Unique Coverage: RVs, ATV, Detached Structures, & More

November 27, 2017

Being knowledgable about insurance won’t make you the life of the party. However, not having certain kinds of coverage could put a damper on your life.

Here are examples of coverage you may not have thought of.

1. RV insurance. Many of us have our 9-5 vehicles (the mini-van, the sedan, etc.) and our other vehicles. These include motorcycles, RV’s, off-road vehicles, etc. In the case of RV’s, some people cover them as regular vans. For example, the Chevy Express 2500 could be a passenger van, cargo van or RV. If you do not specify that you use it as an RV, your coverage could be lacking. Often times RV coverage will include the full replacement cost for vehicle and not just what you paid for it. Also, some people may store their RV off-site or not need year-round coverage. If your policy doesn’t reflect that the RV is stored off-site, damage or other loss may not be covered. Typically, personal items in a vehicle are not covered. Such coverage is available for an RV policy. Finally, if you have an antenna or similar attached to your car, it may not be covered unless you have an RV policy.

When it comes to an ATV – since its an off-road vehicle – you may not think its necessary to have insurance for this toy. However, if the vehicle is stolen, damaged or you are injured when using it, your car, health, or related policies may not completely help you. The same is true for a jet-ski and other personal water-craft. Right now, this coverage might seem like a waste of money. Yet, if your toy is vandalized, stolen, or you are injured when using them, this kind of coverage might seem to have significant value!

2. Detached Structure Coverage. Many people believe that anything on their property is (automatically) covered by their homeowners insurance. However, if you have a work-shed, garage that is not attached to your home, or other equipment (like a tower or antenna), it is probability covered DIFFERENTLY than the rest of your house. For example, your home may be covered up to a replacement cost of $275,000. Typically, all structures that are not attached to your home are only covered up to 10% of this amount or $27,500. That might sound like a lot. Though, consider you’ve converted a caboose into an additional living area, you have a garage for your ’67 Corvette, and you have a large tool/garden shed. If the Corvette and Caboose are damaged due to a the maximum you will receive is $27,500 total (if this is what is required to make the necessary repairs). Hence, the 10% or $27,500 is not PER BUILDING.

4. Especially if you live in a state where people are more likely to sue for injuries, accidents, etc. personal liability insurance might make sense. Consider that you are responsible for an accident with a passenger van where 4-5 people are injured. The cost of medical, legal, and other expenses can quickly exceed your vehicle liability coverage. Many times, you can have $1,000,000 of coverage for about $200, depending on your family size, how many vehicles you have and how many ‘toys’ (motorcycles, RV’s, and water-craft) you have.

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