Insuring Your Sports and Recreation Vehicle
Boats, jet skis, ATVs and recreational vehicles are exciting modes
of transportation. They provide a great means of escape on weekends
and vacations, but ownership of these thrill-seeking vehicles
creates the need for special insurance to protect you, your
passengers and others.
While all recreational-type vehicles can be protected by the same
basic coverages, each one has its own special requirements and
restrictions.
BASIC COVERAGES
At a minimum, boats, jet skis, ATVs and recreational vehicles need
"liability" and "comprehensive" insurance coverage. Liability
protects you if your vehicle injures someone or damages someone
else's property, and comprehensive insurance protects your property
in case of vandalism, damage or destruction caused by theft or fire.
Depending on the age and value of your investment, you may want to
purchase collision insurance, which provides coverage for damage you
cause to your own property.
BOATS
The amount you pay for your boat insurance will depend on many
factors including the boat's value and the value of your boating
equipment, the engine's horsepower and whether it's inboard or
outboard, and the length of the boat.
You may purchase additional coverages for such things as such as
Fuel and Other Spillage Liability, your boat trailer, medical
payments, personal effects and liability to protect you from an
uninsured boater. You may be eligible to receive lower rates if you
hold a captain's license or have completed safety courses provided
by the U.S. Coast Guard Auxiliary or Power Squadron Courses. You may
also receive discounts for having safety equipment on board or
providing protective storage for your boat during non-use or
off-season.
JET SKIS
The price of insuring a jet ski varies depending on its engine power
and value. Your insurance costs will typically be higher for a jet
ski with more than 500 cc. You also may obtain insurance to protect
your trailer or to pay you for medical payments if you're in an
accident.
RECREATIONAL VEHICLES
You may want to purchase an automobile policy to cover this type of
vehicle. This policy will provide you with liability, medical
payments and physical damage coverage for your motorhome and can be
endorsed to include coverage for rental to others. Other coverages
you may want to consider are:
-
Replacement Cost/Purchase Price
- In the event of a total loss, you will receive a new unit
equal to the model, class, body type and equipment of your
previous one. You will be compensated for the actual purchase
price of the vehicle.
-
Personal Effects
- Your valuables (clothing, jewelry, etc.) may be covered
against most hazards.
Other coverages you may want to discuss with your InsuranceFirst's agent are Towing and Labor or Emergency Expense Allocation
insurance. Special rates may apply if you are more than 45 years old
and have a good driving record.
A FINAL NOTE
All recreational-type vehicles can be protected by the same basic
policy. InsuranceFirst Services can provide you with more details
about this special insurance and guide you in purchasing the best
coverage to maximize your enjoyment and meet the insurance needs for
your recreation equipment.
