If you are contemplating the purchase of a recreational vehicle then you already know how fun and convenient they can be for the entire family. However, staying within your budget is another thing entirely. Use our quick checklist for establishing an RV budget to know how much you can afford.
1. The cost of the RV itself. Depending upon the type selected, RV's can range in cost from under $5,000 to well in excess of six figures. It is also important to decide to buy new or used. Make a list of what you want to do with the RV and then take it from there.
2. Recreational Vehicle Insurance. RV insurance is essential, especially if you intend to use the RV on a regular basis. It covers much more than the cost of replacing the RV itself including liability insurance.
3. Maintenance & Storage. It costs money to maintain and store an RV, so create a maintenance schedule as soon as you purchase the vehicle. It's also a good idea to set aside an emergency fund for unplanned repairs you may encounter along the way.
4. Living Expenses. Depending on your lifestyle, many full-time RVers claim they are able to save enough money while traveling to more than offset the cost of the RV itself. On the other hand, the escalating cost of fuel and campgrounds may add to the cost of RV ownership. Make sure to keep these costs in mind when budgeting for your RV.
The above-listed tips are for informational use only. Refer to your insurance policy contract for specific information regarding your coverages and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.