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| Boat Insurance from Costlow Insurance |
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Page Index: Click on the following links to go to that section of the page.
What is Boat Insurance? • Personal Watercraft Insurance • Motorcycle Insurance
ATV Insurance • RV Insurance • Comprehensive Personal Liability Insurance |
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| BOAT INSURANCE INFORMATION |
Most insurance companies provide limited coverage for property damage for small boats such as canoes and small sailboats or small power boats with less than 25 mile per hour horsepower under a homeowners or renters insurance policy. Coverage is usually about $1,000 or 10 percent of the home's property value and generally includes the boat, motor and trailer combined. Liability coverage is typically not included–but it can be added as an endorsement to a homeowners policy. Check with your insurance representative to find out if your boat is covered and what the limits are.
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| What is Boat Insurance? |
 Larger and faster boats such as fishing boats with larger engines, speedboats, yachts, and personal watercraft such as jet skis and wave runners require a separate boat insurance policy. The size, type and value of the craft and the water in which you use it factor into how much you will pay for insurance coverage.
For physical loss or damage, coverage includes the hull, fittings, machinery, furnishings and permanently attached equipment as part of either an actual cash value policy or on an agreed amount value basis. These policies also provide broader liability protection than a homeowners policy. But there are distinct differences between the two types of policies.
Actual Cash Value policies pay for replacement costs less depreciation at the time of the loss. In the event of a total loss, used boat pricing guides and other resources are used to determine the vessel’s approximate market value. Partial losses are settled by taking the total cost of the repair less a percentage for depreciation.
Agreed Amount Value basis policies mean that you and your insurer have agreed on the value of your vessel and in the event of a total loss you will be paid that amount. Agreed Amount Value policies also replace old items for new in the event of a partial loss, without any deduction for depreciation.
Boat insurance also covers:
- Bodily injury—for injuries caused to another person
- Property damage—for damage caused to someone else’s property
- Guest passenger liability—for any legal expenses incurred by someone using the boat with the owner’s permission
- Medical payments—for injuries to the boat owner and other passengers
- Theft
Most companies offer liability limits that start at $15,000 and can be increased to $300,000. Typical policies include deductibles of $250 for property damage, $500 for theft and $1000 for medical payments. 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 which 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 and verify that towing coverage is included in the policy.
Boat owners should also inquire about discounts for the following:
- Diesel powered craft, which are less hazardous than gasoline powered boats as they are less likely to explode
- Coast Guard approved fire extinguishers
- Ship-to-shore radios
- Two years of claims-free experience
- Multi-policies with the same insurer, such as a car, home or umbrella policy
- Safety education courses, such as those offered by the Coast Guard Auxiliary ( http://www.cgaux.org ), U.S. Power Squadrons ( http://www.usps.org ), or the American Red Cross ( http://www.redcross.org )
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| Other Personal Insurance |
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Page Index: Click on the following links to go to that section of the page.
Personal Watercraft Insurance • Motorcycle Insurance • ATV Insurance
RV Insurance • Comprehensive Personal Liability Insurance |
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| Personal Watercraft |
 Personal watercraft are not generally covered by homeowners or auto insurance, and where they are, the coverage limits can be fairly low. You may need to purchase a specifically designed policy in order to insure these vessels. The personal watercraft policy covers:
Typical policies include deductibles of $250 for property damage, $500 for theft and $1,000 for medical payments, although these may vary from company to company.
Liability limits start at $15,000 and can be increased to $300,000. This coverage will provide financial protection if your personal watercraft is involved in an accident.
Most policies also include water sports liability, which covers risks associated with activities such as waterskiing.
Consider buying an umbrella policy which will provide more liability protection. One million dollars in extra coverage costs about $300 a year and would extend to your home and auto insurance policies.
If you have several personal watercraft, you may qualify for a multi-boat discount on your insurance. Additional coverage can also be purchased for trailers and other accessories.
Be sure to speak with your insurance agent or company representative about your specific needs.
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| Motorcycle Insurance |
 Motorcycle insurance is a must, but what kind, what company? Liability, collision, or comprehensive?
Liability is the only coverage required by law in most states, but this level of insurance coverage may not be enough. Liability coverage only pays other people for damage you do to them, to their vehicles, or other property. Smart bikers will want to have more than just liability coverage on their motorcycle insurance.
Collision coverage is the next level of insurance coverage. Within coverage limits, it pays for repairs to your ride and whatever you hit. Riders who have collision coverage will want to ensure that the coverage limits are high enough. Within collision coverage are more specific sections such as property, medical, etc. Motorcycle Insurance Tips
Comprehensive coverage pays for situations that are not covered under liability or collision. Motorcycle theft is covered under comprehensive, as are storm damage and vandalism.
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| Bikers Need Adequate Insurance Coverage |
Riders should be sure that they have plenty of medical coverage, especially for themselves and passengers on their bikes. When a two-wheeler takes on a four-wheeler, it’s no contest. Collisions involving a motorcycle and an automobile usually result in severe injuries for the cyclist. The driver of the car often walks away uninjured, muttering, “I didn’t see any motorcycle.” Medical expenses add up fast for a biker who has been in a serious collision, and adequate medical coverage is important.
Bikers should have plenty of insurance coverage to be sure all of their expenses will be paid. Some underinsured riders may be denied access to the best care, or they may find out that the insurance company will not pay for the care that they received. Adequate motorcycle insurance will ensure that a rider is protected financially in the event of an accident. |
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| ATV Insurance |
 Many motorcycle owners also own all-terrain vehicles (ATVs) and choose not to insure their ATVs because most are not used on public roadways. Nonetheless, ATVs pose many inherent dangers and risks. All-terrain vehicle policies are very similar to those involving motorcycles but cost substantially less. In fact, the average annual ATV policy is priced in the $200 range, a small price to pay for peace of mind. |
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| RV Insurance |
 Recreational Vehicle Insurance is critical because most standard automobile and homeowners policies do not cover you for liability or physical damage to your recreational vehicle. Recreational vehicles include motor homes, campers, ATVs, motorcycles, golf carts and snowmobiles. Recreational Vehicle policies cover you if you are liable for bodily injury or property damage to others as well as damage to your own vehicle. Optional additional coverage is available for your personal property. To review your current Recreational Vehicle coverage or to find out more about Recreational Vehicle insurance available through Costlow Insurance, please contact us. |
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| Comprehensive Personal Liability Insurance |
 An important part of policy coverage; it covers you against lawsuits for bodily injury or property damage that you or family members cause to other people including accidents to others on your property. It also pays for damage caused by your pets. So, if your son, daughter or dog (for example) accidentally damages your neighbor's property, you are covered. However, if you, family members living with you or your pets destroy your property, you are not covered.
The liability portion of your policy pays for the cost of defending you in court and any court awards up to the limits of your policy coverage. You may also be covered not just in your home, but elsewhere in the world.
This portion of policy coverage may also include Medical Payments to others not found elsewhere in your policy that can range from $1,000 to $5,000. This is very important coverage in as much as it may take care of an individual’s emergency room treatment and/or medical bills, and can help to stave off a costly lawsuit. |
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We serve the entire DFW area including
Dallas and Fort Worth plus:
Rowlett • Mesquite • Garland • Rockwall • Heath • Forney • Sachse • Wylie • Plano • Allen • McKinney
The Colony • Denton • Frisco • Richardson • Carrollton • Farmers Branch • Lewisville • Flower Mound
Grapevine • Highland Village • Colleyville • Bedford • Irving • Grand Prairie • Duncanville • DeSoto
Lancaster • Arlington • Terrell • Royse City • Greenville |
