The Need for Toy Vehicle Insurance: Protecting Your Collection

Vehicles are not just for mundane tasks like running errands and commuting to work; many people use them for hobbies and for enjoyment, exploration or thrills. Whether taking your boat out on the water, enjoying a winter ride with your snowmobile or taking a vacation in your motorhome, toy vehicles can provide wonderful possibilities.  

However, owning and operating these vehicles includes various risks and exposures while representing significant financial investments. With this in mind, understanding, acquiring and maintaining adequate toy vehicle insurance is essential. 

What Is Toy Vehicle Insurance? 

Toy vehicle insurance should be considered a critical loss control measure regardless of how careful, experienced or responsible you may be. These policies can financially protect you and your prized vehicles, limiting potential out-of-pocket losses and expenses following accidents and other incidents.  

These policies may vary significantly in their exact capabilities, limitations and details due to the many types of vehicles that may need them, such as the following: 

• Motorcycles 
• Motorhomes 
• Campers 
• Boats 
• All-terrain vehicles 
• Snowmobiles 

What Does Toy Vehicle Insurance Cover?

Many key components of toy vehicle insurance may resemble those of standard auto coverage, such as the following: 

• Liability coverage may provide financial assistance if you are at fault for an accident while operating your toy vehicle that leads to third-party losses, such as a pedestrian’s bodily injuries or another motorist’s vehicle being damaged. Some toy vehicles may have additional options for liability coverage that you may wish to consider, such as vacation and campsite liability coverage for motorhomes and campers, which can cover incidents occurring while parked. 
• Property coverage may financially protect your vehicle, including for losses caused by accidents, fires, crime and weather. Coverage for your toy vehicles may vary by name depending on what you are insuring, such as hull coverage for boats. For most toy vehicles, these financial protections are typically split into collision and comprehensive coverages, so it may be necessary to purchase both. 
• Uninsured and underinsured motorist coverage may render financial aid and compensate you if another party is at fault for an accident and, therefore, liable for your losses but is not carrying sufficient insurance to pay for them. 
• Contents coverage may be available for toy vehicles you live or travel in for extended periods of time, such as boats, motorhomes, campers and trailers. By having this feature in your coverage, you may be awarded compensation for losses involving possessions being stored or transported in your vehicle. 

Get the Right Coverage 

With nearly 50 years of experience serving families and individuals in Carmel, the Monterey Peninsula and throughout California, Monroe-Kelly Insurance Services Inc is fully prepared to help you understand and address your toy vehicle coverage needs. Contact us today to learn more. 

 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.