Boats offer great recreation time, but they also come with risks. It is important to understand these before a disaster strikes.
Boat Insurance 101
As with any insurance policy, make sure you know the limits and what is covered. Smaller boats may already be covered in your homeowner’s policy. However larger ones and items like jet skis usually need to have a separate policy.
Most policies cover physical damage as well as theft, medical and property damage. You may be able to purchase additional insurance for things like boat trailers. You may also want to check into an umbrella policy which provides additional coverage for your car, home and boat.
Insurance Coverage for Boats:
Agreed Amount Value and Actual Cash Value are the 2 types of insurance for boats:
- Agreed Amount Value are policies back on a valuation of your boat that you and your insurance company agree to for a total loss.
- Actual Cash Value are policies that pay for replacement of your boat at the time of the loss, less depreciation.
There are several other optional overeager that you may want to consider:
- Towing
- Trailer and Accessories
- Theft of the Boat
- Theft or Loss of Belongings
- Bodily Injury
- Guest Passenger Liability
- Medical Payments
Insurance Discounts:
- Be sure to also inquire about some of these discounts
- Diesel Powered Craft
- Approved Fire Extinguishers
- Ship-to-Shore Radios
- Water Safety Courses
If you have any additional questions or would simply like to inquire about obtaining or changing your boat insurance policy, please give us a call at 651-739-9684.