Insurance

What Qualifies As an RV?

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A recreational vehicle (RV) can refer to a wide range of vehicles, from dirt bikes to motorhomes. This variety can make insuring your RVs a bit complicated. What kind of insurance do you need, and how can you ensure you’re getting the right coverage? To help clarify, we’ve outlined what defines an RV so you can secure the appropriate insurance with less confusion. Here’s what an RV truly is and how you can protect it with our help at The Policy Source, serving Austin, TX.

What Is an RV?

An RV is defined as any vehicle designed as temporary living quarters during travel or recreational activities, such as camping. This includes motorhomes, housecars, travel trailers, and truck campers. Put, if it’s attached to a motor vehicle or is a motor vehicle itself, it qualifies as an RV. Because these vehicles are taken out on the road, they are vulnerable to damage during accidents, making insurance essential.

Additionally, it’s important to check with your local DMV regarding licensing requirements. Certain types of RVs require special driver’s licenses. Driving an RV without the proper license can result in legal issues, so it’s better to confirm your licensing needs before hitting the road.

Cover Your RV With The Policy Source

Not all RVs are expensive, but replacing one at full cost can be a significant financial burden. To ensure your investments are protected, start with us at The Policy Source, serving Austin, TX. We’ll help you find and compare RV insurance policies tailored to your specific vehicle. Get in touch with us today!

Does Motorcycle Insurance Cover A New Starter?

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Few things are more frustrating than gearing up for a ride only to hear the dreaded clicking sound of a failed starter. The engine won’t even sputter to life. While motorcycle insurance may not always cover this issue, there are situations where it can help you get back on the road sooner rather than later.

Understanding Typical Insurance Coverage

Most motorcycle insurance policies do not cover the cost of replacing a starter, as it’s considered normal wear and tear. Items that need replacement due to wear and tear, such as brakes or starters, are generally excluded from coverage.

However, if the starter malfunctioned due to damage caused by an accident, it may be covered under your policy. To determine whether your insurance will cover the cost of a new starter, contact an agent at The Policy Source, serving Austin, TX.

Extended Warranty Options

Many motorcycle dealerships offer extended warranties on parts that are prone to failure, including starters. These warranties often come with conditions, such as regular oil changes and maintenance performed by the dealership. If your bike is under warranty, you may be able to replace the starter without incurring additional costs.

Coverage for Vandalism

If your starter failed due to tampering or vandalism, your insurance may cover the replacement cost—provided your policy includes coverage for vandalism. Keep in mind that you’ll need to pay a deductible, so it’s important to compare the cost of the deductible with the cost of a new starter to determine the best course of action.

We understand how disappointing it can be when your motorcycle won’t start. At The Policy Source, our agents are here to help you explore your options and determine if your insurance can assist. Contact us today to learn more. We proudly serve the Austin, TX, area.

Does Boat Insurance Cover Your Personal Watercraft, or Do They Need Separate Policies?

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If you love spending time on the water, chances are you’ve got more than just a boat in your collection. Maybe you’ve added a jet ski or two into the mix. At The Policy Source in Austin, TX, we often hear the question: “Does my boat insurance cover my personal watercraft too?” It’s a great question—and the answer might surprise you.

One Size Doesn’t Always Fit All

While boat insurance provides broad coverage for your vessel, it typically doesn’t extend to personal watercraft like jet skis, Sea-Doos, or WaveRunners. These smaller, high-speed machines are classified differently and usually require a separate policy to ensure proper protection.

Why Separate Coverage Is Important

Personal watercraft come with unique risks. They’re often used more aggressively, have distinct safety concerns, and can be operated by a broader range of people, including younger riders. Because of these factors, insurers treat them differently from boats. A separate policy ensures coverage for liability, damage, theft, and even injuries that might occur while using your PWC.

Avoid Gaps in Coverage

If you assume your boat insurance covers everything you launch into the water, you could face costly surprises. A dedicated watercraft policy provides peace of mind, ensuring that whether you’re cruising the lake in your boat or zipping around on a jet ski, you’re fully protected.

Not sure if your current coverage checks all the boxes? The Policy Source in Austin, TX is here to help you navigate your options and ensure every ride on the water is safe and worry-free.

When Should I Invest in Umbrella Insurance?

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Sufficient insurance is crucial, regardless of what you want to protect. If you fall short on coverage for your vehicle, home, or business, you could find yourself in a difficult situation in the future. Thankfully, there are specific types of insurance designed to provide you with additional coverage if you’re concerned that damages could exceed that offered by your main insurance policy. Umbrella insurance can be a valuable addition, but when should you invest in it? Here’s some guidance on when it’s best to invest in umbrella insurance and how you can get started with the support of us here at The Policy Source, serving those in Austin, TX.

When Should You Invest in Umbrella Insurance?

Investing in umbrella insurance is a personal choice, but there are some signs that it could be the right choice for you at this point in time. Whether you’re interested in personal umbrella insurance or commercial umbrella insurance, you should seriously consider investing in umbrella insurance when you’re worried that you could either face lawsuits that exceed what your insurance company will cover or that there’s the potential for a high-value asset to require more coverage than your current policy will offer. Essentially, umbrella insurance offers that additional coverage you need should your main policy not pay out everything you need, which can happen. If you’re the type to make sure you have all your bases covered, it might be time to invest in umbrella insurance.

Find Commercial and Personal Umbrella Insurance Here at The Policy Source

No matter what you need umbrella insurance for, we can help you find it! Serving the Austin, TX area, the team here at The Policy Source will help you streamline your insurance search for faster, better results. Get in touch with us today to get started!

Do You Need Flood Insurance For An RV?

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Recreational vehicles help you enjoy life, whether you’re heading cross-country to see the sights or enjoying the summer at a local campground. However, RV owners may have to deal with natural disasters like floods. This is particularly true if your RV is parked beside your home and you live in a flood-prone area.

Legal Requirements

Most states don’t require flood insurance for recreational vehicles. It’s available as comprehensive coverage for owners, but it is always an option. You should consider several things to determine if you need flood insurance for your RV.

Flood Risk

Consider your flood risk. Keep in mind that water damage can also happen from catastrophic storms and may be covered by comprehensive coverage. Look at your current location. For example, downtown Austin, TX has a moderate risk of flooding, especially for people who live in the southern area. If you live in an area likely to experience floods, you need flood insurance for your RV.

Hurricane Prone Areas

Some areas aren’t prone to flooding but often experience the aftermath of hurricanes, such as heavy rain and wind, which can lead to severe water damage. Individuals who live in areas prone to hurricanes or their aftermath should ask an experienced agent at The Policy Source to determine if they need flood insurance.

Policy Specifics

Always speak with a representative and read the fine print to ensure your RV is covered. Some policies specifically exclude floods and only cover hurricane damage for named storms. You should consider the risks in your immediate area and ask an agent which policy is best for you.

Here at The Policy Source, we understand you want to ensure the care of your RV. Our customer service representatives will work with you to understand your concerns. Contact us today to learn more. We currently serve the Austin, TX area.

How Do Driving Hazards Impact Auto Insurance?

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While Austin, TX is known for its vibrant culture and nightlife, it has notable driving hazards that should be considered whenever you choose a new auto insurance policy. Because of the unique driving hazards that come with living and driving in Austin, it’s essential to protect yourself with the right auto insurance policy. From traffic congestion to unpredictable weather, understanding various risks can help you remain informed and updated about auto coverage needs, as necessary.

Common Driving Hazards in Austin, TX

Common driving hazards in Austin include:

  • Weather: Unpredictable weather involving flash flooding and sudden storms can make roads slippery and more difficult to effectively and safely navigate.
  • Population: Eco-friendly transportation and pedestrian traffic can increase the chances of experiencing an accident or incident.
  • Congestion: Traffic congestion is common in Austin, leading to increased accident claims.

How Hazards Impact Rates

  • High-Risk Areas: Higher auto insurance rates and premiums are more likely in high-risk areas. Insurers use local weather patterns and claims data (along with driver records and history, in some cases) to determine premium rates.
  • Comprehensive and Collision Coverage: Comprehensive policies are often recommended for full coverage. This helps protect against theft, robberies, weather-related damage, and even collisions. Collision insurance also helps with covering the costs of repairs necessary due to traffic congestion, fender-benders, or common accidents.

Whether you live, work, or travel through Austin, TX frequently, obtaining the right auto insurance policy is crucial for long-term protection and peace of mind. The Policy Source is here to compare auto insurance policy rates, risks, and how hazards impact your existing rates. For those living in Austin, TX, contact The Policy Source today for your consultation and to optimize your current auto insurance policy coverage today.

The Difference Between Excess and Umbrella Insurance: Which Is Right for You?

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Understanding the Differences Between Excess and Umbrella Insurance in Austin, TX

Excess and umbrella insurance are both designed to provide additional coverage beyond standard policies, but they have distinct purposes and scopes. Understanding the differences between the two can help you determine which option is best suited to your needs in Austin, TX.

Excess Insurance

Excess insurance provides coverage above and beyond the limits of a specific underlying policy, such as auto, home, or boat insurance. Unlike umbrella insurance, which covers multiple types of policies, excess insurance applies solely to one specific policy. If a claim exceeds the liability limits of your primary insurance, excess insurance kicks in to cover the remaining costs up to the limit of the excess policy.

This type of insurance is more affordable than umbrella insurance because it is narrower in scope. However, it only extends to the linked policy and does not offer broad coverage for other liability risks, such as those related to your home or rental properties.

Umbrella Insurance

Umbrella insurance offers a higher level of coverage that extends across multiple policies. It acts as a safety net, stepping in once the liability limits of your primary policies are exhausted. Umbrella insurance is typically broader than excess insurance, covering a range of situations like personal liability, injuries, and lawsuits that may not be addressed under standard policies.

Umbrella insurance is often more expensive than excess insurance because it covers various risks. However, its flexibility and comprehensive nature make it a more suitable option for individuals with significant assets or those who are at higher risk of facing large claims.

The Policy Source Offers Insurance Policies for Your Needs

The Policy Source underwrites policies tailored to our customers’ needs. We serve Austin, TX, and the surrounding cities. Contact us today.

What Class of RV Insurance Do You Need?

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Recreational vehicles (RVs) come in various sizes, each requiring a particular RV insurance policy type. Understanding the different classes of RV insurance is crucial for getting the right type of policy for your RV or motorhome.

Classifying RV Insurance

RVs are categorized into three classes based on their size and type. Each of the three classes is identified by a letter:

  • Class A: This category includes the largest and most luxurious RVs, such as motor coaches and converted buses that can be up to 75 feet long. Due to their high value and extensive amenities, Class A RVs are typically the most expensive to insure.
  • Class B: This category is primarily used for camper vans and similarly sized motorhomes, such as converted short buses. Class B policies tend to be priced a little less because RVs typically cost less, less is typically kept inside them, and the easier maneuverability might make accidents less likely. 
  • Class C: These policies are for truck-based campers and fifth wheels. Class C policies tend to be the most affordable, but remember that you may also need auto insurance with these. A class C policy for a fifth wheel often won’t cover the truck that tows the trailer.

Choosing the Right Texas Insurance Policy

After determining which class of policy you need, there are additional considerations. You might need different protections if your RV is being driven across the country, set up at a lakefront location for the season, or parked next to your Austin, TX home. At The Policy Source, we can make sure you choose the class and coverages you need.

We at The Policy Source have helped many Austin, TX residents find insurance. Contact us today to get RV insurance for your motorhome.

Insurance Add-Ons for Your Motorcycle

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As a motorcycle owner, you should seek add-on protection. Additional insurance coverage can protect your investment while it is being operated, towed, or stored.

Unique Circumstances

Add-ons are often sought for unique circumstances. For instance, you may decide to tow your motorcycle on a routine basis. If so, you may be in need of additional coverage that will protect the equipment that is being used to tow your bike.

You may also decide to upgrade your motorcycle. If so, you may wish to obtain additional coverage that will protect chrome, leather, and other materials used to modify it.

Use Value

First, consider how you will be using your motorcycle. If you have decided to modify the manner in which you will be operating, towing, or storing your motorcycle, review some add-ons that will benefit you.

The use value of your motorcycle will help you determine the type of coverage that you will need. A motorcycle that won’t be operated often will not require as much insurance coverage as one that will be used on a routine basis.

Financial Value of the Motorcycle

Next, consider the financial value of your motorcycle. If your motorcycle was modified, review the cost of having the job done. Then, seek add-ons that will protect your motorcycle’s new bags and features.

Additional Equipment

Assess the additional equipment you use when operating, towing, or storing your motorcycle. Determine whether your motorcycle insurance policy should cover any of these items.

Texas Motorcycle Insurance Advice

One of our agents who serve Austin, TX can outline insurance add-ons that will benefit you. Contact one of our agents at The Policy Source Insurance Agency. The insurance agent will schedule an appointment for you.

Why Boat Owners May Need Umbrella Insurance

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High-net-worth boat owners residing in Austin, TX, and anywhere in Texas often need umbrella insurance.

Umbrella insurance offers liability coverage over and beyond the limits of standard policies. It can assist with legal expenses for defending your case and with judgments of $1 million, $5 million, or more, depending on the coverage you choose. Umbrella insurance covers you worldwide, and a policy written by your agent at The Policy Source can offer indemnification in some situations that other insurance policies don’t.

What kinds of hazards do boat owners require umbrella insurance for?

Any boat owner involved in an accident may be subject to a lawsuit claiming bodily injury or property damage, but the legal landscape in Texas tends toward "nuclear verdicts."

With distressing frequency, juries in Texas are making exorbitant awards – up to $105 million, in one Dallas County case – for catastrophic injuries. The chances of being found at fault for death, disfigurement, or permanent disability are meager, but a Texas court judgment for these losses can be very high.

At the Policy Source, we advise all of our clients with a net worth of $1 million or more, excluding the value of their personal residence, to consider umbrella coverage. Many clients no longer consider $1 million to put someone in the rich category. But it is precisely those who have "just a million" or a net worth of just a few million dollars who are especially vulnerable to aggressive litigation for damages in injury cases.

Umbrella insurance can cover you against all the expenses of defending yourself in a tragic situation. Whether you live in Austin, TX, or anywhere in the Lone Star State, call us today to get the assurance you deserve.