Here is one way I believe around the problem of your home owners insurance not covering a stolen quad. Tell the cops and your insurance company that you had parts stolen, not a quad. Parts as in the motor, axle, plastic, wheels, shocks, etc. That is the trick I'm going to use if my hybrid crf quad gets stolen, it's going to be my "parts" were stolen, not a quad!

 

ATV insurance is a must IMO. If you wreck your quad while your riding, you can file it on insurance and they either pay for it if it is totaled, ot fix the problem if it is fixable and the deductible can be covered. I have 100,000.00 medical insurance on me and anybody that throws a leg over my quad. I have 50,000.00 uninsured motorists coverage for someone that hits me on their quad while I am riding. I talked to my uncle who is my isurance agent and he said if my quad is hurt while behind my vehicle that my quad insurance would cover it, not my vehicle coverage. I believe if you wanted to set it up so your vehicle policy would cover it you could, but IMO $220 a year for insurance is not bad if they cover theft, damage, and medical.

I have a v-force and it is one $55 per year, well worth the money

 

My neighbor had insurance on his 04 Polaris 500. He tried to go down a powerline that was real steep. He made it about 20 feet and got sideways. His atv rolled about 9 times before smashing into the road below. That thing was a mess, oil and antifreeze all over. Allstate told him to go pick out a new machine. We went to the dealer the next day and the dealer called allstate and gave them the estimate for repaire over the phone. Which was more than a new atv because of all the labor. Allstate told the dealer to give him credit for what he paid minus the $100 deductible and we left with a 05 Sportsman 600 twin about 2 hours later. For $130 a year insurane costs to fix a new riders $5000 mistake it is well worth it.
Roger

 

Insurance issues and policy premium costs will vary between Canada and the US, and sometimes between States and Provinces. In general, it is illegal in most jurisdictions, to operate a licensed motor vehicle, or one that requires a license, without PL and PD coverage, even off-road and while on private property belonging to someone other than the ATV owner. That means that an ATV owner is usually compelled by law to carry PL/PD insurance. He is also very unwise to operate an ATV anywhere without liability insurance. You can get sued for the darndest things, believe it. Insurance companies will defend a legal action for liability against you if you are insured, and that legal cost factore alone is a big factor to consider. Policy premiums are way cheaper than legal services usually are.

The remaining issue is whether or not a home-owner policy will cover the loss from fire or theft of an ATV. The answer is almost always NO. Any mororized vehicle that has to have a license plate requires a separate insurance policy, because that is both the law in most jurisdictions as well as the north-american insurance industry's common policy way of doing business. I know of no exceptions to that policy.

In Canada, required liability insurance minimums are in the order of$300,000 dollars, per vehicle. Fire and theft insurance is optional and so is collision or upset insurance coverage. The policy premium cost of any of these mandatory (PL/PD) aspects depends upon three factors; the company, the owner/rider, and the area where the ATV owner lives. In Canada, you can expect that a million-dollar limit PL/PD coverage insurance policy, with fire and theft protection up to 10,000 dollars, and with a 500 dollar deductible clause, will cost you about 150 Cdn dollars per year. Lower value PL/PD coverage (ie 300,000) is not much cheaper, so you may as well get the million. That amount of cost is for most "mature" riders without a record of claims or traffic violations, but it can be way, way more if you are under 25 years of age and you are a single male with a recent history of accident claims or serious violations. If you also want collision and upset coverage, it will add about another 300 dollars to the cost, at minimum. If you have a DWI conviction, or more than two serious and recenjt accidents in your record, then you may not be granted insurance coverage at any price, in some jurisdictions.

If you have a total loss of your ATV, by any covered cause or for whatever reason, the insurance company will pay you, or the bank, or any lender who has a lien on the quad, only the actual wholesale value of your machine at the time of loss, based on the listed valuations in the "Red Book", no matter how much money that you insure it for or what you may have paid for it, or owe on it.

When you buy the policy, you must declare the value of the machine, your cost, at that time, and any lender with an interest in the machine. This declared value is then used, in part, to determine what cost of the policy will be, to you, or to your lender of record. If you should, for any reason, declare a lower- than-actual cost of the machine to the insurance company, then the insurance company will not pay any more than that declared value to you, or to your lender, in the case of loss.

Sorry about the legalese in this post. I hope that it helps to avoid nasty surprises for someone.

As expensive as it is, insurance is still a darn good idea, and a real bargain if you do have a loss or somebody decides to sue you. Don't leave home without it. Be careful out there, too.

 

Here is the deal. My race car/street rod is insured for an agreed value of $15,000. On this policy I have no deductible and absolute 100% coverage for everything. My insurance is through hagerty on this car and it cost's me a tottal of $198.00 a year. This is of much more value and can cause much more damage than an atv. These companys really dont want to cover atv's so they charge way to much. It's just dumb to pay more a year for insurance on my $3,400 atv then it is on a $15,000 street rod.

 

I don't think it is. Granted you can get hurt in drag racing, but with more injuries sustained during atv riding I cans ee why insurance companies charge so much. When you look at it insuring a 30,000 boat can cost less than insuring your car. Is this wrong, considering that your truck may only be worth a couple of thousand dollars. NO, we don't control the insurance companies so as long as people ask for coverage we are forced to pay their prices.

 

Chances are that $220/year will not cover collision or comprehensive coverage meaning that if it is stolen the insurance policy will not pay for your quad. What that $220/year is for is probably the minimum liability coverage offered from that insurance company. It's probably something like 10,000/20,000 bodily injury for you and an uninsured motorist and 5000 property damage. This will cover someone getting hurt on your quad or damaging property of someone elses.

To get full coverage with collision (damage) and comprehensive (theft, mother nature, wrath of god stuff) it will probably cost you upwards of $500-1000.

Most good homeowners insurance policies will cover theft if the quad is kept inside or in a locked storage/garage area. If it's in the yard, its up to your policy.

In regards to auto policies, it depends on your states laws. The trailer rider policy is standard in NJ so anything in your trailer is covered from damage and theft. This again varies from area to area. NOTE: IF YOU LEAVE THE KEYS IN THE QUAD AND IT IS STOLEN THE INSURANCE COMPANY WILL SCRATCH THEIR HEADS FOR A WHILE AND THEN DO AN INVESTIGATION...IF IT IS YOUR FAULT THEY MIGHT NOT PAY.

Finally, this statement is completely incorrect:

If you have a fire in your home and one of your cars is lost, your homeowners coverage will pay. If you have an expensive and insured item (watch, ring, etc..) and it is lost due to fire/accident/mother nature, your homeowners will pay.

You can have as many policies as you want and insure as much as you want and as a result pay as much as you want, but one policy will not negate the next one you get.

Be safe

 

I messed up and put I only pay $55 dollars a year nad I really pay $550. My mistake. I do however have coverage for 100,000 health and 50,000 uninsured motorist. IMO a person that rides a lot and owes a lot on their quad should definitely have insurance.

 

Here's my 2 cents. Take it for what it's worth.

Anytime you have questions concerning insurance coverage, you should talk to a knowledgable insurance agent. We can give you our opinions about certain companies or what we paid. But we can't tell you what your homeowner's insurance covers since we may live in a different state with different rules and you may possibly have a different type of policy than we may have.

I do carry insurance policies on my atv's that cover liability, damage, or theft. The cost for each atv runs between $100 and $125. Size and value determined the difference in price.

I reviewed my homeowner's policy (that booklet of really fine print) after reading the postings on this thread. Here is a brief synopsis of the exclusions on my homeowner's policy. Excluded are 1) any motorized vehicle eligible to be registered, titled by a government entity or designed for use on a road; 2) used for racing; 3) can carry people or cargo; 4) used for business purposes; 5) any watercraft. The only motorized equipment that will not be excluded are lawnmowers used only at the residence being insured, walk behind snowblowers, and golf carts used only on the golf course. It appears that my homeowners policy does not cover ATV's. I will always carry a policy on my atv's.

There was some comment in this thread concerning not really needing insurance since I am a good driver. So do you not carry car insurance, I am sure you are a good driver? I would never go without liability insurance on my atv. Do you ever let someone else ride your atv? Do you ever let someone else ride on your property? Do you ever let someone else either ride or stand within sight of you riding your atv? Do you ever take your atv off of your property? People will sue you if you look cross-eyed at them. I can't risk losing my entire life savings, home and car because I got sued.

It also bothers me when some say they will lie to get insurance to pay for a loss (i.e. call it parts). In my state, insurance fraud is a felony. I would never take that chance.


End of lecture. I'll get off my soapbox, hope I don't break my leg doing so. Ride safely and have fun.

 

[quote]
Originally posted by: jcdc04atv
Here's my 2 cents. Take it for what it's worth.

Anytime you have questions concerning insurance coverage, you should talk to a knowledgable insurance agent. We can give you our opinions about certain companies or what we paid. But we can't tell you what your homeowner's insurance covers since we may live in a different state with different rules and you may possibly have a different type of policy than we may have.

I do carry insurance policies on my atv's that cover liability, damage, or theft. The cost for each atv runs between $100 and $125. Size and value determined the difference in price.

I reviewed my homeowner's policy (that booklet of really fine print) after reading the postings on this thread. Here is a brief synopsis of the exclusions on my homeowner's policy. Excluded are 1) any motorized vehicle eligible to be registered, titled by a government entity or designed for use on a road; 2) used for racing; 3) can carry people or cargo; 4) used for business purposes; 5) any watercraft. The only motorized equipment that will not be excluded are lawnmowers used only at the residence being insured, walk behind snowblowers, and golf carts used only on the golf course. It appears that my homeowners policy does not cover ATV's. I will always carry a policy on my atv's.

There was some comment in this thread concerning not really needing insurance since I am a good driver. So do you not carry car insurance, I am sure you are a good driver? I would never go without liability insurance on my atv. Do you ever let someone else ride your atv? Do you ever let someone else ride on your property? Do you ever let someone else either ride or stand within sight of you riding your atv? Do you ever take your atv off of your property? People will sue you if you look cross-eyed at them. I can't risk losing my entire life savings, home and car because I got sued.

It also bothers me when some say they will lie to get insurance to pay for a loss (i.e. call it parts). In my state, insurance fraud is a felony. I would never take that chance.


End of lecture. I'll get off my soapbox, hope I don't break my leg doing so. Ride safely and have fun.[/


Well said..............................Listen up peeps, this man is handing good advice.