10 Insurance Tips
Road Rules
March 11, 1998

1. Get insurance on all of your "pleasure crafts." Most insurance regulations are administered on the state level. So what may be true for a Fool in Virginia may not be the same for a Fool in Alaska. Know what your state laws are for things like coverage on motorcycles, dirt bikes, ATVs, and boats. You may not be required to insure them all, but a good basic rule of thumb is: If you can poke your eye or someone else's eye out, you should probably get insurance on it.

2. Be realistic in your skill level when choosing insurance. The likelihood of getting into an accident generally goes up the more often you use one of your toys. It's the law of averages. On the other hand, if you only take your powerboat out once a month only in warm weather, your skills may not be up to snuff. Don't assume you don't need insurance on something just because you hardly ever use it.

3. Forget about comprehensive coverage on ratty cars or toys. If your car or toy will cost less than $1,000 to replace, chances are that you don't really need the whoop-de-doo coverage to make it like new. Skip the comprehensive coverage if it is easily replaceable. On the other hand...

4. Get comprehensive insurance on big toys. If you've dropped many thousands of dollars on the latest monster from Harley-Davidson, or if you've restored a vintage BMW bike handcrafted in Germany (like my brother did), you might think about buying that little extra peace of mind. Comprehensive insurance is sometimes called "other than collision." What that means is that your insurance provider will cover your losses for things like fire, vandalism, and theft.

5. Combine policies under one carrier. If you have two cars, a motorcycle, and a snowmobile, chances are that your insurance company will give you a discount for taking out all of your policies with them. If they don't offer the discount, shop around until you find someone who will.

6. Ask about air bag and anti-lock brake discounts. You insurance provider doesn't want to pay out on your policy. The company has a vested interest in making sure that you stay snug as a bug and safe in whatever mode of transportation you choose. Ask if they offer a discount for things like air bags, anti-lock brakes, and theft prevention mechanisms on your car.

7. Ask about other safety equipment discounts. There are similar discounts for your other toys. If you own a boat, ask about special prices for taking safety classes from the Coast Guard. Or if you have a snowmobile or ATV, see if wearing a helmet will get you a break.

8. Be Foolish, not foolish, in choosing your toys. Certain vehicles just say "Steal Me!" all over them: red sports cars, unlocked bikes, motorcycles with cool gizmos that can be taken off easily. Be smart about the kinds of things you buy and how you take care of them.

9. Wear a helmet -- even if you don't have to. Sure it feels neat to have the wind flow through your hair. I know that you can hear better without a helmet. I also know what it's like to pick up my brother from the hospital after he was hit by a train while he was on the aforementioned restored BMW motorcycle. He is here today to continue to torment me solely because he was wearing a helmet. Even if your state law doesn't make you, wear one anyway. Think of all the years you might be giving up that could be used to further harass your little sister.

10. Comparison shop. Look for the best deals you can find. Shop around. Don't just go with the first person to give you a quote. Consumer Reports found thousands of dollars difference in otherwise identical policies. For $12, CR will find the best deal for you. Contact them at their Auto Insurance Price Service website.

-- Trudy Bowen (TMF Hoyden)