FRIDAY, DECEMBER 15, 2023
What is a toy vehicle? It is not your child’s tricycle. A toy vehicle is a broad term for vehicles that many people use for fun and recreation.
Toy vehicles may include RVs, motorcycles, boats or custom cars. Most people who own these vehicles use them in a special and perhaps more guarded manner. For example, they may only ride motorcycles or take out their boats when the weather is good.
These vehicles come with unique personal and cost risks. For that reason, toy vehicles need what many call toy vehicle insurance. Toy vehicle insurance takes into account a vehicle’s unique status. These policies often come with personalized risk coverage and financial coverage amounts. 
Insurance agents can often tailor a policy to meet your needs. These vehicles are unique, so keep in mind special considerations when insuring them.
Have Proper Operating Certifications
Many of these vehicles need special certifications to operate. You may need special training to pilot a watercraft over a certain weight. Certain road vehicles may need drivers to carry certain qualifications on their licenses.
Before using a toy vehicle, make sure you know how to operate it, and that you have the certifications to do so.
Consider How You Will Use the Items
Your insurance agent may ask you certain questions about how you plan to use your vehicle. Where will you drive it? For how long? Will you carry passengers? Do you know how to maintain the vehicle?
Each of these questions adjusts your insurance risks. Be honest with your agent about how you intend to use the vehicle.
Ensure You Have Proper Safety Mechanisms
Make sure that your toy vehicles have all the proper safety mechanisms. These can range from seat belts in an antique car to a fire suppressant system on a boat.
Every proper safety mechanism can protect a vehicle and its occupant from damages. Safety mechanisms can potentially reduce your insurance rates as well.
Keep Storage Mechanisms in Mind
You generally won’t use these vehicles year-round, so there’s no use in insuring them as such. Fortunately, many insurance policies come with storage insurance adjustments. Your insurance agent could adjust your coverage levels for the time periods when you store the boat. He or she might increase coverage for storage risks during these times, while decreasing coverage for usage risks.
Talk to Your Agent About Customization
We have a lot of choices when buying toy vehicles. You may add special tires or electronic systems to the vehicle. If you customize a vehicle, take these changes into account when buying insurance. You likely need to adjust insurance levels to cover these modifications.
It is up to you to responsibly insure your toy vehicle. Remember, these vehicles are different from the standard car. For that reason, you need to take special considerations when buying insurance.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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