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Boat and Watercraft Insurance Made Easy
Get An Insurance Quote For Your Boat or Watercraft
Ahoy there! Are you ready to set sail on the open waters but feeling a little uneasy about the potential risks? Never fear, boat insurance is here! It’s like a life jacket for your boat, providing coverage for any unexpected bumps in the water (or on land).
From liability coverage to comprehensive coverage, we’ve got you covered. And just like choosing the perfect captain’s hat, choosing the right boat insurance policy can be a tricky task. But don’t worry, we’ll help you navigate the choppy waters of determining the value of your boat and finding ways to lower your premium. So, hoist the sails and let’s get started on this journey to secure your boat’s future.
What is boat insurance?
Boat insurance is a type of insurance that provides coverage for damage or loss to your vessel, as well as liability coverage for injuries or property damage that may occur while using the vessel.
Why do you need insurance for your boat or personal watercraft?
You’ll enjoy the water even more when you’re not worried about the safety of yourself, your passengers or your investment. Here are a few things to consider:
- If you’re in an accident or your watercraft is stolen, it costs money, often a lot of money, to fix or replace it.
- If you or any passengers are injured in an accident, medical costs can be extremely expensive.
- If your watercraft is responsible for damage or injury to others, you may be sued for much more than you’re worth.
- Your watercraft also needs protection when it’s on land. Accidents can happen while towing a watercraft.
Things to consider and questions to ask your agent about boat insurance
Here are a few things to consider as you prepare for the discussion:
- How much can you afford to pay if your boat or personal watercraft is in an accident, damaged or stolen?
- Is my boat or watercraft covered for use year-round?
- What discounts and programs are available?
- How much medical insurance and liability coverage is enough?
- Do I have coverage if I need to have my boat towed in an emergency?
- What’s the process for filing and settling a claim?
- Does the insurance company have a good reputation for customer service? Is it known for paying claims fairly and promptly?
Home and auto insurance policies may provide limited coverage for personal watercraft. Talk to your insurance representative about coverage limits. You may want to consider purchasing a personal watercraft policy to protect yourself and your water vehicle in the event of an accident.
The personal watercraft policy covers:
- bodily injury
- property damage
- guest passenger liability
- medical payments
Liability limits start at $15,000 and can be increased to $300,000.
Typical policies include deductibles of $250 for property damage, $500 for theft and $1,000 for medical payments.
Additional coverage can also be purchased for trailers and other accessories.
Frequently Asked Questions About Boat and Watercraft Insurance
What is covered by boat insurance?
Typically, boat insurance covers damage or loss to the boat itself, as well as liability coverage for injuries or property damage that may occur while the boat is being used. It may also cover damage or loss to the boat’s equipment or accessories, as well as towing and emergency assistance.
Do I need a boat insurance coverage policy?
Although boat insurance is not required by law, it is highly recommended as it provides financial protection in the event of accidents or damage to your vessel. If you have a boat loan, the lender may require that you carry insurance.
How do I determine my boat’s value for insurance purposes?
Replacement cost, or the cost to replace your boat with a similar model in the event of total loss, is typically used to determine the insurance value of your vessel.
Are there various types of boat insurance?
Yes, there are numerous types of boat insurance, including liability coverage, comprehensive coverage, and specialized coverage for particular types of boats.
What is a policy for boat insurance?
A boat insurance policy is a contract between the policyholder and the insurance company that details the coverage terms and conditions. It contains information such as coverage limits, exclusions, and premiums.
How do I file a claim for my boat’s insurance?
To file a boat insurance claim, you must contact your insurance company and provide them with information about the incident, including the date, time, and nature of any damages or injuries. You may be required to submit additional documentation, such as police reports, repair estimates, and photographs of the damages.
How can I reduce the cost of my boat insurance?
There are numerous ways to reduce your boat insurance premium, including enrolling in a boating safety course, selecting a higher deductible, and installing safety and security features on your vessel.