U.S. Coast Guard data is currently showing that property damage that includes boats is significantly increasing, which is also boosting the need for not only boat insurance, but the correct policy.
As a result of the rising instances of property damage with boats, many states are now making boat insurance mandatory. Even if you are not in one of the states that require you to be insured, if you have a loan for your boat, or if you use a marina, the odds are that you will need to purchase a policy anyway.
Regardless of whether or not it is compulsory, as a boat owner, you might want to consider coverage from an insurance company in order to protect your investment.
Trying to find the right boat insurance is similar to hunting for auto insurance. The protection works in a similar way. However, because the vehicle itself is quite different from a car, you’ll want to make sure that your policy offers the type of coverage that you require for its features and use. Once you find the right type of coverage, then you can start looking into different ways to keep your premiums to a minimum.
The following are the types of coverage that you will want to make sure are included in your boat insurance:
• Physical damage
• Coverage of the motor
• Coverage for the cover
• Coverage for the trailer
• Docking fender protection
• Protection for the communication devices
• Coverage for medical payments
Once you find a policy that includes these points as well as any other specifics you require, you should look into obtaining additional discounts in your premiums for reasons such as the following:
• A brand new boat
• An anti-theft device or alarm
• An automatic fire extinguisher
• A ship-to-shore radio
• A qualifying boating education course
Posts Tagged Boat Insurance
A boat owners insurance policy can insure you against most risks of owning and operating your boat, its motor and its trailer.
These risks may include:
The property covered under boat insurance includes equipment permanently attached to the boat as well as:
Electric trolling motors
Extra fuel tanks
Skis and their tow ropes
It can also protect you against liability lawsuits, should you injure someone with your boat or damage their property.
Boat Liability Insurance coverage includes:
Boat liability coverage provides protection for legal liability because of an accident resulting from the ownership, maintenance, or use of your watercraft, including bodily injury, property damage and legal defense.
Boat medical payments coverage pays medical expenses up to the limits in the policy for you, your resident relatives and other occupants of the boat injured by an accident arising out of the ownership, maintenance, or use of the watercraft.
Additional boat insurance coverages include those for:
Newly acquired watercraft covers your newly acquired watercraft for damage caused by an insured loss. Must be replacing the existing State Farm insured boat and all boats owned need to be insured with State Farm.
Reasonable repairs covers repairs incurred to protect covered property from further damage.
Emergency service pays up to $500 for reasonable costs that you incur resulting from specified emergency service to your boat, motor or boat trailer.
Wreck removal pays the reasonable expenses you incur for any attempted or actual raising, removal or destruction of the wreck of your boat when damage is caused by an insured loss and removal or destruction is required by law.