Ensure Your Winter Related Recreational Vehicles and Equipment Are
Fully Covered Whether They’re in Use or in Storage!
As anyone who owns a recreational vehicle or other sports related equipment may know, these types of purchases
can be quite the investment, both in time and money. You might be surprised to
learn that even if you have contents coverage under your homeowners policy, that doesn’t necessarily mean that everything you own will be
covered automatically. Depending on your policy and coverage limits, belongings such as your snowmobile, may not be
covered if not specifically insured. Continue reading to learn more about how
to make sure you have the proper insurance coverage on all of your recreational equipment no matter what
the season.
Snowmobiles, ATVs and UTVs
Each state will have their own
requirements for coverage when it comes to snowmobiles, ATVs and UTVs. For example, in New York State, the minimum insurance requirement for snowmobile liability is
$10,000 in bodily injury per person, a sum of $20,000 in bodily injury for an
accident that injures more than one person, and $5,000 if personal property
gets damaged. However, the minimum required coverage for an ATV or UTV in New
York State is $50,000/$100,000 for death, $25,000/$50,000 for injury, and
$10,000 for property damage in any one accident.
Depending on your insurance provider and the type of insurance you have, coverage options for snowmobiles, ATVs
and UTVs can vary as well. One option
for obtaining coverage that may be available to you is to endorse coverage onto your regular policy at an additional cost. That being said,
while many insurance companies can offer endorsements to add liability coverage, they may not be able to offer coverage beyond that. This means that
you may be better off obtaining a specialty policy to fill your state’s
requirements.
If you find that your insurance company doesn’t offer these types of endorsements, or you find that
you need a more comprehensive policy, you may look to companies like Markel who specialize in
insurance for off-road vehicles. NYCM Insurance Agency Inc. partners with Markel, to offer
extensive coverages like physical damage, liability, uninsured motorist,
medical payments coverage and mechanical breakdown.
Skis, Snowboards and Other Sports Equipment
Depending on your
coverage limits and your carrier, sports
equipment like snowboards or skis may be covered under your homeowners or renters
insurance policy subject to a deductible. That being said, not
all policies are “all risk.” For example, many renters insurance
and
condo policies are not “all risk,” meaning that there are circumstances
under which your belongings would not be covered.
You may consider having items such as these specifically
scheduled, if your insurance company allows you to do so. Scheduling personal
property means that your coverage for that particular item would extend beyond
the standard protection provided under your normal
homeowners policy. The advantages of scheduling specific items are
that it can broaden your coverage without being subject to a deductible. If you
are not able to schedule these types of items through your current insurance but would still
like to extend coverage, you may look to purchase a specialty
insurance policy.
It’s important to understand your
insurance policy as there may be situations in which coverage may not apply.
For example, if your skis or
snowboard were to break due to normal wear and tear, this may not be covered as
insurance is typically meant for sudden and unexpected losses. If you’re unsure
about what recreational
vehicles or equipment are
worth purchasing extra coverage for or if you’re unsure about
what types of coverage you might need, it’s best to reach out to an experienced
insurance agent.
Protection In Storage:
As winter comes to an end,
you’ll want to be sure that your belongings are covered even
in storage. You might consider lowering your liability
coverages for things like your snowmobiles during the off season depending on
your state restrictions. On the other hand, it makes sense to keep your
physical coverage all year round so that if your vehicle or equipment were to
become stolen
or damaged under a covered
peril while in storage, you would still have coverage. Without insurance you
would be responsible for the full cost of replacement or repair.
For more information about obtaining coverage for your winter
recreational vehicles and sport equipment, check out the link below to contact
one of our local agents!
