How Can I Save Money on Boat Insurance?
The price you pay for your auto insurance can vary by hundreds of dollars, depending what type of car you have, the insurance company you buy your policy from, and the type of policy you choose.
The type and value of the vessel, the horsepower of the engines and the location where it is kept are all factors in determining coverage and premium.
Boat Insurance can be tricky, so work closely with your agent to get the best value for your premium.
Boat Insurance for Liabilty and Damage
Boating accidents cause millions in property damage every year. Having the appropriate property and liability coverage is essential. Keep in mind that boating accidents occur on land as well as water.
Larger and faster boats, such as fishing boats with larger engines, speed boats, yachts, and personal watercrafts such as jet skis and wave runners require a separate boat insurance policy.
Boat insurance can also cover:
1. For physical loss or damage, coverage includes the hull, machinery, fittings, furnishings and permanently attached equipment for an Agreed Value
2. Boat policies also provide broader liability protection than a homeowners policy
Bodily injury – for injuries caused to another person
3. Property damage – for damage caused to someone else’s property
4. Guest passenger liability – for any legal expenses incurred by someone using the boat with the owner’s permission
5. Medical payments – for injuries to the boat owner and other passengers
Most companies offer liability limits starting at $15,000 and can be increased to $300,000.
Typical policies include deductibles of $250 for property damage, and $500 for theft.
They can provide $1000 for medical payments and higher limits may be available.
Additional coverage can be purchased for trailers and other accessories.
Boat owners may also consider purchasing an umbrella liability policy that will provide additional protection for their boat, home and car.
Boaters should also inquire about special equipment kept on the boat, such as fishing gear, to make sure it is covered.
Verify that towing coverage is included in the policy.
But don’t forget price is not everything. Discounts matter but proper coverage is more important.
Read more about Boat Insurance Policies