ASK SAVA – What do you think about insurance on my new toy – a motorcycle.

21 Feb ASK SAVA – What do you think about insurance on my new toy – a motorcycle.

GRACE Mid May 2011

ASK SAVA: What do you think about insurance on my new toy – a motorcycle. Is there a special policy for items such as RVs, boats, and motorcycles? Should I just get a quick, inexpensive policy? What do I need to think about?

Q – In today’s economy, everyone’s looking for ways to save. But cutting back on certain things now could mean heftier bills later.
That certainly holds true for insurance on your motorcycle, boat or RV – an accident could cost you hundreds, and you don’t want to be stuck with the bill. On the other hand, insurance for your toys can be pricey.

So how do you find the balance and get the best coverage for your money?

If you often go on long motorcycle trips away from home, consider a motorcycle policy that includes Trip Interruption. This coverage pays for your transportation, food and lodging if you get stranded on a road trip.

If your motorcycle is brand-new or less than two years old, consider adding Total Loss Replacement to your policy. If your bike is stolen or totaled, this coverage will pay for a brand new bike of the same make and model.

If you’re insuring your RV through an endorsement on your auto policy, consider specialized RV insurance. Dedicated RV coverage will pay for many incidents that an auto policy won’t. For example, an auto policy will leave you out in the cold if your RV breaks down while you’re away from home, consider purchasing a specialized RV policy with Emergency Expense coverage will pay for lodging and transportation until your RV is fixed. And unlike an auto policy, stolen items like electronics are covered if you have Replacement Cost Personal Effects coverage.

If your boat is insured through an endorsement on your homeowners policy, consider a specialized boat policy. Some companies boat policy offers coverages beyond the scope of a standard homeowners policy, like Roadside Assistance, which covers towing for your boat, trailer and your tow vehicle, even if your car or truck is insured with another insurance company.

Adding specialized coverages like these to your policies can be less expensive than you think. For example, Trip Interruption coverage for motorcycles costs as little as $5 a year with Roadside Assistance – a small price to pay for peace of mind when you’re on the road. Ask your local independent agent which policies are right for you and your toys.

For more information about specialized coverages, talk to your independent insurance agent or broker.