In the insurance industry, RV insurance tends to get overlooked. RV insurance provides coverage for damage that can occur whether the RV is mobile or being used as a stationary home. Though this type of insurance might be a little complex and might have fewer customers than automobile insurance, it's still worth considering. RV insurance has some unique advantages. P&C Insurers who take the time to work with RV owners can get some very lucrative benefits. Once you start selling P&C insurance for RV owners, you can experience these benefits.
RV Insurance Is Used in a Variety of Situations
To understand why you should offer RV insurance to your customers, it's helpful to learn a little more about what RV insurance actually is. Many insurers make the mistake of assuming that RV insurance is only for giant, self-driving RVs. However, a surprising variety of vehicles can actually legally count as an RV. For example, just about any vehicle with a hitch and a trailer might need RV insurance. RV insurance falls into three classes. Class A insurance is used for large motorhomes while Class B insurance is used for smaller campervans. Class C insurance covers a broad host of trucks with sleeper cabs, raised roofs, and covered storage in the back.
As you can see, there are all sorts of situations where your current customers might actually need RV insurance. Writing this type of insurance lets you meet the existing needs of your customers. You won't have to worry about overlooking anything important that leaves them without the right insurance. Instead, you can use your expanded knowledge to tailor your insurance solutions to suit your customers' needs.
Stand Out From Your Competitors by Offering Unique Products
Specializing in a niche like RV insurance is an ideal way to distinguish yourself. It can actually end up doing more than just ensuring you get all the local RV business to yourself. Once a customer starts working with you for RV insurance, they are more likely to express an interest in your other types of coverage. By providing great service and competitive prices, you can turn one RV insurance sale into a host of other sales as well.
Get Access to a Growing Market
Did you know that RV sales have experienced massive growth in the past 10 years? Over 11 million people currently own RVs, and more are purchased everyday. RVs are increasingly popular because they offer affordable travel and suit modern lifestyle trends. Industry records show that RV shipments are up by 6%. Furthermore, RV sales seem likely to increase in the future due to the availability of remote work and "tiny house" trends.
This means that getting into the RV insurance business now is a great way to expand your sales and make the most out of your P&C insurance software. As more and more RVs are sold, more new owners are looking for insurance. By launching your RV insurance sales right now, you can get in on the ground floor and build a reputation for providing great insurance. This will make it easy to get interest from new clients in the future.
Work With Motivated Clients
When it comes to insurance sales, the type of client you work with can make a big difference. If you're tired of wasting time on clients who don't care about your product and cannot afford big purchases, RV insurance is a refreshing option. The majority of RV homeowners are people in the lucrative demographic group of 35 to 54 year olds who make more than $62,000 per year.
Working with these types of clients can make your job a lot easier. Instead of picking the cheapest product, RV owners are more likely to want the best policy with the most thorough coverage. This gives you a lot of interesting opportunities for upselling insurance and getting lucrative P&C commissions. Ultimately, the average RV insurance premium is around $1,500 to $3,000, so getting into this field can be very promising.
Have the Ability to Offer Lucrative Add-Ons
If you want to increase your P&C commissions, RV insurance is definitely the way to go. RV insurance is a somewhat unique category of automobile insurance because it covers so many situations. Of course, all RVs will typically need to be insured before they can be driven on the road. RV owners also have the option of insuring the RV as a type of dwelling to protect it from other sorts of damage. This insurance can be optional, but it's often a requirement for a car bought with a loan. In addition to these basics, many RV owners may want to get insurance for the various expensive properties within the RV.
This is where a savvy insurance provider can really excel. Add-ons can help ensure RV owner's other possessions are covered. You can offer things like insurance for tools, appliances, camping gear, sporting equipment, and anything else inside of an RV. Many people can also benefit from coverage for ATVs, motorcycles, boats, or other vehicles that an RV often hauls. Since these properties aren't often covered by basic RV insurance, a good insurer will help their client find additional coverage options to protect their belongings. By looking out for your clients' interests, you also get the benefit of extra sales.
Expand Your Business With Ease
One of the great things about RV insurance is that it's a whole new market, but it's also fairly similar to automobile insurance. You don't have to learn a whole new set of lingo or switch to different insurance marketing tools. Instead, you simply expand your current knowledge and begin offering a few extra products. Especially when you have a good P&C software system, the transition can be stress-free.
Being able to scale up your company with RV insurance makes it a lot easier to expand your company. Your team won't need to spend a lot of time learning about an entirely different industry, and you don't have to change the basic way you do things. Instead, a few easy courses can be enough to get everyone up to speed on RVs. If you're an automobile insurance company that's looking for simple ways to improve your business, RV insurance is a great choice.
At AgentCubed, we're happy to help you expand your insurance company. We provide powerful insurance sales tools that help you organize your business and appeal to more clients. Ready to get started? Contact us today to learn more about our services and how we can help you grow your business.
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