No two boat insurance policies are the same. We have created an in depth watercraft review to help you compare boat insurance and understand the basics. By taking an in depth personable approach, we are able to learn what you do and don’t need in order to get you the proper coverage at the right price.
When to purchase boat insurance
You’ll enjoy the water ever more when you’re not worried about the safety of yourself, your passengers, or your investment.
Below are a few things to consider when determining if you need boat insurance:
- 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.
What to look for in a boat insurance policy?
- Navigational Area:– Know where you are covered in the water. Some companies offer protection that covers you up to 75 miles from the U.S. coastal or inland waters.
- Total Loss Replacement-Purchase Price: – Total Loss Replacement-Purchase Price is available on newly purchased boats up to one model year old. In the event of a total loss, this coverage replaces the insured boat with a new boat.
- Agreed Value Coverage: – Watercrafts depreciate just like automobiles. Actual cash value policies can make it difficult to replace a boat that’s been stolen or destroyed. This means that if your boat is a total loss you will get the value you insured it for, minus any deductible.
- Liability – Like car insurance, personal liability coverage provides coverage to other boaters and boat owners in the event you are at-fault for an accident on the water. This coverage will pay to repair or replace the property of someone else as well as for their medical care, lost wages and other costs incurred as a result of a boating accident for which you are at-fault.
- Medical Payments – Medical payments coverage will pay for the cost of needed care that is the result of a boating accident. This coverage is available from $500 to $10,000 and covers you, your passengers, and even your water skiers/tubers, regardless of who is at-fault.
- Physical Damage Coverage– Physical damage coverage pays for the cost to repair or replace your watercraft, its motor, any permanently attached equipment, and your trailer, if it is stolen or damaged.
- Uninsured/Underinsured Watercraft Bodily Injury – Since boat coverage is not always mandatory, many boaters choose not to get insurance. If you are hit by an uninsured or underinsured boater, and you are injured, this type of coverage pays for medical treatment, lost wages, and other costs associated with the accident.
- Fuel Spill Liability and Wreckage Removal – Should your boat sink or be seriously damaged, there is a chance that it could leak oil or fuel into the water. As the boat’s owner you are required by law to have this cleaned up, which can be time consuming and expensive.
- Personal Effects – Your policy can provide coverage for many personal effects, including scuba/snorkeling and other sporting equipment, and fishing equipment. Check with Hometown Insurance Team for more information.
- Unattached Equipment Coverage – This pays to repair or replace equipment that isn’t permanently attached to your boat or personal watercraft, but is designed for use primarily on a boat. This includes items like lifesaving equipment, water skis, anchors, oars, fire extinguishers, tarps etc.
- Emergency Assistance – The Emergency Assistance Package provides coverage for towing, labor and delivery of gas, oil or loaned battery if the watercraft is disabled while on the water.
Contact the Patrick Swaney Insurance Agency today to find out how to get the best boat and watercraft insurance coverage for you.