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Satisfying the Insurance Needs of Clients Who Own Expensive Toys

Posted by Jon Anderson on Nov 16, 2016 3:30:00 PM


For many people, the most expensive items they will ever insure are their house and car. Some, however, have pricey pastimes or eccentric lifestyles that require ownership of several other big-ticket items. From high-powered snowmobiles to luxury boats, some people just can’t live without their expensive toys, and you must pay special attention to their insurance needs.

Recreational vehicles are more than just “toys”; they often represent a significant investment for the people who own them. As a result, your clients who fall into this category will need special help finding the right insurance policy, to give them proper peace of mind as they indulge in their favorite hobbies: be that cruising the high seas or powering across snow strewn landscapes.


Evaluate Their Specific Needs

Insuring a boat is different than insuring a home. Likewise, snowmobile insurance will need to account for slightly different scenarios than that of car insurance. Some clients might have opted for the seemingly more straightforward route of simply adding their toys to an existing policy. But, because of the nuances involved in insuring things used for recreational purposes, add-on coverage might not be enough.

For example, specialized boat insurance policies cover things like fuel-spill cleanups, emergency towing, and replacement equipment. If your client simply added the boat to their property insurance policy, the level of coverage might not be as comprehensive as needed.

Clients will require a detailed assessment of their individual circumstances, preferences, and budget constraints. One person that heads out on adventurous snowmobile rides every weekend will have different needs than another who only dusts off the machine once or twice per year. Where the latter could be content adding to an existing policy, the former would require a more specialized insurance package.

Make Things Personal

So, one insurance policy will not work for all. That is true for clients whether they own expensive toys or not. But the insurance needs of clients with recreational vehicles are not so widely met. As their insurance agent, you will need to provide an even more personalized service than you might afford to other clients.

That means going beyond good customer service. You must try to gain a deep understanding of your client: what motivates them, what is their vision for the future, why do they have such a passion for their particular toy? The more you know about the client, the better you can serve them.  

Every client you talk to about insuring their recreational toy will be different. Do not assume that because you have two clients owning a similar type of boat, that both will have the same insurance requirements. Both might have wildly different expectations. It all depends on the individual and their reasons for owning the boat.

Only through careful conversation with everyone will you be able to understand the nuances, and thus offer a truly personalized service to each client.

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Offer Proactive Insurance Services

People that use recreational vehicles such as ATV’s, snowmobiles, or personal watercraft have dynamic insurance needs. They may frequent new locations outside their coverage area, make improvements to their vehicles, or upgrade regularly. Thus, they will need insurance coverage that meets their changing needs as well as someone on hand to answer any tricky questions.

To offer them the best service, you can take proactive steps to answer their questions and suggest appropriate insurance options. Of course, you can’t always anticipate where the client will go for their next adventurous trip, but you may be able to predict what complications they will face.

A proactive service is a part of giving a personalized service. Your clients will have more confidence in you if they perceive that you are knowledgeable in insurance matters concerning them, and that you care about meeting their specific needs.

Fill Gaps in Current Insurance Policies

Not all clients will require specialized insurance policies. For some, taking options to merely fill the gaps in their current policies will be enough to safeguard all their possessions. To that end, one of the first things you will need to do is carefully comb through your client’s home and auto insurance policies.

With your understanding of the client’s lifestyle and level of recreational activity, you should be able to identify areas in their existing policies where improvements could be made. That might mean adding extra coverage to meet their needs, or extending certain aspects of the policy.

Depending on the toys the client wants to insure, the intended level of usage, and certain other factors, filling the gaps in their current insurance policy might be more cost-effective than opting for a specialized policy. In any case, the aim is to ensure that they are fully covered and have enough peace of mind.

The requirements of clients with expensive toys are not all that different from regular clients. They all want exceptional customer service from a highly knowledgeable and professional agent. If you can provide those things, you can easily satisfy the specialized needs of any client.

Topics: blog, boat insurance, jet ski insurance

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