E M I T R E M SUM Are you ? d e r e : v S o Y c TO T
here are plenty of toys to consider in the summertime: boats, jet skis, classic or custom cars, and even private golf carts. Regardless of who owns these toys, the bigger they are, the more likely they need to be insured. All are dangerous! Let’s go into detail on some of the more common toys we play with now or aspire to play with when we retire.
SPECIAL CARS Antiques, classics and custom vehicles are seen at various car shows and riding around on a Sunday afternoon. While they look amazing, they are considerably different to insure than your regular, everyday vehicle for work or travel. Some of the major insurance companies will insure them like a “regular” vehicle, but that usually means a depreciated value. You want to make sure you insure these vehicles at the value it would take to replace them or for the amount you have invested in them. This is called “Stated Value.” Even if you have this “toy” that only comes out on nice summer days, it still needs insurance in case of an accident. WATERCRAFT Boats (from speed boats to fishing boats to pontoons), jet skis and even a personal submarine
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may be out in the water every day. Rules of the road still apply to safety and impairment. If you drive it, you are responsible for it. That means if someone gets hurt by your actions, or something gets damaged, or someone hurts you, then you need to be insured. Picture yourself casting a fishing pole from your pontoon boat and it catches the arm of the person going by on a jet ski and they blast onto shore and hit a parked Maserati. There is a lot of liability there and you will be glad you had the right coverage package! SPECIAL TRANSPORT Here we are talking about all-terrain vehicles (ATVs) and golf carts. ATVs are incredibly fun, but can also be dangerous. They are also expensive. Going full throttle through the woods is fine until you turn too fast to avoid hitting the beaver that just walked across your path! The tree you hit typically doesn’t give very much.
Next come the dangers of the golf cart. Not the ones at the golf course, but rather the private ones in vacation communities. Some of these are driven by people that should not drive cars, but are full steam ahead in the carts. I’m talking about the 10-year-old who thinks he is ready for NASCAR. They may not seem like much, but hitting someone
will cause damage that you as owner would be liable for even though it was “just a golf cart.”
TRAILERS Be sure to include the coverage for the trailer that carries the boat, or ATV, or assorted toy. The wheel comes off at 70 mph, and suddenly the coverage becomes important! MOBILE HOMES AND POP-UP CAMPERS Some of these mobile homes are more expensive than a regular house. Having them properly covered is critical. The pop-ups are affordable, but they also have inherent risks that should be accounted for. UMBRELLA COVERAGE This handy insurance tool can be expanded to cover each of the toys described above in case of a serious accident and lawsuit. Enjoy your summer, but also make sure your insurance professional has your toys covered properly so you can get the most fun with the best peace of mind. Trust me, I know a thing or two, because I’ve seen a thing or two! HARRY STOUT – FARMERS INSURANCE St. Charles, IL 60174 hstout@farmersagent.com
BUSINESS & CIVIC JUNE 2021
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5/19/21 11:47 AM
