Insuring your ATV
Everyday it seems as though we read or hear about someone getting their ATV stolen. Unfortunately, as the popularity of ATV's increases it appears that the theft rate of ATV's will continue to grow as well. Even thieves work on a supply and demand based system. The best idea of course is prevention such as keeping your ATV in a locked garage, shed, storage building etc. and if you can chain it to something else in there, all the better.
While the security measures available to ATV owners are limitless, the fact still remains that if someone wants the vehicle bad enough and has enough time, energy and resources they can and will steal it. Once your ATV is gone, all of the "I should have's... could have's" don't really mean much. That is why insurance can be your best friend at a time like this.
There are a few myths about ATV's and insurance. The most prevalent myth (at least in Oklahoma) is that ATV's are covered under your Homeowner's Policy. This is not the case. Homeowners policies do not cover motorized vehicles unless they are specifically designed for the care and maintenance of the property. The only vehicle that this really applies to are lawnmowers, both rider mowers and push mowers. I am not an expert on insurance but I was an insurance adjuster for a few months. I know that homeowners policies will not cover ATV's or these small electric scooters that are so popular with the kids these days. Another prevalent myth is that you can not get insurance on an ATV because it is not a tagged vehicle. This is incorrect. You can get insurance on your ATV...I know because I have it. In fact several members of the club have insurance on their ATV's. The same company that insures your car and home will most likely insure your ATV as well and you can get multi-vehicle discounts if you let the same company write the policy.
There are two ways you can insure your quad. You can have a standard policy on it much like you would with a car or motorcycle. This type policy always includes liability insurance and can be more costly than the other type policy known as an "off road policy". The off road policy only carries comprehensive coverage for ordeals like fire, theft, vandalism and other "named perils" as outlined by the policy.
The traditional policy like you would obtain for your regular vehicle is actually your best bet and I will tell you why. It has been my experience that none of the larger insurance companies will write an off road policy because they make all of their money off of the liability portion. I will give you a breakdown of the policy I have through one of the larger insurance companies which shall remain nameless because they didn't hire me when I applied to be an adjuster (I showed them didn't I?)
Liability @ 10/20/10 = $57
First Party Medical = Waived, but I could get $10,000 medical coverage for myself and a passenger for $218 per year
Comprehensive = $67 with $100 deductible, you could get cheaper coverage with a $250 deductible.
Collision = waived
Uninsured/Underinsured Motorist (Medical only) = waived
*Note: my comprehensive coverage also covers up to $1000 for after market add ons
Total cost per year = $124
While you are thinking to yourself "Hmmm, $124 would buy..." remember that if your quad is stolen, that $100 deductible you would have to pay to get a new quad would seem like the best deal since the Louisiana Purchase.