Toy Insurance. Do you insure your toys?
Do you have a toy that need insurance?
Do you have insurance for your motorized toy?
What do we mean by motorized toy?
In Maryland, these toys are very popular:
- Boats
- Jetskis/Waverunners
- E-Bikes (pedal assisted bicycles)
- Dirt bikes
- ATV’s
- Golf Carts
- Compact Tractors
- Etc.
Boats and Jetskis/Waverunners
Did you know that boat insurance is not required to register and operate a boat or jetski/waverunner in Maryland? Although insurance is not required, this toy needs insurance.
A scary statistic is that around 40% of boats and 50% to 60% of jetskis/waverunners and other personal watercrafts on the water do not have any insurance.
And in Maryland, boater safety courses are not required for people born prior to 6/1/1972. So there is a possibility of having an untrained, uninsured boater right beside you on the water.
If you have a smaller boat, usually less than 20 feet long and less than 50 horsepower, may be covered for liability under your homeowners insurance policy. Check with your insurance company to verify.
Protect yourself by make sure you have the proper insurance for your water toy.
Golf Carts, ATV’s and Dirt Bikes
This is another category of toy that is not required to have insurance in Maryland. (Unless the toy is registered for street use)
Golf carts ATV’s and dirt bikes can usually be insured on a motorcycle insurance policy. There may be some coverage under your homeowners insurance policies for certain circumstances. Check with your policy, agent or company to confirm your specific coverage.
E-Bikes
E-bikes have zoomed into popularity for a bunch of cool reasons.
First off, they’re a blast to ride on trails and make getting around the city a breeze, especially when you’re trying to dodge traffic jams or save money on gas.
They’re like regular bikes but with a kick of power that helps you go faster and not get as tired.
But here’s something you might not know: even though they’re awesome, most home insurance policies give them a thumbs down for coverage. That means if your e-bike gets stolen or damaged, you might be out of luck unless you get a special insurance policy just for your e-bike. It’s a smart move to protect your ride and keep the good times rolling without any worries.
Why is toy insurance important for you?
Not having insurance on your toys can create a very dangerous weakness in your insurance protection plan. Not only should you have insurance on your toy, but you should also add it to be covered by your umbrella insurance policy. If you do not have the proper insurance, you could be putting all of your assets at risk.
Real Life Example
We have a friend in California who owned a Gator style ATV. He had a get together and his teenage kids were operating the ATV with their friends as passengers. Unfortunately there was a tragic accident and one of the friends lost their life. Our friend did have insurance on the ATV and had it added to his umbrella insurance policy. The total payout for the claim was in the 5 million dollar range. Fortunately, between the ATV insurance and the umbrella insurance, he had enough coverage to pay the claim. had he not had the insurance, he may have lost everything he owned and possibly had his future wages garnished.
Could you pay a $5,000,000 judgement without having the insurance?
We believe in having the proper toy insurance
When our son was 12, we bought him a Polaris ATV for Christmas.
When we bought it, we made sure to buy an ATV insurance policy. The policy did list him as an operator, even at 12 years old. We also added the ATV to our umbrella insurance policy. We were unwilling to risk our assets should there have been a tragic ATV accident.
When our son was 12, we bought him a Polaris ATV for Christmas.
When we bought it, we made sure to buy an ATV insurance policy. The policy did list him as an operator, even at 12 years old. We also added the ATV to our umbrella insurance policy. Not doing so would have risked our assets should there have been a tragic ATV accident.
We hear of tragic accidents every year involving go carts, ATV’s, boats, jetskis, etc. These accidents can and have caused serious injury or death.
You buy these toys to have fun. Don’t risk everything you own by not taking the step to buy the right insurance for them.
Call Huff Insurance at 410-647-1111
We are here to work with you. We want to make sure that your desire to have fun does not cost you your life savings.