Watercraft Coverage | (top)

It doesn't get any better than spending the day on your boat with family and friends, whether you are fishing, water skiing, or just cruising around the lake. In order to relax and truly enjoy any boating experience, you must first make sure you have the proper insurance protection. You may think you are completely covered because you have home and auto insurance, but you may be wrong!

The type of watercraft you own will determine the type of coverage you need. There are two main types of coverage for your watercraft: liability coverage and physical damage coverage. Let’s explore these two types in further detail:

Liability Coverage - Pays others, up to the policy limits, for the damages and injuries you cause in a boating accident.

If you have a homeowners policy, that will provide you liability for canoes and other similar non-motorized boats, sailboats less than 26 feet in length, and boats powered by outboard motors. However, if you own an inboard or an inboard-outdrive motor boat, including personal watercraft, some companies will require you to purchase a separate liability policy. If you own a personal watercraft, which is a vessel designed to be operated while sitting, standing or kneeling on it rather than within the confines of a hull, you will need to purchase liability coverage with a boatowners policy. A common example of a personal watercraft is a Jet Ski.

Physical Damage Coverage - Reimburses you for damage to your boat, motor, trailer, and miscellaneous boating equipment after subtracting your deductible.

A standard homeowners policy will generally limit the amount of physical damage coverage for a boat, motor, trailer and boating equipment to $1,500. There are also restrictions of coverage caused by theft, wind, and hail. As a result of these limitations, physical damage for boats of almost any value are best covered with a boatowners policy.

Additional coverages you may consider purchasing for your watercraft include:

  • Medical Payments Coverage - Pays for the cost of medical care you received as a result of a boating accident regardless of who is at fault. This coverage extends to you, anyone else in your boat, and anyone you are pulling behind your boat at the time of an accident such as a water skier or tuber.
  • Uninsured/Underinsured Boaters Coverage - Pays for the cost of medical care, loss of income, and other damages you sustain arising from a boat that is not insured or does not have adequate amounts of insurance.
  • Total Loss Replacement Coverage - Available for newly purchased boats, motors, and trailers until they are five model years old. Any boat, trailer or motor considered to be a total loss arising from a covered cause of loss will be replaced with a brand new model. This can be extremely valuable coverage since boats depreciate just like cars.
  • Miscellaneous Property Coverage - Applies to detachable boating equipment, accessories, fishing equipment, and various types of personal property. This also applies to the property of a guest. All covered losses will be settled on a replacement cost basis.
  • On-Water Towing Coverage - Reimburses you if your boat becomes disabled and must be towed back to the dock or marina. Generally, a $50 to $500 range is available on a standard policy.

Be sure to contact your local agent to find what coverage is needed before you head out on the water.

Power Sports Coverage | (top)

Bad things can happen to good people, even while having fun. This is why you need to be sure you are insured properly before you even leave the garage.

Power sport vehicles can be insured differently between each company, so be sure to check with your independent agent to see what type of policy fits your respective power sport vehicle. The main thing to remember is that the majority of the time, you DO need a separate policy other than your auto policy if you own any of the following power sport vehicles:

  • Snowmobiles
  • Mopeds
  • ATVs
  • Motorcycles
  • Golf Carts
  • Dune Buggies
  • Segways
  • Power Sport Transport Trailers

Like watercraft coverage, there are different coverage options available for your land and recreational vehicles. The type of land or recreational vehicle you own will determine exactly what coverage you need. There are two main types of coverage for your recreational vehicle: Liability Coverage and Property Damage Coverage.

Liability Coverage pays others, up to the policy limits, for the damages and injuries you, your relatives in your household, and anyone who drives a land vehicle with your permission, cause as a result of an accidental covered loss. Examples of covered losses and related expenses may include bodily injury, first aid costs, and court costs.

Property Damage Coverage reimburses you for damage to your land vehicle, trailer, and miscellaneous equipment after subtracting your deductible.

Additional coverages you may consider purchasing for your recreational vehicle include:

  • Medical Payments Coverage - Pays for the cost of medical care you received as a result of a recreational vehicle accident regardless of who is at fault. This coverage extends to you and anyone else in riding with you.
  • Uninsured Motorist Coverage and Underinsured Motorist Coverage - Pays for the cost of medical care, loss of income, and other damages you sustain arising from a recreational vehicle that is not insured or does not have adequate amounts of insurance.
  • Customized Equipment - Covers custom parts or equipment permanently added to your power sport vehicle by someone other than the original manufacturer.
  • Safety Apparel - Provides coverage for your helmet and other protective clothing such as leathers, riding boots, riding gloves, and protective eyewear damaged in an accident.
  • Towing & Labor - Covers the towing of a power sports vehicle to the nearest qualified repair facility.
  • Uninsured Motorists Property Damage - Physical Damage Coverage for a power sports vehicle without collision coverage that is struck and damaged by an insured vehicle.

Glossary | (top)

Cause of loss:
The means by which property is damaged or destroyed, such as wind, hail, theft, etc.

Endorsement:
A written form attached to an insurance policy that alters the policy’s coverage, terms, or conditions.

Exclusion:
A policy provision that eliminates coverage for specified exposures such as certain risks, people, property classes or locations.

Insurance:
A risk management technique that transfers the potential financial consequences of certain specified loss exposures from you to an insurance company.

Insurance policy:
A contract that states the agreement of rights and duties between the insurance company and you.

Limits of liability:
Many of your property and liability coverages have limits which are the maximum amount of insurance provided for that particular coverage. These limits are generally found on your declarations page.

Low - speed vehicles:
This includes any vehicle that:

  1. Is powered by an electric motor;
  2. Has four wheels;
  3. Has a maximum speed of 20 to 25 mph;
  4. Can only be used on streets with a posted speed limit of 35 mph or less; and
  5. Complies with all Federal Motor Vehicle Safety Standards such as automotive grade headlights, seatbelts, windshields, brakes and other safety equipment.

Motorcycle:
Motorcycles includes motorcycles, motor scooters, motorized bikes, mopeds, motorized trikes or any other similar motorized vehicle, as long as it has at least two wheels, but not more than three wheels, completely open-air driver’s seating, and is designed for operation principally upon public roads.

Off - road vehicles:
Includes the following as long as these vehicles are designed primarily for use off-road or on non-public roads.

  1. Four to six wheeled All Terrain Vehicles (ATV) or Utility vehicles;
  2. Two wheeled motorized vehicles designed for off–road use;
  3. Dune buggies;
  4. Golf carts;
  5. Go carts; and
  6. Segways.

Rental reimbursement:
This coverage pays for a rental car if your auto is damaged in an accident.

Towing and labor:
This pays for emergency road service and towing of your car when it becomes disabled.

Transport trailers:
A non-motorized trailer designed for transporting a Power Sports vehicle. The Transport Trailer must be designed for transporting a vehicle listed on the policy and written in conjunction with that vehicle.

FAQ’s | (top)

A: No, no-fault coverage usually does not apply to accidents when you are riding your motorcycle or snowmobile. You must purchase a separate insurance policy covering these vehicles, and the policies will not include personal injury protection.

A: Yes. Passengers on your bike are covered for medical payments coverage and in certain situations, bodily injury coverage.

A: No! But this is accounted for in the rate which determines your premium. You never know, you may get your bike out on an unseasonably warm day in January and if so, you're covered.

A: It depends on your policy and the insurance company you are with. To stay clear of any violations on your driving record, remember to use caution with any motor vehicle or watercraft you drive.

A: Yes, most standard power sports policies offer a multiple bike discount.

A: Generally, a boatowners policy may be used to cover trailers used to transport one or more covered boats. Trailer values are added to the value of the boat that it is used to transport.

A: Those drivers who have successfully completed an approved boater safety course will receive a discount on most standard boatowners policies. Approved boater safety courses include those from the U.S. Coast Guard Auxiliary, U.S. Power Squadron, the Red Cross, or an accredited state course.

A: Drivers below the minimum age for operating a boat or personal watercraft are not covered on most standard boatowners policies.

Why IMT? | (top)

New power sports insurance policies written by The IMT Group are automatically placed into our Wadena Power Sports program. You provide the power and we will provide the peace of mind! No separate policies - no separate premiums. One place to insure all of your power sports vehicles:

  • Motorcycles
  • Mopeds
  • ATVs
  • Snowmobiles
  • Golf Carts
  • Dune Buggies
  • Segways
  • Power Sport Transport Trailers

Enhanced and Optional Coverages

  • Customized Equipment - covers custom parts or equipment permanently added to your power sport vehicle by someone other than the original manufacturer. This coverage is automatically included for all motorcycles with a limit of $3,000 and automatically included for all other vehicle types with a limit of $1,000.
  • Safety Apparel - provides up to $2,000 of coverage for your helmet and protective clothing such as leathers, riding boots, riding gloves, and protective eyewear damaged in an accident.
  • Towing & Labor - covers the towing of a power sports vehicle to the nearest qualified repair facility. This coverage is automatically included for all motorcycles with a limit of $50.
  • Uninsured Motorists Property Damage - offers physical damage coverage for a power sports vehicle without collision coverage that is struck and damaged by an uninsured vehicle.
  • Loan/Lease Gap Coverage - pays the difference between the outstanding amount of a loan or lease agreement and the actual cash value of a motorcycle in the event of a covered total loss.

This is a summary of coverage. Review the actual policy for details on all coverages, terms, limits, conditions and exclusions.

Save money!

In addition to our competitive rates, there are many discounts available. Following is a list of discounts offered within the Wadena Power Sports program:

  • Financial Stability - individuals with a favorable credit history will receive a discount.
  • Customer Loyalty - a discount is provided to customers based on the amount of time they have been insured continuously with any type of IMT Insurance or Wadena Insurance personal auto, motorcycle, or recreational vehicle policy.
  • Supporting Personal Auto Policy - customers who also maintain an IMT Insurance or Wadena Insurance Personal Auto policy will receive a discount.
  • Multi-Vehicle - insuring more than one power sports vehicle on your policy will save you money.
  • Homeowners Discount - customers who also maintain an IMT Homeowners policy will receive a discount.
  • Continuous Motorcycle Coverage - individuals who have maintained continuous motorcycle insurance for at least one year will receive a discount.
  • Motorcycle Electronic Disabling Device - motorcycles with an approved electronic disabling device will receive a discount on their comprehensive premium.
  • Motorcycle Club/Association Membership - motorcycles primarily driven by a member of an approved riding association receive a discount. A few examples of approved riding associations are the American Motorcycle Association, Christian Motorcyclists Association, Harley Owners Group, and Honda Riders Club of America.
  • Motorcycle Training Course Completion - motorcycles primarily driven by an individual who has completed or instructed a Motorcycle Safety Foundation Course or other state approved safety course will receive a discount.

We would encourage you to find out more about all of our insurance products and obtain a free quote by contacting a local insurance agent today!