As summertime rolls in to Forney, you may be considering the purchase of a summertime toy. Regardless of whether you are considering a boat, RV, personal watercraft, ATV or UTV, your brand new toy will require insurance.
Carrying the proper insurance not only protects your expensive new toy, it also provides liability protection in the event you injure someone or their property.
Here is a quick overview of insurance and summertime toys:
Boat Insurance
Lake Ray Hubbard is a just a short drive from most Forney neighborhoods and many of us love our time on the lake. There is no better way to see the lake and cool off on a hot summer day than slipping your boat into Lake Ray Hubbard.
Before you hook up the trailer though, you will need to make sure your boat is properly protected. Homeowners insurance offers basic coverage for a boat but will often exclude more expensive issues such as salvage costs and wreck removal.
Boat insurance is available in two different types and the type of boat that you have may be a deciding factor in what type of insurance you need to carry.
· Agreed Value Insurance: If you just bought a brand new boat or have a high value watercraft, this is the policy type you need. These policies allow you and your insurer to agree on a value for your boat and if it is stolen or destroyed, that is the amount you will be paid. Depreciation is not a factor with these policies but there are more expensive than an actual cash value policy.
· Actual Cash Value Policy: If you have a lower value boat or just purchased a used one that is at least eight years old, an actual cash value policy probably makes more sense. While depreciation is factored into a payout amount, with older boats, most of the depreciation has already occurred. These policies are cheaper but are not recommended for newer or high value boats.
Bundling your boat policy with the same insurer that does your home and autos is a great way to save money. In addition, many insurance companies offer discounts if you take a boat safety class and store your boat securely during the off-season.
Personal Watercraft: If you are in the market for a personal watercraft and also have a boat you can simply add your wave runner to your boat policy. It is also possible to purchase a separate policy for your personal watercraft.
Coverage is very affordable and protects you against accidents, liability, theft and vandalism. There are often exclusions with these policies so be sure you talk to your agent and understand any and all exclusions that may apply.
UTV and ATV Coverage
Forney is home to many of ATV and UTV areas, so if you are considering taking the plunge and buying an ATV or UTV, you need to understand the basics of insuring your new toy before you hit the trails.
These types of vehicles are not covered by an automotive or homeowners policy but they can usually be added to a motorcycle policy if you have a bike. Standalone ATV policies are pretty affordable and offer a variety of protection.
ATV and UTV policies are similar to a car insurance policy and offer many of the same coverages such as comprehensive, collision, bodily injury liability, property damage liability as well as uninsured and underinsured motorist coverage.
Motorcycle Insurance
There is no shortage of fun and scenic roads to ride a motorcycle on in Forney and the surrounding communities. If you already own a bike or are shopping for one this summer, you will absolutely need a motorcycle policy.
Motorcycles are not covered by a homeowners or automotive policy. Cost for coverage will vary depending on a number of factors. Your driving record will have a major impact as will the type of bike you ride, high-performance motorcycles are going to be the most expensive to insure.
These policies offer coverage that is similar to automotive and ATV policies. You can choose between collision, liability, comprehensive and uninsured/underinsured coverages.
RV Insurance
Purchasing an RV is a big investment and carrying the proper insurance to protect you new summer toy is key. In addition to protecting your investment, RV insurance can help with some major expenses associated with recreational vehicles, such as towing and replacing your possessions if they are stolen.
Homeowners insurance does offer limited coverage for an RV but if you use it more than a couple of weeks a year, a standalone policy is the best way to go.
RV insurance offers a variety of options. Consider these options when shopping for a recreational vehicle:
· Roadside Assistance
· Emergency Assistance
· Coverage for Audio-Visual Equipment
· Personal Property Protection
· Coverage for Pets
RV policies can be customized to suit your needs and your RV. Make sure you review your policy in full and understand your coverage and any exclusions that may apply.
Final Tips
Here are just a few final tips on how to get the best coverage at the best price:
· Shop Around: Insurers rate risk differently so premium quotes can vary dramatically. Shop your coverage around to find the best deal. Or call us, that is exactly what we do FOR YOU!
· Bundle: Insuring all of your summer toys with the same insurance company that protects your house and autos can result in big savings. Discounts vary but expect to save at least 20 percent.
· Discounts: Insurers offer dozens of discounts. Ask your agent to do a discount review to make sure you are receiving all available discounts.
