With the weather turning warm, people everywhere are breaking out their favorite summer "toys," including recreational vehicles (RVs), boats, motorcycles and all-terrain vehicles (ATVs).
Unfortunately, you can't assume that your part-time vehicles are properly insured under an existing auto and / or homeowners' insurance policy. And rather than simply tacking these substantial investments onto another policy, it's best to look into policies designed specifically for each.
Insurance coverage for RVs such as travel trailers, motor homes, fifth wheels, and truck campers offer protection that ordinary auto insurance doesn't offer. Here are a few reasons to consider RV insurance in addition to your auto insurance policy:
- Roadside Assistance: Even if your auto policy covers some roadside expenses, it may not cover towing that big, heavy RV – leaving you to pay the bill.
- Financial Protection: Insurers that offer RV coverage often have claims representatives who know how to look for damage specific to RVs, including specialized RV parts like awnings, slide-out stairs and appliances.
- Personal Property Protection: Your "home away from home" probably houses things you wouldn't keep in your car such as camcorders, laptops and jewelry, which may not be covered under an auto policy.
- Protect Your Investment: RVs are expensive! It's best to carry "full replacement cost coverage" to ensure payment in full if the vehicle is irreparable, rather than reimbursement based on current market value.
Don't assume that your shiny new boat is covered under your homeowners' policy. A boat is, for all intents and purposes, a moving vehicle. As such, you need coverage similar to an auto policy, including protection for:
- Bodily injury that your boat inflicts on others.
- Property damage your boat inflicts on docks and other boats.
- Physical damage to your boat, should you hit something or run aground.
You'll also want to consider comprehensive coverage against theft, vandalism, fire and flooding; personal property coverage for fishing gear and other items; uninsured boater insurance (like uninsured motorist insurance) and even "boatside assistance" in case you need a tow.
Motorcycle insurance is essential – and like car insurance, can vary in price depending on the type of bike you ride. In other words, insuring a high-performance sport bike usually costs more than covering a lower-powered bike, scooter or moped.
The components of a comprehensive motorcycle policy are also similar to auto coverage, including collision insurance (to cover damage to your bike resulting from an accident), comprehensive coverage, bodily injury liability coverage, property damage liability coverage, uninsured motorist insurance, and roadside assistance .