As summer heats up it’s finally time to get all of your
summer toys out of storage and into the water or out on the road. Whether you
are slipping your boat in the water, hooking up your fifth wheel or kicking up
some dirt on your ATV, having the proper insurance coverage is a necessity. While
you might assume that your part-time toys are covered under your home and auto policies
that is not always the case. It’s wise to check your policies and be sure you
are completely covered. Here are a few tips for insuring your summer toys.
If you are only using your RV a few weeks out of the year it
may be covered under your homeowner policy. Read your policy in full and check
with your insurance agent to see if your RV is covered or if you can purchase an
If you spend a lot of time in your RV a specialized policy
is your best option. Look for one that offers total loss replacement for the RV
as well as Personal Belonging replacement which covers all of your personal
items such as computers, cameras and jewelry. Roadside assistance is an
important component, towing a heavy RV can be expensive and is often not
covered by auto insurance or AAA.
Your Harley absolutely needs a separate insurance policy
before you get out on the road. Motorcycle insurance can vary dramatically in
price depending on your driving record and the type of bike you ride. Shop
around for the best quote.
Motorcycle insurance is very similar to auto insurance. It
is compromised of collision, comprehensive and liability. It is extremely
important to carry the proper amount of liability insurance which will
cover your financial obligations in accidents and will pay for damage to other
property or people. It is best not to settle for just the minimum coverage.
Verify that passengers are covered as they are often excluded.
Be sure to ask for all the discounts
that you are eligible for to get the best price.
Getting off-road on an ATV is tons of
fun. Before you crank it up you will want to make sure you are fully covered.
ATVs are actually fairly inexpensive to insure and if you already own a
motorcycle adding an ATV to your policy is simple.
If you don’t own a motorcycle getting a
separate policy to cover your ATV is a good idea. While some homeowner policies
will cover an ATV, the majority won’t offer coverage if the ATV is driven off
the owners property. Verify coverage before heading off into the wild.
If you plan on customizing your ATV or
adding numerous after-market components check your policy as some will exclude
While it is possible to add a boat to your homeowners policy
it is often best to purchase a separate policy that is specific to your boat.
Many homeowner policies do not cover marine events like wreck removal and
Insurance rates will vary and will consider many different
factors. The type and age of the boat will be important as well as how often
you use it and where it is used.
Boat insurance comes in a couple of different varieties.
Agreed value lets you set the value of the boat and that is what you will be
paid in the event of a total loss. There is no depreciation. These policies
tend to be more expensive up front. Actual cash value policies factor in
depreciation and pay out what the boat is actually worth at the time of the
event. They are less expensive but the payout will be less and the burden of
proof will fall to you if there is a dispute over the value.
Check for discounts for seasonal use and storage as well as
for taking boater education classes.
Making sure your summer toys are covered before you head out
for the weekend is always a good idea. While many toys can be added to your
homeowners policy, paying for separate coverage is well worth the expense.