Since the weather has warmed up, it’s time to break out the motorcycles, boats, and RVs! It’s time for some fun, but it is also important that you enjoy these big toys responsibly.
Besides operating them safely, you must also carry adequate insurance. Otherwise, you’re jeopardizing your costly big toys and possibly your financial future.
Those riding motorcycles are vulnerable on the road. Their vehicle does not protect them, they are harder to see, and more likely to be seriously injured or killed in an accident.
As a result, motorcyclists often need other coverages besides liability insurance. For instance, you will probably want collision coverage to protect your bike if it is damaged in an accident.
You may also want to add comprehensive to protect it against theft, vandalism, and other perils. You should also uninsured/under-insured motorist coverage, since 17 percent of Rhode Island drivers have no or insufficient insurance coverage. The point is, don’t just buy the cheapest motorcycle insurance policy you can find. It won’t protect you or your bike.
Even though Rhode Island does not mandate insurance on your boat, you’d be crazy not to get coverage considering it is so affordable. Many marinas and most lenders require some form of insurance, but even if you store your boat in a private boathouse it is still at risk.
The cost of boat insurance is far less expensive than replacing your boat or paying for the costs involved in a lawsuit. If you’re at-fault in an accident you could pay damages, medical payments, legal fees, and a settlement. Plus, you’ll pay for your boat too.
Boat insurance premiums are calculated on factors such as value, length, type, age, usage, and your claims history. Some insurers offer discounts of up to 10 percent if you take a boating safety course through the U.S. Coast Guard or other organizations. You may also qualify for a discount if your boat is equipped with items such an alarm or built-in fire extinguisher system.
Generally, insurance is optional for towed, self-contained vehicles on Rhode Island. However, just because the state doesn’t mandate it that doesn’t mean you don’t need it. RV insurance protects you from out-of-pocket costs and these can be considerable.
For instance, a towed camper can cost as much as $40,000. A fifth-wheel can cost over $70,000. Without insurance coverage, you risk your entire investment. Plus, if you’re found at-fault in an accident, you will carry all the costs associated with it such as damages to other vehicles or property, medical costs, and more.
All other recreational vehicles must have at least state liability coverage minimums, but this is not sufficient coverage for precisely the same reason. A good RV insurance policy can offer similar protections to an auto policy, such as collision, comprehensive, bodily injury and property damage liability. Additionally, it may insure your personal items and offer roadside assistance.
The cost of RV insurance relies on many factors such as vehicle class, usage, driving history, coverage chosen, deductible, and more. However, it provides peace of mind and value.
Loiselle Insurance Agency works for you, not the insurance companies. Call us to discuss your insurance needs. We may be able to bundle insurance for your big toys with your other insurance policies for a substantial discount.