It’s hard to believe that Fall is on its way!
September brings the time of the year when we have to do all of those chores of cleaning out the boat, camper, & motorcycle to get them winterized and put away, until we can play with them again next year. Most of us will store our “toys” in our garages, yards, or take them to storage yards for the winter months. But should we keep insurance on these toys over the winter? The answer is YES. A lot of toy owners think that just because their toys are being stored at home that they will be covered under their homeowners insurance. The recreational vehicle gets winterized, stored, and THEN it’s time to call your insurance agent.
Many people feel that they can cancel their insurance and then start it up again when they feel like using their toys again. Unfortunately not. If there were a theft or fire, your vehicle would not be covered under your homeowners, and no one wants to experience the loss of a toy without any insurance funds to help replace it!
If you keep comprehensive coverage on the vehicles, some companies will allow you to take off all other coverage, leaving just comprehensive coverage. This lowers your premiums and ensures that your toys are safe during the winter months. But before summer approaches, full coverage should be put back on the vehicles before they’re taken out again for the summer or else there will be no liability or collision coverage.
Some companies will ask that you keep your toys fully covered year round, but understanding that the vehicle will be in storage for a portion of the year. They take this into consideration when calculating rates. A benefit of this option, is that you can bring your toys out anytime during the year and have coverage. Because here in Western NY, who really knows what to expect when it comes to weather?
For those toy owners that keep their boat, RV, motorcycle, etc. in a storage unit, there are a couple options. You can ask what type of insurance options the storage unit has available to you, or you can continue your current policy letting your agent know where your toy is being stored. It is smart to keep liability on the toy because if it were stolen and hurt someone, you could be held accountable.
Here at Putnam Record Agency, we are happy to assist you in safely storing your toys, or with any other questions you may have! If there is another topic that you may want to read about, feel free to email Danielle at: Danielle@putnamrecord.com.