Spring Changes for your Insurance Policies
Good morning everyone,
Hope you are enjoying this year’s crazy NCAA Basketball Tournament. A lot of history is taking place such as first ever men’s 16 seed beating a 1 seed, the second largest comeback (22 points) in tournament history from Nevada who had already come from 14 behind in the first round, and the first time that seeds 1-4 were wiped out of a region in the first weekend. Yikes!
Along that line, let’s talk about a few ways to keep the unexpected out of your insurance policies. Spring is a time of many changes in the insurance world. Many people are putting away their winter toys and thinking about bringing out the summer ones. As far as these are concerned, all “toys” have a little different treatment on insurance policies. Here’s a general guide to follow:
Collector Vehicles:
Some carriers allow for storage coverage in the winter. In these cases, make sure that you are letting your agent know when the vehicle is stored for winter and when you take it out in the spring. As agents, we never assume anything so we need to be made aware when you store your vehicle and when it’s taken back out to enjoy again.
Motorcycles:
In Wisconsin, most carriers insure motorcycles on a blended rate. This means that they expect the cycle to be out of storage for about 7 months and in storage for the remaining 5 months. Some carriers offer a lay-up discount if you agree not to ride in certain months of the year, most commonly November through March.
Snowmobiles, ATV’s and Boats:
These vehicles are generally treated the same as motorcycles, but no lay-up. Carriers assume that you use these at certain times of the year but not others and charge an annual premium based on limited use.
If you have a lot of moving parts on your insurance policies, spring is also a great time to do a quick review to make sure all your bases are covered. Examples could be someone in the family getting a Christmas gift that needs special treatment (jewelry, guns, fine arts, collectibles, etc.), changes to vehicles, plans to remodel your home or many other situations. All these items would be good to have a conversation about in order to make sure that your coverage is accurate AND appropriate for your circumstances.
If you would like to take a few moments to give us a call and review, we’d be happy to do so!
Enjoy the rest of the NCAA tournament and Happy Easter to all!
Jon
