Auto Insurance
Having auto insurance is very crucial and a must have for anyone driving. You may find some of the information on the declaration page confusing, like the split limits of liability. Split limits of liability are represented, as an example, by 3 numbers, 25/50/25.
25 represents, that in a covered accident, the policy will pay up to $25,000 per person.
50 represents the policy will pay up to $50,000 per accidents.
25 represents the policy will pay up to $25,000 in property damage.
Imagine the above in a real life scenario
Driver A is making a left turn at an intersection while Driver B is approaching from the opposite direction. Confident they can make the turn before Driver B arrives, Driver A proceeds but ends up colliding with Driver B. In this example, Driver B has two passengers, and the auto insurance policy would pay $25,000 per person, totaling $50,000 for the accident. Now, if Driver B’s car is pushed off the road, rolls over, and damages Peter’s house, Driver A is still liable. In that case, the policy would cover up to $25,000 for repairs to Peter’s property.
Recreational Vehicle Insurance
RV insurance is a specialized policy combining auto and home insurance, protecting motorized motor homes or towable trailers from accidents, theft, and damage while on the road or parked. This provides liability, comprehensive, collision, and specialized coverage, with options for full-time residents living in the RV for >6 months our of the year.
Motorcycle Insurance
Motorcycle Insurance is generally cheaper than auto insurance due to the lower property damage risk, although it carries higher medical risks for the rider. Both policies offer comprehensive and collision, motorcycle policies include specialized coverage for custom parts, safety gear, and accessories.
What other property can be covered by insurance?
Lets look at boat insurance. Boat insurance is a specialized coverage that protects watercraft owners from financial loss due to accidents, damage, theft, or liability for injuries/damages to others. This covers the boat, motor, trailer, and attached equipment. The same coverage applies to other items, like ATV's, dirt bikes, side by sides, horse trailers, all of these items have similar coverage.