Insurer Targets Market for Off-Road Recreational Vehicles for Retirees

April 21, 2006

No more rocking chairs and shuffleboard. Today, more retired Americans are apparently heading off-road for recreation and adventure.

To better serve this active and growing population, The Hartford Financial Services Group, Inc. has introduced new insurance coverage designed specifically for ATVs (all-terrain vehicles), snowmobiles, personal watercraft and golf carts.

This new off-road vehicle coverage, available to AARP members through the AARP Auto & Homeowners Insurance Program from The Hartford, arrives just as the company is unveiling a new corporate marketing program, “Prepare to Live,” which highlights the unique products and services from The Hartford designed for the Baby Boom generation.

“Everywhere you turn, Americans are enjoying a more active lifestyle and using more than just the family car to get them around,” said Mike Concannon, senior vice president of personal insurance for The Hartford.

Research from a number of recreational trade associations tells an interesting story about the increasing popularity of off-road vehicles, as well as the people who are using them, according to Concannon. For example:

In the U.S. there are approximately 15 million ATV-riders, 1.75 million registered snowmobiles and 1.5 million personal watercraft.

Approximately 100,899 snowmobiles were sold in the U.S. during 2005 and 79,500 personal watercraft were sold in 2004.

• Approximately 37 percent of all snowmobile riders are 50 years or older. The average age of an ATV owner is 40 years old.

• 75 percent of snowmobile owners and 71 percent of ATV owners are married.

• Roughly 99 percent of all personal watercraft in the U.S. are sold for family recreation; 70 percent of people who ride ATVs do it as a family activity.

“It’s clear that Baby Boomers, older adults and families are enjoying these activities in record numbers,” notes Concannon. “Our goal is to help protect them and their equipment with the right insurance so they can focus on one thing — living life to the fullest.”

Coverage Details
Currently, The Hartford’s off-road vehicle insurance is available in 28 states to AARP members. Coverage will be offered in other states during 2006 pending approval in those states.

Available as a stand-alone policy, the offerings includes flexible policy contracts — in many cases, off-road vehicles and watercraft can be written in the same policy package; 12-month policy terms, with the option for lifetime renewal; multi-vehicle discounts and credits for customer loyalty.

The Hartford also plans to offer the coverage to customers outside of the AARP Program through The Hartford’s network of independent agents. The plan is for a rollout on a state-by-state basis before the end of 2006.

Source: http://www.thehartford.com/.

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