You’ve purchased the RV, boat, ATV, or other big toy that you’ve been dreaming about for years. Congratulations! Now, how are you going to protect it? Here’s what you need to know about insurance for RVs, boats, and other big toys.
Do I Really Need Insurance for My New Big Toy?
Absolutely. Just like any other major purchase, you want to protect your property with an insurance policy. In Minnesota and most other states, liability insurance is required on all RVs and motorcycles. But even if the state doesn’t require you to carry insurance on your big toy, it is still a wise idea to purchase a policy. Not only will insurance cover the cost of damage, it provides vital funds in the event that someone is injured while enjoying your RV, boat, ATV, or other big toy. Without an insurance policy, you’d be paying for these expenses out of pocket.
Insurance for RVs
RV insurance covers your liability in the event of an accident or other incident. This includes costs related to any bodily injury and property damage you cause to others in an accident. Bodily injury liability coverage will pay the injured person’s medical bills and loss of income, up to your coverage limit.
In addition to this vital coverage, most RV policies also include comprehensive and collision coverage to cover the costs of damage to your RV in an incident or road accident. Other common coverage includes uninsured/underinsured motorist coverage that covers injuries and damage you sustain if another driver does not have enough insurance.
Boat Insurance in Minnesota
If you’ve purchased a small boat, such as a fishing boat or sailboat 26 feet or less, your homeowner’s policy may cover up to $1,500 in physical damage as well as limited liability. For larger boats, jet skis, and other personal water crafts, an additional boat policy is a must. However, a separate boat policy for any sized craft is also a wise choice.
Like RV insurance, boat insurance will cover bodily injury and property damage. It may also cover guest passenger liability in the event that you lend your boat to a friend or family member and they get in an accident.
Your new ATV isn’t covered by your auto insurance policy, but you may have limited liability coverage through your homeowner’s policy. Either way, you will want to purchase separate coverage for your new toy to ensure you do not have to pay out of pocket to cover expenses in the event of an accident.
The Lake Region Bank insurance team can help you understand the state’s insurance requirements for your latest purchase and help you find coverage that will protect you, your family, and your property in the event of a loss. Our friendly agents are experienced in writing RV, boat, ATV, and other recreational vehicle insurance policies. Need to insure your big toy? Reach out to Lake Region Bank today to discover your options.