If you own a boat, jet ski, or RV or are considering purchasing one, it’s important to protect them with the appropriate insurance coverage. Marine insurance is often more expensive than MC and recreational vehicle insurance. This is because the average boat or RV owner spends more on repairs and maintenance than gas and oil.
You may believe your existing auto insurance policy will offer you the required coverage, but this is not the case. Each of these specialist vehicles necessitates its own insurance policy to ensure that you are protected in case of an accident or damage.
Recreational Vehicles (RVs)
If you own or plan to own an RV soon, ensure you safeguard it, yourself, and your passengers by purchasing MC and recreational vehicle insurance. In most states, you must get separate RV insurance if you:
- Financed your RV
- Rent out your RV to others
- Have a Class A (the largest of all RV classes, sleeping up to eight people) or Class B motor home (sleeps up to four and mid-size)
If you finance your RV, your lender will require you to maintain full coverage insurance for the loan duration. When shopping for insurance, seek a recreational vehicle insurance package that includes the following coverages:
- Bodily injury and property damage liability
- Uninsured or underinsured drivers
- Medical expenses
- Collision and comprehensive
- Providing roadside assistance
- Cost of replacing personal items kept within the RV as well as the RV’s cost
- Coverage for any injuries sustained while your RV is parked at a temporary residence
Boats and Personal Watercraft
Your boat and PWC insurance coverage should cover the following to protect you and your investment effectively:
- Dock or any other PWC damage
- Personal injury or death to yourself or others
- Another driver’s negligence
- Physical damage to the hull, machinery, and equipment is covered under towing coverage.
Ensure you understand any exclusions in your policy to guarantee you’re adequately covered. Although boat insurance may not be necessary unless you are financing the purchase, verifying your state’s laws is crucial to ensure you follow the law.
Some Extra Boat Insurance Coverages to Consider
- Repair expenses
- Personal property insurance for things like fishing gear
- Boat trailer coverage
- Coverage to protect your boat’s value and pay you what it’s worth on the day you bought it.
- Uninsured coverage if your boat collides with another boat that is not insured.
- If you or a passenger is harmed and requires medical attention, you may be eligible for medical payment coverage.
- Boat insurance costs typically between $300 and $500 per year.
These tips will assist you in finding an insurance carrier offering your preferred type of MC and recreational vehicle insurance. To save you money on your insurance, always inquire about potential discounts, including multi-policy, full-pay, and boat education discounts!