August 30, 2016 2 min read 1 Comment
Even if golf cart insurance is not required by your HOA or state, it is still a good idea for golf cart owners to insure their golf carts. If you use your golf cart on a regular basis and rely on it for either regular transportation or recreation, insuring it is never a bad idea. The following will determine what kind of insurance and the cost:
In many communities, the HOA requires golf cart owners to purchase specific insurance for their golf carts and name the HOA as an additional insured. Prior to purchasing insurance, check with your HOA. If you use your golf cart around your property, it can be included on your homeowner's insurance policy with an endorsement. If you drive on the street and your cart is considered to be a Low Speed Vehicle or All-terrain vehicle, it is smart to purchase an auto policy specific to golf carts.
Golf cart insurance is fairly reasonable and there are several ways to save additional money on it:
Adding a golf cart endorsement to your homeowner's policy is the least expensive way to insure your golf cart and will cost $50-$200/year. If you purchase a separate golf cart policy, it will average $12/month, as long as it is driven within a golf course community. A speed modified cart that drives on the street is priced $400 to $1000 / year and will depend on your driving record and other factors considered with conventional auto policies.
Keep in mind that if your golf cart is found to be used for business purposes, driven in an illegal manner, or outside of the range of coverages, the policy may not cover theft, damage, or injury.
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