational vehicles, while others find versatility and convenience in several ways. While traveling during the pandemic presented a few challenges, Americans’ love of road trips didn’t wane. Many also use their RVs as central camping locations for meals, sleeping, relaxing, and storing belongings. In addition, RVs provide much more comfortable accommodations than sleeping in tents or sitting outdoors for extended periods.
While the above factors continue to be common reasons for ownership, a new trend has recently emerged: RVs as temporary homes. With the growth of remote work, this is not surprising: Many newer RV owners want a comfortable place to stay while they work. Digital nomads contribute significantly to this phenomenon, with Statistica estimating their numbers at 16.9 million in 2022.
RV owners have unique insurance coverage needs. Just like policies for standard passenger vehicles, policies for recreational vehicles typically include collision, comprehensive, and liability. They also usually encompass payments for medical expenses and claims involving uninsured and underinsured motorists.
However, RV policies also incorporate other kinds of specialized insurance coverage, making them a blend of both vehicle and home insurance. Examples include vacation liability and coverage for special equipment such as custom wheels, solar panels, motorized slide-out awnings, wheelchair lifts, and body modifications. There are also policies designed for people who use their RV as their primary residence and live in it for more than six months a year. Many RVs now include flat-screen TVs, advanced sound systems, and whatever other tech their passengers bring, so having Replacement Cost coverage for your personal effects that make your RV feel like home is important coverage.
Besides custom policy inclusions, RV insurance needs can also differ by the type of vehicle being covered. Recreational vehicles can include pickup campers, fifth-wheelers, travel trailers, toy haulers, motor homes (Class A, B, and C), motorcoaches and bus and van conversions. Flexible indemnity protection options ensure you can weather serious losses without catastrophic consequences. Consulting with an agent can help you select a policy that best meets your needs.
Rooney Insurance Agency, established in Tulsa, Oklahoma, in 1960, has provided customized business and personal insurance and employee benefits solutions to individuals and businesses in the state of Oklahoma and throughout the United States. We work to ensure that each client’s insurance coverage fits their specific needs, addresses their key risks, and protects their valuable assets. For more information on how we can help you today, contact us at (918) 582-0565.
