Looking for insurance for your boats, classic cars, RVs, and ATVs? Learn the importance of having insurance for your toys and the coverage options available to keep your investments protected.
Spring has arrived and many people are eager to get their spring toys – motorcycles, boats, trailers, RVs, ATVs, and classic cars – out for the season ahead. However, using these vehicles comes with inherent risks. To mitigate these risks, it is crucial to ensure that your equipment is fully insured this season. In this blog, we have explained why it’s important to insure your equipment, the liability risks, and the available coverage options.
Motorcycles
Before you hit the open road on your motorcycle this season, you’ll want to make sure that you are fully covered and have Ontario motorcycle insurance. Motorcycle insurance policies have many of the same coverage as other auto insurance policies in Ontario.
To operate a motorcycle legally, you will need:
- Third-Party Liability
- Direct Compensation Property Damage (DCPD)
- Uninsured Automobile
- Accident Benefits Coverage
Most times, motorcycle claims are a result of a collision and protect against personal injury, property damage, and liability. This means, if you are injured in an accident, if your motorcycle is damaged, if another person is injured in an accident, or if their property is damaged as a result of a collision, motorcycle insurance may protect against these unforeseen situations.
Additionally, there are optional coverages for motorcycle insurance including:
- Collision Coverage
- Comprehensive Coverage
- All Perils Coverage
- Increased Accident Benefits Coverage
- Increased Liability Coverage
To determine your risk and policy rates, your insurance broker will review your driving record, as well as any customizations your bike may have because it often requires special coverage. Contact your Ontario insurance broker today to ensure you are properly covered under your motorcycle insurance policy.
Get a free motorcycle insurance quote here.
Boats
If you plan on taking your boat out on the water this season, you should consider getting boat insurance to protect yourself, your passengers, and your boat.
Various types of claims can be covered by boat insurance, including collisions with other boats or submerged objects, harbour collisions, groundings, stranded or wrecked boats, accidents related to intoxication, medical emergencies, slips and trips, malfunctioning equipment, lost or stolen equipment, theft of the boat, and storm damage while moored.
If your boat has a motor, you should, at a minimum, consider liability coverage. The likelihood of risk increases the bigger your motor is. Other important reasons you should have boat insurance include:
- Liability coverage for injuries
- Liability coverage for property damage from operating the boat
- To help keep any claims separate from your home insurance as the liability on your home automatically extends from your home to your boat for liability purposes only.
- To guarantee its eligibility to be in the water each year
Types of Boat Insurance
Agreed Value
If your policy is an agreed-value policy, the insurance company agrees to honour the value of the boat at the time that the policy was written. It may cost more upfront, but there is no depreciation for a total loss of the boat. It is important to note that some partial losses may be depreciated.
Actual Cash Value
If your policy is an actual cash value policy, you will pay less upfront, but be faced with depreciation. If you were to have a loss, the value of your boat will be reviewed at the exact time of the loss and depreciation will be applied for its use accordingly. As your boat ages, your insurer will likely suggest this policy as you may receive significant savings.
Although there is no law in Ontario that requires you to carry boat insurance on your boat, there are still reasons to have insurance in place. Many marinas will require proof of insurance if you’d like to store your watercraft at their facility. Our boat and watercraft insurance experts are anchored down and waiting to assist you. Contact a Youngs Insurance Brokers boat insurance specialist today.
Get a free boat insurance quote here.
Learn more about why need boat insurance here.
Learn how to protect your jet ski here.
RVs and Trailers
Exploring the great outdoors with a recreational vehicle can be a fantastic way to appreciate the natural beauty of our country. Nonetheless, accidents do occur, and it's important to shield your investment and yourself with appropriate insurance coverage.
Just like any other form of insurance, RV insurance plays an essential role in minimizing your risk and protecting you in the event of an accident. Because an RV is operated independently, you must carry an auto liability policy. However, RVs come with unique risks due to their size and value. They can range from $30,000 to over $200,000, and you'll want to ensure you can recover the costs in case of a loss. Moreover, RVs are larger vehicles that can cause significant damage and injuries to others or properties, making it crucial to have adequate coverage. Motorhome insurance is mandatory because it is a vehicle. You can have a stand-alone insurance policy or add the motorhome to your auto insurance policy.
Trailer insurance is not mandatory, and you can use your trailer without it, but it’s highly recommended that you have it. It can assist with coverage costs of loss or damage to your trailer and liability coverage for accidents that may occur while. However, when pulling your trailer the liability from the towing vehicle is automatically extended to the trailer, but physical damage coverages are not and that is why it is important to insure it specifically.
Classes and Coverages
Motorized RVs are typically categorized into 3 classes, Class A, Class B, and Class C. Class A RVs are typically the largest, ranging from 24 to 45 feet long. Class B is typically the smallest, ranging from 16-21 feet and Class C is typically the middle size between Class A and B, ranging from 21-36 feet.
Type A Coverage
This type of insurance is for recreational vehicles that you are driving to a destination. Type A coverage will offer you protection for emergency expenses, liability coverage, all perils, personal property protection, and depreciation waiver.
Type B Coverage
This kind of RV insurance is an add-on coverage that is for travel trailers, truck campers, tent trailers, and fifth-wheel trailers. This type of coverage adds comprehensive or collision coverage.
Contact your Ontario insurance broker today to ensure you are properly covered under your RV insurance policy.
Get a free RV or trailer insurance quote here.
ATVs
ATVs are notoriously dangerous off-road vehicles. To have coverage for physical damage to the ATV and liability coverage in case you unintentionally injure someone or damage their property, your ATV will need to be added to your existing car insurance policy or can be insured on its own stand-alone policy.
The mandatory protection for ATVs includes:
- Third-Party Liability: In case of injury and damage to others and their property from a vehicle accident.
- Direct Compensation Property Damage (DCPD): If you’re not at fault, damages to your vehicle are covered.
- Uninsured and Unidentified Automobile: If an uninsured driver is at fault, medical costs and damage are covered up to your policy limits.
- Accident Benefits: If you are injured or killed in an accident, this will provide coverage to you and your family up to specific limits.
If you own an ATV in Ontario, we recommend that you get insurance for it. Your Ontario insurance broker can assist you with the right coverage for your off-road vehicle.
Classic Cars
Classic car insurance is a special type of auto insurance that is specifically designed for the protection of classic cars used for pleasure, collectible, or investment purposes. It offers the same protection that a typical auto insurance policy does, including collision, comprehensive property damage, and bodily injury liability, however, there will be factors unique to classic cars that will affect the insurance premium.
Similar to any other car, if you plan on driving your classic car on the road, it needs to be covered by:
- Third-Party Liability
- Direct Compensation Property Damage (DCPD)
- Accident Benefits Coverage
- Uninsured and Unidentified Automobile: If an uninsured driver is at fault, medical costs and damage are covered up to your policy limits.
The use and purpose of classic cars differ greatly from regular modern cars, so the insurance for classic cars also differs. Contact Youngs Insurance Broker to find the specific and unique insurance coverage that your classic car needs, at the best price possible.
Get a free classic car insurance quote here.
Learn more about classic car insurance here.
In conclusion, insurance is an important part of owning and operating any type of vehicle, including boats, motorcycles, ATVs, RVs, and classic cars. Without insurance, you could be facing substantial financial losses and legal liabilities in the event of an accident or theft. Don't take chances with your vehicles - invest in the protection that insurance provides.
Talk to your insurance broker today and alleviate some worry this season.
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Disclaimer: The information provided on this blog is for educational purposes only and is not intended as professional insurance advice. The coverage, terms, and conditions of each insurance policy are unique and subject to individual circumstances. The information provided does not guarantee the availability or suitability of any insurance policy for your specific needs. You should not rely on the information in the blog as an alternative to professional advice from your insurance broker or insurance company. If you have any specific questions about any insurance matter, please consult a licensed insurance broker for personalized advice and guidance.