Does toy insurance offer actual or replacement cost value coverage?

When you come to Compass Insurance about toy insurance for your jet skis, Seadoos, RV, and ATVs, we want you to know your options. You can choose between two levels of cost coverage – replacement cost or actual value.

Actual Value Coverage

If you want to save money on your premiums for toy insurance, choose actual value coverage. If you wreck your ATV or RV, it will pay you the vehicle’s depreciated value. That means the Kelley Blue Book value of the car. While that won’t get you a brand-new one, it will save you money on the insurance policy.

Replacement Cost Coverage

For those who don’t mind slightly higher premiums, choose a toy policy that uses request replacement cost coverage. If your snowmobile gets damaged while zipping around Centennial, CO, the toy policy will cover the cost of a new one of the same brand and model.

What parts of toy insurance cover your toys?

A toy insurance policy consists of five parts. Three of them cover damage to your vehicles or toys. While the property damage liability and bodily injury liability protect you from financial loss from a settlement if you cause an accident, the following three parts protect your own toys against property damage:

  • Collision coverage
  • Comprehensive coverage
  • Uninsured and underinsured motorist coverage

For both collision and comprehensive coverage, you choose whether you want actual value or the replacement value. You also set your deductible, just as you do in full-coverage policies for autos.

Contact Compass Insurance

Toy insurance offers you many options to determine your premiums. You lower your premiums by choosing a higher deductible and actual value coverage. If you would rather have replacement value coverage but still save on premiums, stick with a higher deductible. You can also save by visiting Compass Insurance serving Centennial, CO for reliable coverage at reasonable premiums.