Summer is the season of outdoor fun! This means it’s time for many people to get out their summer toys and take them for a spin. Whether your favorite warm-weather plaything is a boat, jet ski, RV, ATV, or countless other recreational vehicles, these “toys” provide endless hours of entertainment for one and all.
Before you go out in the woods or out on the water with your summer toys, though, it’s important to make sure you have the right insurance to mitigate your risks while offering peace of mind designed to maximize your fun in the sun. In this blog post, we discuss a few important tips for making sure your summer toys are properly insured.
Assess Your Insurance Needs
The first step in getting the right insurance for your summer toys is to assess your insurance needs. You need to determine the type of coverage you need for your summer toy. For example, if you have a boat, you’re going to need different types of insurance protection, such as the following:
If you plan to take your boat out of state, you may need additional insurance to meet the needs of other states where you use your boat. Don’t forget to explore your needs for specialized insurance protection as well, such as boat towing insurance if your boat breaks down in the water, boat salvage insurance (in case your boat sinks and must be salvaged from the water), fuel spill coverage, and countless other options that can spare you considerable pain should an accident occur when you’re on the water in your new toy.
The same holds true with all your summer toys. You’re going to need more than the essentials to enjoy true peace of mind when it comes to protecting your assets.
Shop Around for Insurance Policies
Once you’ve decided on the types of coverage you need for your summer toy, it’s time to shop for policies. Make sure you’re making apples-to-apples comparisons when you choose a policy to protect your assets and your summer fun. If you choose a policy that offers lower premiums at the cost of scaled-down protection, it could cost you more than you bargained for in the end.
The key is to compare different policies by different providers to determine which insurance policy offers you the greatest value for your investment and the best protection for your toys. You do not always have to sacrifice quality coverage in order to get an affordable price. Shopping around gives you the opportunity to see what is available and choose what works best for you.
A good rule of thumb is to always shop your insurance needs with at least three different insurance providers to determine which one offers the best value for your dollars. The more options you consider, the greater diversity in protection and price you may discover. Working with an independent insurance agency can allow you to compare policies from multiple insurers to get the one that serves your needs best.
Read the Fine Print
The fine print may be the most important thing to note about insurance coverage when comparing your options. The issues below are commonly considered fine print when it comes to insurance policies:
Deductibles
This is your expected contribution, to be paid first, for a covered event. One event may have multiple deductibles depending on your policy, the event, and how the event plays out.
Coverage Limits
This is the maximum amount the insurance will pay for specific items, events, protection, etc.
Exclusions
These are items that are expressly excluded from coverage. Your insurance will not pay for these damages or events.
The better you understand these essential details, the better prepared you can be to choose the policy that offers the greatest value while marking off the fewest negative factors in the process.
Consider Bundling Your Policies
Bundling is a process in which you insure multiple items through the same insurer. Many providers will offer deep discounts for your loyalty. The more items you insure with their organization, the greater potential savings you can enjoy. That means if you have a pontoon boat, two jet skis, and an RV and you bundle the policies together through the same insurance provider, you have the opportunity to enjoy deep discounts on the total cost of your insurance protection.
Review Your Policy Regularly
Not only is it important to compare your insurance options. You also need to revisit and reconsider your policy regularly. Some families do this annually so you can stay up to date with new legal requirements, and changing insurance protection needs, and for greater peace of mind.
Also, if you add new summer toys to your collection, it is wise to revisit your existing coverage when you insure your new toy to make sure all your summer toys have adequate protection (and that your liability protection is sufficient as well).
If you’re not interested in reviewing your policy yearly, at least consider doing so whenever major life events occur, such as retirement, empty-nesting, childbirth, marriage, divorce, etc.
Insuring your summer toys is essential and necessary to protect your assets. By assessing your insurance needs, shopping around for policies, reading the fine print, bundling policies, and reviewing your insurance protection regularly, you can ensure that summer fun is backed by the right insurance to meet your needs. Arnold Insurance is here to help you get the right coverage for your summer toys. Contact us today to learn more.