As Labor Day quickly approaches, we find ourselves saying, “so long!” to Summer 2013. This weekend will be the last time many of us fire up our grills before shutting them up for the winter, and we’ll be rolling out pool covers and retiring all of our other summer ‘toys.’ But does my boat still need insurance coverage once it’s come to rest in my yard for the winter? And does my motorcycle still need insurance coverage once it’s off the road and stowed away in my garage for the season? You may be surprised that the answer is usually “yes.”
Many people think that because they’re storing their summer ‘toys’ on their property/in their homes, that their homeowners insurance will cover these big ticket items. However, homeowners insurance will not cover the damages caused by fire at your residence, nor will it cover loss from theft if your boat/motorcycle/other summer vehicle is stolen from your home.
While it’s wise to keep some insurance coverage on your summer vehicles, you may be able to lower your coverage to cut costs. By keeping only the comprehensive coverage, you will be covered for fire and theft, and many insurance companies will allow you to remove all coverage except comprehensive. If you do this, however, don’t forget to put liability and collision back on your vehicles before taking it out the following summer.
If you’re storing your ‘toy’ in a storage facility, you may not need to maintain your insurance coverage while it’s stored if the facility has its own insurance coverage for theft or damage. However, if your ‘toy’ is stored off your property, you may want to maintain liability coverage, because if someone steals your vehicle and subsequently hurts themselves or someone else with it, you could be sued.
You have options when it comes to storing your summer vehicles, so make sure to contact Insurance Quotes Online with any questions you have regarding the coverage best suited for you.