Did you buy an ATV only to realize your state requires you to purchase liability insurance? Perhaps you financed the purchase through a lender that requires collision and comprehensive protection. Understanding the difference between the two primary types of ATV insurance helps you make more informed decisions about the amount of coverage you may need in the future. Continue reading to learn the difference between liability and collision coverage, and find out why both are important for ATV owners.
What is ATV Liability Insurance?
Regardless of whether or not you are required to purchase it, liability is an extremely important type of ATV insurance that protects your financial interests. Liability covers expenses if you are found at-fault for another person’s property damage or bodily injury sustained in an ATV accident. Drivers of all-terrain vehicles are involved in wrecks every day – many of them involving other ATVs or another person’s property. When those accidents lead to excessive medical costs, lost wages, and damages to another ATV, the at-fault motorist is responsible for footing the bill. Without insurance, this could mean paying out of pocket or even liquidating assets to cover liability expenses.
What is ATV Collision Insurance?
Anything can happen when you’re driving an ATV. When you purchase collision insurance, you receive coverage for your own ATV should you become involved in an accident. Today’s all-terrain vehicles are more luxurious and high-powered than ever. More features mean a higher price tag, with some ATVs costing $10,000 to $20,000 straight from the factory. Add on the cost of accessories and trailers, and an ATV becomes a significant investment. The cost of ATV collision insurance is little compared to the cost of repairing or replacing one of these ATVs. Even used ATVS can cost thousands of dollars – not exactly pocket change for most riders. In addition to collision coverage, you can further protect yourself and your ATV with comprehensive insurance, which pays benefits when your ATV is stolen or damaged in a non-accident related event.
How Much ATV Insurance Do You Need?
ATV ownership can be both fun and unpredictable. Enjoy the ride with better peace of mind by investing in a full coverage ATV insurance policy that provides liability, collision and other coverage types to fit your needs. Accidents and ATV losses are always unexpected and occur frequently. According to the Consumer Product Safety Commission, approximately 100,000 people visit hospital emergency rooms each year for ATV-related accidents. Mitigate your risks with ATV insurance that has you covered no matter what comes your way.
For more information about ATV insurance coverage types, contact our office to speak with an agent. We offer a broad range of policies to fit your needs. Whether you need to protect your brand new high-end ATV or need enough liability coverage to shield your financial assets from an ATV accident-related lawsuit, we are ready to assist you. Call us today to request your free, no-obligation quote. We look forward to serving you soon.