TUESDAY, NOVEMBER 22, 2011
If your weekend fun involves a recreational vehicle (RV), an all-terrain vehicle (ATV), snowmobiles, a boat, a golf cart, a motorcycle, or even a backyard pool, you should consider the possibility of an accident and how to protect yourself before it happens.
 DO I NEED INSURANCE?
When deciding on insurance for your toys, consider the following:
How much are you using it? For example, if you are often going on long motorcycle trips away from home, or you take your boat out for days at a time, you’re more likely to be in an accident and more likely to need the insurance. If you’re only using your toys a few times a month, the risk is lessened.
Are your toys brand-new? If you like the shiny new toys, you might want to consider adding Total Loss Replacement to your policy. Toys don’t come cheap, and if you tend to buy new or trade up your toys every two years or more, this coverage will pay for a brand-new toy if something should happen.
Look at your other policies. Oftentimes, your RV can be covered under your auto policy, a swimming pool or trampoline is covered under homeowners, but what about your boat? Or motorcycle? Dedicated toy coverage will pay for many incidents that other policies won't. For example, if your RV breaks down while you're away from home, an auto policy will do you no good. But a dedicated RV policy may pay for lodging and transportation until your RV is fixed.
WHAT KIND OF INSURANCE DO I NEED?
After you’ve decided what toys you have that might be worth insuring, review the types of insurance available to you.
Property Damage: This will cover the cost of the lost or damaged property. Estimate the value of your toys and how much you would lose. If you have an RV or a boat, you’re probably looking at a pretty sizable loss. Generally speaking you want to choose the highest liability limit.
Liability Insurance: If you or a friend is injured while using one of your toys, medical bills can add up quickly. The injured friend could even sue you if he or she is injured on your property or while using your toys. To avoid legal action and high medical bills, liability insurance added as additional coverage to your policy can help these circumstances.
Umbrella Coverage: An umbrella policy is an additional “catch all” policy. You need to be sure all of your toys are added to this policy as soon as you purchase them. Check with your carrier to be sure what toys can be included and which ones cannot.
Just like helmets protect your head from harm, insurance will help protect your finances in the event of an accident or lawsuit. Take the time to discuss what kind of insurance you may need for your toys and how much coverage you need to protect your assets, your lifestyle, and your weekends.
Adding specialized insurance coverages can be less expensive than you think. To learn more about RV, motorcycle, or boat insurance in Louisville, ask the agents at Claude Reynolds Insurance. We can help you find the right policies for you and your toys.
By Matt Reynolds - Google+
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