Recreational vehicles and other vehicles that are used for fun, sport, and adventure are a blast and a great way to enjoy life. These types of vehicles include RVs, personal watercrafts, four wheelers or all terrain vehicles (ATVs), boats, yachts, and classic cars. Although often times these vehicles are purchased for the sake of having fun and enjoying life, they still involve a significant amount of risk. But, never fear! Getting the right insurance policy will allow you to enjoy your boat on a calm sunny day or your RV on a cross-country road trip with peace of mind.
RVs are organized into class A, B, and C motorhomes or they are categorized as a travel trailer or a camper. The type of RV that you have determines the type of insurance policy that you need. Class A motorhomes are the largest, most expensive and decked-out RVs on the market. They are fully equipped with modern appliances, electronics, and living spaces and can sleep up to eight people. Class B motorhomes are the smallest RVs available that are considered motorhomes, sleeping up to four people. They can be called camper vans and boast much lower-end amenities than the class A motorhome. Class C motorhomes are larger than class B motorhomes but smaller than class A motorhomes, making them the mid-range option on the market. These motorhomes sleep six people and are often called cab-overs because there is a continuation of the living space that extends above the the cab of the vehicle.
Travel trailers are considered RVs but are different from motorhomes because they are pulled by another vehicle and do not have their own engine. However, they are similar to motorhomes in that they provide living space and are available in a wide range of sizes, prices, and amount of amenities included. From the fanciest motorhome to the most basic trailer, each RV on the market has its own specific characteristics that determine the type of insurance that is required. A common RV insurance policy can include the following types of coverage:
- Coverage of costs if someone suffers bodily injury or property damage because of an accident you caused with your RV.
- Required by all states for all vehicles.
- Coverage of costs if your RV is lost or damaged in an accident that is not collision related.
- Often covers damages caused by theft, vandalism, weather, fire, hitting animals, etc.
- Coverage of costs if your RV is damaged in a crash with another vehicle or fixed object.
- Coverage of costs if you cause bodily injury or property damage to another person while using your RV specifically for vacation purposes.
Additional coverage options may include:
- Total loss replacement coverage: If your RV is totalled, you will be paid the actual cash value of the vehicle.
- Towing and roadside assistance: If your RV breaks down or you have mechanical problems, your roadside assistance or towing is covered.
- Full-timer: Special coverage, that is similar to homeowners insurance, for your RV if it is your full-time residence.
- Uninsured motorists: Coverage if you are hurt or your RV is damaged by a motorist that does not have insurance or insufficient insurance.
- Coverage of personal belongings inside your RV.
Not all coverage types are mandatory by law, but because of the large investment you’ve made in your RV, it is important to get the coverage you need. In all states liability insurance is mandatory for all vehicles. In some states, uninsured motorist coverage is also required, but in others it is up to the customer’s discretion. Also, collision and comprehensive coverage are optional coverages that the customer may decide to purchase or not to purchase. If you are renting an RV, living in your RV as your full-time residence, or financing your RV, these are special cases that require specific coverage.
Similar to RV insurance, the most common all terrain vehicle (ATV) insurance policies include liability insurance, comprehensive insurance, and collision insurance. In addition, ATV insurance policies also include coverage of medical payments because of the relatively high risk of injury when driving these vehicles. I think we can all agree that when a Bachelor party decides to drive some ATVs through the desert during their weekend of celebration, insurance is probably a good idea.
ATV insurance is often sold as part of a larger package of coverage, and it is most likely more economical to insure your ATV along with other vehicles under the same policy. ATVs can be included with a motorcycle policy or grouped with other off road vehicles in an ORV policy. Other off road vehicles that can be insured along with your ATV include:
- Golf cart
- Dune buggy
Personal Watercraft Insurance
Personal watercrafts (PWCs) can be divided into two categories: stand up personal watercrafts and sit down personal watercrafts. Stand up PWCs are meant for one person who either stands or kneels while driving, and sit down PWCs are designed for one or two people that are seated while driving. If you already own a boat, you can most likely add your personal watercraft to be covered under your boat insurance policy. If you don’t own a boat or you are looking for just PWC insurance, there are several coverage options available. Similar to RV and ATV insurance, most policies include:
- Liability coverage
- Comprehensive coverage
- Collision coverage
Most insurance companies also offer the following coverage options for personal watercrafts:
- Total loss replacement – Payment of original cost of your PWC if it is damaged beyond repair.
- On-water towing and labor – Coverage of water towing fees or mechanical assistance on the water.
- Medical payments – Coverage of medical payments if you are hurt using your personal watercraft.
Having a PWC insurance policy will let you enjoy your jet ski with greater peace of mind, but don’t get crazy. Since these vehicles are used for recreational purposes, insurance companies are not willing to cover accidents that are caused by irresponsible drivers. If you cause an accident while driving in the dark, driving without a license, or driving a vehicle that has been altered to increase its speed, you’re out of luck. The insurance company will not be mad at you, just disappointed…and you can forget about getting your money back.
Boat and Yacht Insurance
In all states besides Arkansas and Utah boat insurance is not required by law, but it is strongly recommended. You might be wondering, do I really need boat insurance? Yes you do. Boats and yachts are major investments that should be protected just the same as automobiles and homes. Also, accidents happen on the water and it is always better to be safe than sorry.
Don’t assume that your boat is included in your homeowner’s insurance policy, because it most likely isn’t. It is almost always necessary to have a separate specific policy for your boat or personal watercraft unless it is very small or fits into a specific set of requirements. Yachts often require more extensive coverage than boats because they tend to be larger and more complex, but whether you’re a simple fisherman or a high rolling yacht owner, boat insurance is a must. A typical boat insurance policy includes:
- Liability coverage – Covers costs if you damage another person’s boat or property, or injure another person, while operating your boat.
- Boat coverage
- Collision – Coverage if your boat is damaged in a crash.
- Comprehensive – Coverage if your boat is damaged in a non-collision incident.
- On-water towing – Coverage for towing if your boat breaks down or faces mechanical problems on the water.
- Uninsured watercraft coverage – Covers costs of damage done to your boat in the event of an accident with an uninsured or underinsured watercraft.
- Medical payment coverage – If you or someone on your boat is physically injured in an accident involving your boat, your medical bills can be covered.
Boats tend to involve a lot of added bells and whistles, so it is smart to consider ensuring the extras as well. Some additional coverage options for boats and yachts include:
Boat trailer coverage
Special equipment coverage – Can include fishing or boating equipment that you keep onboard your boat.
Classic Car Insurance
If you are an owner of a classic car you are an owner of a piece of history. Your car does not only get you from point A to point B, but it has character, style, and personality. It also likely had a high price tag, but it’s your baby, right? Totally worth it. If you are a classic car owner, it is important to get the right classic car insurance so that you can cruise around like a boss with peace of mind. A typical classic car insurance policy would include the following coverage options and characteristics:
- Collision coverage: Covers costs of physical damage done to your classic car in the event of a crash.
- Comprehensive coverage: Helps cover repair or replacement costs your classic car is stolen or damaged in a non-collision incident.
- Liability coverage with high limits: Extensive coverage to protect classic car owners if they are ever sued in the aftermath of an accident involving their collector car.
- Uninsured motorist coverage: Covers costs of damage done to your classic car by a motorist who was driving without insurance or insufficient insurance.
- Coverage of medical bills if you are injured by an uninsured driver while driving your classic car.
- Authentic repairs: Ensures special care and proper restoration techniques so that your classic car is restored to its former glory and original authenticity and condition if damaged in an accident.
What makes classic car insurance different than regular auto insurance?
- The value of your classic car will be determined when you purchase your classic car insurance policy, so there will be no dispute about the value of your car in the event of a covered total loss.
- If the market value of your classic car increases, you’ve hit the jackpot. You have the option to increase your coverage to match your car’s current market value at anytime.
- Since classic cars are loved and cherished, they are generally driven less often than non-classic cars. Therefore classic car insurance tends to be much less expensive than regular auto insurance.