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After purchasing an ATV for your son, it is important to buy insurance coverage for the vehicle. Since the policies in Maryland can cover a variety of different situations, your plan may or may not cover the vehicle from theft.
Basic Liability Plans
A liability policy on an ATV is similar to the coverage you can expect for any other vehicle. It will protect against high-cost property damages if you or your son accidentally crash into someone else’s property. It can also protect against high-cost medical bills if you accidentally cause an injury.
Since the policy is designed to address liability, it may not offer any protection for the vehicle. A theft may not be covered with a basic policy because it does not protect the vehicle from most situations.
Comprehensive ATV Insurance
A comprehensive plan will usually offer protection against most situations that may arise. Theft is usually covered if you have the right type of comprehensive policy, but the amount of coverage that you may obtain can vary.
Some insurers may offer the full replacement cost of the vehicle if it was stolen while others pay the cost of a comparable model based on the year and estimated value. It can also be calculated as the replacement cost after subtracting any depreciation rates. After only two days, the amount that you may receive may be similar to the amount you paid for the vehicle.
It does not matter how long you have owned the vehicle if it is stolen and you have protection for that situation. As long as you have a policy and it is active, you can make a claim. Contact us to talk to an agent for more information.