“The difference between men and boys is the price of their toys” – Malcolm Forbes
Indeed to be young is to be young at heart, and what better way to live this out than by camping with our loved ones in Zion National Park, carving the winding roads in the Tennessee hills on our Harley Davidson, or teaching the kids to fish from the bow of our 20′ Sportsman Island Bay?
Having these toys is wonderful, and making sure we have adequate protection makes sure the fun doesn’t fade! Here is a general list of different types of protection offered by various insurance companies so you have a better understanding of what’s available and how it basically works:
Generally this covers when you are found responsible for damages and injuries to others. Notice I didn’t say ‘fault’. I think its easier to understand that you can be found liable even if you didn’t intentionally hurt somebody else, and liability insurance on your favorite toys helps keep you out of this type of lawsuit.
This covers you if somebody else hurts you or damages your property and they either don’t have insurance or they don’t have enough insurance to cover the damages/injury.
In the event you cause an accident resulting in damage to your vehicle this will likely show your deductible, which is how much you pay before your insurance kicks in. Many companies simply deduct this amount from the check they provide you.
Comprehensive/Other Than Collision
When damage happens from anything other than an accident (things like wind, hail, you accidentally put a hammer through the side of your boat/RV, etc.) this is likely the deductible you pay before your insurance kicks in, and many companies also usually deduct this from the check they hand you.
Guaranteed, Stated, Replacement, Actual Cash/Fair Market Value
These relate to Collision and Comprehensive; some policies offer you the option of choosing how you want your vehicle to be rated in terms of dollar value:
- Guaranteed Value: In the event of a total loss from a covered peril your policy likely will pay out this amount in full, exclusions may apply such as deductible
- Stated Value: In the event of a total loss from a covered peril your policy likely can pay out this amount in full, exclusions may apply such as deductible
- Replacement Value: In the event of a total loss from a covered peril your policy likely can pay out this amount in full even if it is more than what your vehicle is currently worth, exclusions may apply such as deductible
- Actual Cash/Fair Market Value: In the event of a total loss from a covered peril your policy likely will pay you what your vehicle is estimated to have been worth right before the incident occurred, exclusions may apply such as deductible
From saddle bags to tackle boxes, equipment fixed to the vehicle can be covered under this endorsement.
Sections to target:
What happens when your personal property (not attached) to your vehicle is damaged? This protection can help cover replacing these cherished items.
This can help cover roadside assistance which may include fuel, tire change, towing/hauling, and other services.
Did you know some insurance companies will reimburse you for some/all of your costs for your vacation? From hotel rooms to guided tours!
How are you hauling that boat or jeep around? What happens if that trailer comes loose and hurts somebody else, or if somebody rear-ends you and damages your trailer and boat? Some policies might only cover damage to your boat while its on the water, and might offer trailer protection to cover your boat when you are hauling it around.
Parade/Track Day Coverage
Do you enjoy showing off your 1978 DeTomaso Pantera to the crowds, or racing around the track? This coverage applies when damages occur during these events.
Some companies will even protect your extra rims/parts, tools, and neon signs in your garage!
If you have any additional questions about protecting your favorite toys feel free to comment below, and be safe out there!