The sun has finally shown its face and melted away the miserable winter most of the northeast has endured. Now it’s time to pull out the summer toys! Boats, motorcycles, off road vehicles, etc. are all great ways to enjoy a sunny day, but if not properly insured, you could find yourself in a really tough situation.
Many people believe that these toys are covered under their home policy, and some simply think that they don’t need insurance on these toys because they “aren’t worth very much.” This could not be further from the truth. While you may not want to insure the repair or replacement of these toys, you most certainly need liability coverage to protect yourself against any injuries or damage you may cause to others. This is what is most important, and what many people don’t think of when it comes to these kinds of motorized vehicles.
The home policy provides almost no coverage for motorized land conveyances unless they are used specifically and solely for the purpose of servicing the residence. That ATV or other off road vehicle would only be covered if you use it for hauling brush or other yard work. The moment you use it off the residence premises, or use it for a fun cruise through the woods, coverage ceases to exist. Purchasing insurance coverage for these types of vehicles is relatively inexpensive and can really save your financial stability in the case of an accident.
Boats are also limited in terms of coverage on the homeowner’s policy. Sailboats less than 26’ are typically covered for liability only, as well motorboats with 50hp or less. For those with boats that have a bit more power, many carriers will allow you to add liability to your home policy, but your best bet would be to insure the boat on its own policy for better protection.
Motorcycles are typically insured because they need to be registered, but many neglect to purchase medical payments coverage due to the price. This is one of the most important coverages you can have. This coverage will pay for your medical expenses if you are involved in an accident while on your bike. The chances of injury from a motorcycle crash are far higher than a crash in a motor vehicle. The extra money spent on this coverage will be well worth it if you are injured in a motorcycle crash.
Talk to your insurance carrier or agent to see how these vehicles are currently covered, and if you need to purchase additional coverage. Once you do that, it’s time to enjoy the warm weather and ride free!