Do you look forward to warmer weather so that you can take your side-by-side or boat out for some exhilarating fun? Although insuring your boat or ATV may not be mandatory, we still suggest you do so in order to avoid a potential spendy accident.
Speciality Insurance For Your ATV
An all-terrain vehicle (ATV) can be dangerous to riders and those around them, and it can be expensive to replace if it’s damaged.For these reasons, owners should consider purchasing ATV insurance. If you want to ride in some places, such as a state park, basic speciality insurance for your ATV is even required by law.
According to Chris Moon, “Depending on where you ride your ATV, you might be required to carry bodily injury and property damage liability insurance. Since ATVs and UTVs typically aren’t street-legal, there are no state insurance requirements to own a vehicle. However, many state-owned lands and parks allow ATVs only if riders have ATV liability insurance.
ATV insurance is not required on private property where someone has permission to ride. For example, an ATV owner does not need liability or any other coverage to legally operate their vehicle on land they own or lease. Having said that, ATV riders should still consider purchasing a policy to protect themselves and others. If you’re involved in an ATV accident and have no insurance, you’ll be held financially responsible for damages you cause, as well as costs related to your own injuries and damages to your off-road vehicle.”
Important Types Of ATV Specialty Insurance
Bodily Injury Liability: This coverage pays for damages associated with any other parties injured or killed in an accident with your ATV or off-road vehicle. It will also cover any legal fees resulting from any litigation against the policyholder. In both circumstances, this part of ATV insurance will cover the cost up to the claim limits of the policy. The limits of bodily injury liability are typically an amount per person and a total amount per accident, regardless of the number involved.
To avoid injuries and liability claims related to an ATV, there are a number of things owners can do. Keep your ATV garaged or secured so that only those with permission and supervision can ride. This is because even if someone does not have permission to ride your ATV, you may end up liable for the injuries suffered while they were riding it.
Property Damage Liability: This coverage is similar to bodily injury liability, except it pays for the cost of any damage an ATV driver causes to another person’s property. This includes personal property (such as any belongings) as well as their home or yard. Property damage liability also has a claim limit per damage incident.
Some states require that you have liability coverage on certain types of boats; like powerboats with more than 50 horsepower or on boats which are used in state parks or kept in state-run marinas. To find out if you are legally required to have insurance on your boat, view your state’s titling and registration requirements or complete an internet search for the information.
Boat U.S. says “Even if your state does not require you to carry boat insurance, your bank will if you have a loan on the boat, and your marina might. You won’t be able to get a loan on your boat without providing the bank with proof of insurance that covers the full value of the boat in the event of a loss. The bank gets listed as the lienholder on the policy so that if any loss payments are made they’ll be listed as a co-payee on the check. Most marinas require proof of liability insurance before they will accept a contract for a slip or a mooring and some will want to be listed as an additional insured on the policy.
Most boat policies are “All Risk” policies, which provide coverage for a broad array of calamities that could befall your boat, including theft, vandalism, lightning, fire, grounding or sinking to lost or stolen belongings. Look for options that will protect your personal items such as watersports equipment and fishing gear as well as provide towing coverage in the unfortunate event of a breakdown.”
The more your boat is worth, the more important insurance becomes to protect yourself from a large financial loss.
Even if you are not required to have insurance and your boat is not worth very much, you should still seriously consider insuring it. A collision with a small powerboat can cause serious injuries, and even if you are not found liable for those injuries, you could end up spending a significant amount of money in legal fees to defend yourself.
While obtaining speciality insurance for your boat or ATV might not be mandatory, our team can’t recommend it enough. After paying for your boat or ATV, the last thing you want is to face a catastrophe, and have to pay for it out of pocket.
To learn more about your options, give the Corwin-Rey team a call today at (360) 414-8754.