You have just bought yourself a new expensive toy to use when you play in the snow. It might be that you bought that snowmobile because you live in a part of the world where it is a necessity if you want to get around in the dead of winter. Now, it is time to insure it. The question is: how do you start?
Snowmobiles like most all terrain vehicles (ATV) can be insured in several different ways.
This requires that you know how that you are going to use the snowmobile, and what level of coverage is needed. For pleasure use on your own property by yourself and a few members of the immediate family, the coverage that you seek may be less than for a snowmobile that will be used for extensive roaming and business.
You will want to purchase liability insurance for the snowmobile.
Because most snowmobiles are large fast moving vehicles, the chance of an accident is fairly high. This means that you will need to have insurance that covers any property damage that happens as a result of the snowmobile. Likewise, having some medical coverage in case you hit someone is a good plan. This type of coverage is usually packaged together at the low end of snowmobile insurance policies.
Consider insuring your snowmobile with a comprehensive plan.
Like car insurance, snowmobiles need to be insured against storm damage, fire, theft, and a few other possibilities. After you have protected yourself from lawsuits with the liability part of the policy, you may want to step up to this additional coverage. Snowmobiles are expensive and desirable pieces of equipment that can be damaged and are sought out by thieves. It just makes good sense to cover this possibility of a loss.
A collision policy may be necessary if your snowmobile still has a loan outstanding.
Because snowmobiles are not cheap, banks and lending institutions get involved in their purchases by make loans to consumers. Attached to these loans is often a requirement that it be insured against damage from a snowmobile accident. While the bank does not care about other damages, they do care about damage to this vehicle that they may someday have to repossess and resell. The bank wants a snowmobile in good condition or at least one that is insured for enough to retire the bulk of the debt.
Some companies offer other options for snowmobile insurance policies.
Additional medical coverage can be obtained along with larger liability maximums. If you are in business and the snowmobile is a tool, more liability and medical coverage can be a good idea. For personal policies, you should think about how much loss you can absorb and still function. Try to balance the cost of insurance premiums against your needs.
Most home owners policies exclude items like ATVs.
You will almost always have to buy additional insurance for your snowmobile to be covered. The fine print on your South Bend home insurance policy or business casualty policy will spell out what types of items are not covered. Snowmobiles almost always make this list. In some cases, accidents caused by snowmobiles may be excluded from your health insurance policy. Before you buy snowmobile insurance, always check to see what you may or may not have on other policies. Sometimes, snowmobiles can be added as a rider to other policies.
Source: Safeco Insurance
Give TCU Insurance a call at 574-256-6070 with any questions you may have about insuring your snowmobile!