insuring atv's, motorcycles and toysFor those of us who enjoy our toys, the ease at which we can overlook insurance for them can cost dearly. What kind of toys are we talking about? They are not cheap. We are talking about motorcycles, personal watercraft, ATVs, boats, RVs, travel trailers, and 5th wheels. The chances are good we left out a toy or two, you get the idea.

“I don’t need insurance for my ATV, it’s not like I am driving it on a public road with other people every day.” Here is another common observation – “I have insurance for my truck, and I am fairly certain it will cover my travel trailer. I’m good to go.”.

One of the common rebuttals to the idea of insuring toys is that the law does not require it in my state. While this is true in many states, for certain recreational vehicles, it does not justify the lack of foresight the individual has. The reality of life is that bad things happen. When these events occur, they happen to two distinct types of people. The ones who are prepared and the ones who are not.

How much did your toy cost? Have you taken into consideration the possibility of bodily injury to someone else while operating your toy? Thieves are everywhere, what if a criminal steals your ATV or travel trailer? Each of these toys are used outdoors, have you thought about damage to it?

This is a decision, whether or not to insure my toy, that needs no pros and cons list. It should not be debated, each of these toys should be insured. The reasons are obvious, especially to those who did not insure their motor home, 5th wheel, boat, etc..

Take for example the homeowner who assumed their homeowners insurance would cover their boat while it was off the property. While some policies may have limited coverage, typically $1,000 to $1,500, the coverage is for damage that occurs at your home.

With this in mind, if there is a severe thunderstorm that occurs and destroys your boat, your coverage would be limited to this dollar amount. How much did the boat cost you again?

Staying with the boat theme, a day on the water brings with it other water sports enthusiasts. From the dock, to the lake with other enthusiasts, and back to land, the opportunities for an accident are plentiful.

A boater without insurance, in particular liability, puts themselves and others in a dangerous position. What happens if you accidentally damage the dock? While you are out on the lake you have an accident with another boater, causing significant damage to their watercraft. Do you have a spare couple thousand dollars to cover this expense?

Let’s take a look at some other scenarios from experience. For the ATV and motorcycle users, have you taken into consideration the possibility of bodily injury to a passenger? Or, what if while riding you damage property?

Motor homes, 5th wheels, and travel trailers are especially prone to circumstances that insurance can save the owner from financial hardship. Concerning the 5th wheels and travel trailers, while you certainly have vehicle insurance for the truck used for towing, are you aware that it typically does not cover what is being towed? In most cases, the liability on the vehicle doing the towing will cover you if damage occurs to another vehicle as a result of your hitch coming undone. However, it does not recuperate the loss of the 5th wheel or travel trailer in most circumstances.

Motor homes are usually required to have liability coverage since they travel on the open road. Consider this scenario. Your motor home is usually parked for extended time periods, perhaps your property or a storage facility. What happens if there is storm damage, a fire erupts, or flooding? These are the questions that need to be asked beforehand. Again, it is better to be prepared than to be caught off guard.

Personal watercraft is an easy one to discount. It only takes one misstep and have an accident with another jet skier that results in bodily injury to see the error in judgement in not having insurance. An injury as simple as a broken arm can cost thousands of dollars in medical bills.

This may have seemed like fear mongering. That is understandable, why someone who reads this may feel that way. The reality is there are thousands of people every day taking unnecessary risks with their financial future.

We love our toys. Does it not make sense to put in place safety measures that protect you, and others, from unnecessary financial hardship? If for no other reason than to insure that if something happens to your toy that it can be replaced quickly?

The risk versus reward analogy is fitting, to some extent. If someone plays enough, they are sure to encounter a bad hand. Be prepared for that day.