What is Toy Insurance?

Put simply, toy insurance is insurance for your expensive toys. It often refers to toy collectibles or recreational vehicles like ATVs. Toy insurance gets its name because the items it ensures are for fun instead of necessity. This puts them in different risk categories than things with a more utilitarian purpose. At Compass Insurance in Centennial, CO, we offer the financial protection you need for your favorite toys. 

Collectible Toy Insurance 

 Toys aren’t always frivolous. Many people purchase collectible toys as an investment. They may grow the collection and sell it later at a profit. Still, others do it for love and nostalgia. Regardless of the reason, these items are valuable. It’s important to protect your financial investment with toy insurance. These items might be covered under your home insurance policy, but the coverage limits for personal items are generally low. Homeowner’s insurance isn’t designed to protect very valuable personal items, which is why separate policies exist for valuables. 

Recreational Toy Vehicles

Recreational vehicles are very fun to own, but they do create unique risks. If you run into someone’s golf clubs and damage them with your golf cart, you are liable for the damages.

A few examples are:

  • Your ATV destroys a farmer’s fence
  • Someone gets seriously injured in an accident on your snowmobile
  • Your Jetski crashes into a boat

Liability insurance is essential for peace of mind when you are out enjoying your toy. 

However, many toy owners also choose property coverage. Property coverage covers damage to your recreational toy if there’s an accident. It may cover damages related to other things as well, like vandalism or storm damage. If you have a lien on your toy, your lender will likely require property insurance. Even if you own it free and clear, full coverage is wise if you can’t easily afford to replace your toy. 

If you own a toy in Centennial, CO, contact us at Compass Insurance. We can provide the right coverage for your toy, so you can enjoy it worry-free.