Sled Insure, a snowmobile insurance agency, plans to launch Powersports Insure by the end of the summer, to meet rising demand for coverage on all powersports vehicles, Corbett Godwin, a licensed broker with the company, told Powersports Finance.
The agency launched Watercraft Insure earlier this month, to specialize in the financing personal watercraft, pontoons, boats, and yachts.
“We started with Sled Insure, and then branched off and got into more states and more states,” Godwin said. However, “just because we had the name Sled Insure, [consumers] didn’t realize we were focused on all toys. We had to redirect name of it, which led us to launch the Watercraft Insure website.”
Powersports Insure will be a separate website, and will be focused on the insurance of motorcycles, ATVs, and other recreational vehicles.
Powersports insurance demand has been rising from consumers and banks, particularly as the price of the machines rise, he said. For example, some manufacturer’s have snowmobiles that are $17,000, “and banks — particularly the smaller banks — want full coverage on it, so if it’s a total loss they don’t lose their money,” Godwin added.
The company operates its snowmobile and watercraft insurance in 27 states, but aims to expand nationwide in the near future, he said.
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