At Steffey Hatoway, we refer to many things simply as “Toys”. When we refer to toys, we mean: motorcycles, ATV’s, boats, RV’s, trailers, snowmobiles, etc. These are the small things in life that really make us happy. We use these for recreation. We use these to have fun!
This aside, they still must be properly insured. Many of the things listed need the same coverage you would apply to your automobile policies. You need liability coverage to protect others from yourself, and you need additional coverage to protect yourself from others. Many of these things generate small premium amounts. It’s very common to insure these items from $100 to $500 per year.
The factors that drive premiums with toys are abundant, but two are very important. Firstly, the cost or replacement cost of the toy drives the premium. The more expensive the motorcylce, or boat, or ATV, the more premium it will require you to pay per year. Another large factor when determining the price of insurance on a toy is the performance type. A speedboat will generate more premium than a pontoon boat. A “crotch-rocket” will usually cost more than a Harley cruiser. These are the things that really determine what you pay each year.
Keep in mind, in the case of pull behind vehicles, such as trailers or campers, you need coverage to protect the item but your liability coverage extends from your auto insurance while in transit. This is important to note when initializing the insurance. Our representatives can explain more about how to cover your toy properly if/when you contact our office. Some of these things can be attached to your automobile policy and some of them should require their own policy. Let us guide you through that process.