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 Insuring
Your
Sports
and
Recreation Vehicles
Boats, personal watercraft, 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. This brochure, prepared by the Independent Insurance
Agents of America, offers some basic information about insuring
the vehicles you use for sports and recreation.
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 to property owned by someone else, 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 value of the
boat and the value of your boating equipment, the engine horsepower
and whether it is in-board or out-board, 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 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.
Personal
Watercraft
The price of insuring a personal
watercraft varies depending on its engine power and value. Your
insurance costs will typically be higher for a personal watercraft
with more than 500 cc. You also may obtain insurance to protect
your trailer or to pay you for medical payments if you are 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 motor-home 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 independent insurance 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. Your independent insurance
agent 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.
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