Summary
Hitting the road or water this summer? Ensure your motorcycle, RV, or boat is properly insured.
Before you head out, it’s worth considering how best to protect these valuable assets, and more importantly, yourself and others.
It’s a common misconception that your existing auto or home insurance policy will fully cover your recreational vehicles. While some homeowner policies might offer very limited coverage for small boats, and your auto policy might extend liability to a travel trailer when it’s hitched to your car, these often fall short of what’s truly needed. Recreational vehicles generally require their own specialized insurance policies.
Here’s how to protect your summer toys.
For Your Motorcycle
Riding a motorcycle comes with distinct risks. Most states require liability insurance, which helps cover damage or injuries you may cause to others or their property in the event of an accident. However, what about damage to your own bike? That’s where collision and comprehensive coverage come into play. Collision coverage addresses damage to your motorcycle resulting from an accident with another vehicle or object, while comprehensive coverage helps with events beyond your control, such as theft, vandalism, fire, or hitting an animal. Many policies also offer protection for custom parts and equipment, roadside assistance, and coverage for medical payments for you and your passengers, regardless of who is at fault.
For Your RV
An RV is more than just a vehicle; it’s often a home on wheels. This dual nature means RV insurance usually combines elements of both auto and home insurance. For motorhomes, liability coverage is typically required by law, much like car insurance. Travel trailers, although not motorized themselves, require the towing vehicle to have liability coverage; however, you should also consider coverage for the trailer itself. Beyond the standard comprehensive and collision coverage that covers physical damage to your RV, there are unique coverages for these vehicles. For example, “vacation liability” can protect you if someone is injured in or around your RV while it’s parked at a campsite. If you use your RV as a full-time residence, you’ll need a “full-timer’s” policy, which offers broader liability similar to a homeowner’s policy. Coverage for personal belongings inside your RV, emergency expenses, and even roadside assistance tailored for RVs are also common considerations.
For Your Boat
A seemingly isolated, heavy rain event can cause localized flooding that impacts your property, regardless of your proximity to a large body of water.
The financial implications of flood damage can be devastating. Repairs to foundations, electrical systems, HVAC units, and the replacement of personal belongings can quickly add up to tens of thousands of dollars, if not more. Without flood insurance, these costs fall squarely on your shoulders.
Life on the water can be exciting, but accidents happen. Boat insurance helps protect your boat against theft, damage from collisions, fire, and other perils, whether it’s on the water, in storage, or being trailered. Liability coverage is crucial here, as it helps cover expenses if you cause damage to another boat, a dock, or injure someone. Many policies also include coverage for wreckage removal, fuel spill liability, and medical payments for those on board. For those with specific needs, like expensive fishing gear or specialized equipment, additional coverage can often be added to ensure these items are also protected.
Understanding the unique risks associated with your boat, RV, or motorcycle and tailoring your coverage accordingly allows you to enjoy your adventures with greater peace of mind, knowing you’re well-protected against potential financial setbacks.
Before embarking on your next summer adventure, speak with a GTM Insurance broker today to ensure you are safeguarding your investment. Call us at 518-373-4111 or request a complimentary consultation.
