It’s summertime, and that means millions of active people are outside enjoying their recreational vehicle of choice. Virtually all RVs require some form of insurance protection, whether it’s for the vehicle itself or the potential liability that arises from it.
It’s a mistake, on multiple levels, to blow off RV insurance as low-premium protection that doesn’t warrant careful consideration. There are many valid reasons to take it seriously. Recreational vehicles, for the broad purposes of this column, include all-terrain vehicles, classic cars, boats, motorhomes, snowmobiles, travel trailers… almost any conveyance that’s used primarily for fun.
Here are my top 10 reasons to write RV insurance. There are others as well.
- Door opener. Successfully selling monoline RV policies opens doors to additional insurance sales, particularly when the insured is made to feel comfortable during the sales process. It’s called the “halo effect.”
- Door closer. Writing RV policies helps to lock out competitors who try to use it as an entry vehicle to your insureds. So make certain you know which of your personal and commercial clients own recreational vehicles and whether or not you insure them. Do this during renewal-time reviews, by conducting RV-specific surveys, asking whenever an insured contacts the agency, through CSR email signature links and via various social-media postings.
- Commercial lines sales. Some boat owners own businesses and use their watercraft as their floating “getaway vehicle.” Do a good job of insuring their boat policy, and you may earn a shot at their business insurance.
- RV clubs. Today, it seems there is a club for everything. So, it’s likely there is one for every type of RV you insure. Ask happy clients to refer you to other club members. Once you successfully write their individual recreational vehicle policies, go after their other personal and commercial lines. Solicit the club’s commercial insurance as well.
- Carrier referrals. Seek referred leads from direct-writing personal lines companies that don’t underwrite certain types of RVs. Offer to write these policies for their insureds, as a convenience to them and an easy sale for you.
- Give credit. Discounts abound on boat and other RV policies. Typical watercraft premium credits include those for safety equipment and educational classes, lay-ups, and more. Make sure that your insureds enjoy all of the discounts to which they’re entitled. It keeps them happy and helps keep your rivals at bay.
- Umbrella sales. Cross-sell new umbrella policies to RV owners who qualify for the contract. If they already have an umbrella, offer them a higher policy limit.
- Monitor claims. Each RV owner values the time they spend with their favorite toy. This means when something insurable happens to it, they want indemnity to kick in quickly. So, carefully monitor RV claims to see that they are promptly and fairly settled. (They usually are.)
- Work with MGAs. A managing general agent (MGA) or specialty carrier may offer you an excellent RV program for boats, classic cars, jet skis, etc. Check them out, along with your standard companies, for your new and renewal RV business. The MGA may be able to competitively write vehicles that your primary carriers can’t. As a result, you may initiate a fresh and mutually rewarding relationship that expands to other policy types.
- It’s fun. Quoting and insuring the various types of recreational vehicles is a nice change of pace from writing more ordinary personal lines. Not that placing auto and homeowners insurance is boring, but it’s a lot more routine than, say, a hang glider liability policy.