I am not talking about your kids toys. I am taking about your big kid toys. You know the snowmobiles, jet skis, motor homes, boats, dune buggy, ATV’s, trailers, campers, etc. etc. etc.
Let me make it perfectly clear your toys are not covered under your homeowners insurance. Your homeowners coverage does not like to insure stuff that moves. I can hear you saying well…..what about my car insurance. In some cases your liability insurance on your auto policy will extent to a trailer being towed behind your vehicle.
Liability insurance pays when your vehicle causes bodily injury or property damage to another person or their property while being towed behind your car or truck. An example would be if you are towing your snowmobile down the road and you hit a patch of black ice, your vehicle with the trailer and snowmobile in tow skid and the trailer swings into on coming traffic, resulting in totaling the other guys car. In this case the liability insurance from your automobile policy would cover you for the bodily injury and property damage you caused to the other guy with your trailer. There would be no coverage for any physical damage you did to the trailer or whatever you were hauling with the trailer. If you want coverage for the physical damage to your trailer and the toy on top of it you need to buy a separate insurance policy to cover it.
What About Coverage While I Use My Toy?
Great question. The short and simple answer is unless you insure it with the proper insurance policy you have no liability or property damage coverage to to others or for you while you are operating your snowmobile, boat, ATV, jet ski, dune buggies, etc. Unless you buy the proper insurance there will be no physical damage to the snowmobile, boat, ATV etc. either.
Even though many states require you to license and register your snowmobile, ATV, jet ski, dune buggy etc. they often do not require you buy insurance. Many people choose not to purchase the extra snowmobile, boat, camper, trailer, etc insurance policy because it’s not required. Why spend the money?
A good question, but a better question would be do you have enough money in your bank account, your home, your retirement account to pay for the lawsuit, the toy its self and any medical bills that you or someone else may incur because you hurt someone while using it?
I know most snowmobiles, jet skis, boats etc cost thousand dollars to purchase, but that is only the physical item its self. That toy is not what is going to cost you the money if you get into some sort of accident and seriously hurt or even kill someone it’s the lawsuit that will go after all your assets, including future assets you may accumulate. These additional insurance policies will protect your assets if something should happen.
This is a very broad brush overview of the type of insurance coverage you may want to consider when you buy that new snowmobile, boat, ATV etc. If you want specific information or have additional questions please call Steve Jeter in our office at 800-452-6826 or email him directly steve@bancorpinsurance.com
Have a great day
Rex Lesueur
