Hello! I'm Dan Lyles with Lyles Insurance. In this video, we're going to go over the things you must know when buying snowmobile insurance in Michigan.
Buying snowmobile insurance is easy. But there are some good policies and there are some lousy policies. How you set up your policy makes a big difference. And this video will show you the things you need to know, and what to look for in a good snowmobile insurance policy.
It's very important that you set up your policy correctly. And there are two ways to insure a snowmobile. The first option is to add your snowmobile as an attachment to your homeowners insurance policy. But a better option is to buy an exclusive standalone snowmobile insurance policy. Nine times out of ten, an exclusive standalone policy is going to be better. And in the next few slides we’re going to go over the reasons why.
First, let's go over the pros and cons of an exclusive standalone policy. As far as pros: Number one, you don't have crazy policy coverage restrictions that many attached policies have. They offer all of the basic coverages. And they also offer many other optional coverages. And more often than not, they match or come close to the same premium that an attached policy has. The bad side of a standalone policy is the inconvenience of having two separate policies instead of just one combined attached policy.
Now let me go over the pros and cons of a snowmobile attached to a homeowner's policy. First, the good side is the convenience of only having one combined policy. And also, most companies will give you a bundling discount when you do this. The downsides of it: You've got to be careful here because many of them have crazy policy restrictions. Now I’ll get into that a little bit more. It also doesn't offer the five basic coverages that any standalone policy does, and it doesn't offer any additional optional coverages that are available on a standalone policy.
Regarding the crazy policy restrictions I was referring to, some of them include things like not being covered off of your property, not being covered outside of your sled’s garaging zip code, and some won't even cover you during recreational trail use (how crazy is that!). You've got to look at the fine print. And make sure you don't have any crazy restrictions or exclusions like that.
As far as the five basic coverages I was referring to, they're the same basic coverages that you would find on an auto insurance policy: liability coverage, uninsured motorist coverage, medical benefits coverage, Comprehensive coverage and Collision coverage. Now, you're only required to take out the liability coverage. The other four are optional, unless you're financing your sled. Then you'll need to carry comprehensive and collision coverage as well. But any policy that doesn't offer that for your snowmobile, it's not worth its salt!
As far as additional optional coverages, there are four major ones. They may not all apply to you. But if they do, they’re very good coverage is to have. Number one is trailer coverage. Number two is accessory coverage. Number three is total loss coverage, which kind of works like gap insurance for anybody that has a brand-new or almost brand-new sled. And also, many sledders like to go to Canada. You should be offered coverage on any good policy that will cover you also in Canada.
If you would like to get a snowmobile insurance quote, I'll be very happy to help you. The companies I carry include all the coverages I've mentioned earlier. And I handle all quotes myself personally and privately. I don't share or sell your information to anybody. I posted my website, where you can get a quote. Or if you want, I've also posted my phone number. You can just give me a call. Thank you for watching and have a great day!
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Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..