Specialty vehicles are unique investments and can be exciting to use. Like ordinary automobiles, specialty vehicles are susceptible to various incidents at any given time. To financially protect yourself from accident costs, it’s essential to know about insurance coverages for your specialty vehicle.
Motorcycle insurance, like auto insurance, varies among bike owners and is dependent on factors like bike model and driving history. Motorcycle insurance generally includes the following:
· Liability coverage can help cover bodily injury and property damage that you may cause to other people if you are in an accident. This coverage is typically required in most states and may cover medical bills, lost wages and additional costs associated with repairing others’ damaged property.
· Collision coverage can help cover damage to your motorcycle if you are involved in an accident; this does not include your deductible.
· Comprehensive coverage can help pay for damage caused by events other than collisions; this can include fire, theft or vandalism. Such coverage can help pay for the cost of damage minus your deductible and will not exceed the face value of your motorcycle.
· Uninsured/underinsured motorist coverage can help pay for damage to you and your property if you get into an accident with an uninsured or underinsured driver. Covered costs typically include medical expenses and lost wages, among others.
· Optional equipment coverage can help cover additional or optional equipment on your motorcycle if you decide to customize it. These additions generally will not be covered under your comprehensive and collision coverage.
Recreational vehicle (RV) insurance is essential if you plan on frequently using your RV for vacations and trips. A standard RV insurance policy might include many of the same coverages listed in motorcycle insurance, as well as:
· Medical payments coverage can help cover your medical bills and passengers’ expenses.
· Campsite and vacation coverage can help cover liabilities associated with using the RV as a vacation property.
· Full-time residence insurance is intended for those permanently living in their RVs.
Other coverage offers help for roadside assistance, rental car coverage and expenses protection (for expenses such as emergency hotel bills).
Classic cars, often referred to as antiques, are incredibly unique vehicles. One of the primary differences between classic car insurance and regular auto insurance is agreed value coverage. Agreed value coverage is the value of your car that you agree on with your insurance carrier that determines how much you pay for your insurance policy. For your car to qualify as an antique, it typically has to be 25 years old and qualify as exotic, modified or a modern muscle car.
Vehicles used for recreational activities like Powersports might include all-terrain vehicles (ATVs), snowmobiles and personal watercraft. Insurance for these vehicles exists to financially protect you from severe incidents like broken bones, loss of life and vehicle damage while partaking in recreational activities. Getting insurance for these vehicles is unique because it isn’t a specific type of coverage. You essentially get covered for the particular vehicle you choose and pay a premium catered to that vehicle.
If you live near Burlington, North Carolina, be sure to contact the agents at The Peterson Agency at 336-227-0154 with any questions you might have about specialty insurance.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.