Do You Have Adequate Boat Insurance?
Boating is a blast during the summer, but let’s not forget about safety and protection.
Sure, you might have to take a boating safety course in some places, but what’s even more crucial is having boat insurance. Trust me, it’s like a safety net for your investment and all the fun water activities you have planned. While you might not lose sleep over theft or damage to your boat and its contents, there are plenty of other liability risks out there that should be covered by insurance.
Liability coverage is a real lifesaver because it not only protects everyone on your boat but also takes care of any damage you’re responsible for in case of an accident. And hey, that’s not all. Boat insurance offers other cool options too, like uninsured/underinsured boater coverage and extra protection on the water.
It’s got your back, my friend. Plus, it covers all the essential parts of your watercraft, including the hull, machinery, furnishings, and anything else that’s permanently attached to your boat or personal watercraft (PWC).
Now, here’s a common misconception: thinking your homeowner’s insurance has got you covered for your boat or PWC. Nope, not quite. Homeowner’s insurance usually comes with limitations on things like size, horsepower, and whatnot. So, if you rely solely on that, chances are you’re underinsured. Don’t wait for an accident to happen to realize the importance of having proper liability coverage while you’re out on the water. Get yourself some top-notch boat insurance and sail worry-free!
Do I Need Boat Insurance?
While only two states legally require boat insurance, it is more common that your bank or marina requires boat insurance. If you have a boat loan, then the bank will almost certainly require boat insurance. Also, the marinas where you park your boat for seasonal activities may require proof of insurance. Beyond requirements, your tolerance for risk may help you decide to insure your boat. As with potentially hazardous activities, an insurance policy can help protect from the risks associated with operating a boat on the water.
Considering the great investment in boats and the high cost of an unexpected repair or accident, insurance can be extremely helpful. So, knowing well of all your risks and potential costs, you can determine the best insurance to help protect your expenses in the end.
How Does Boat Insurance Work?
Much like car insurance, your boat insurance supports any damage or injuries caused in the event of any accidents that may occur at your fault on the water. Like car insurance, you can file a claim after an accident based on the type of coverage you have, and plan on paying your deductible to prevent the large costs of repairs, medical expenses, and more. Like other insurance policies, boat insurance offers different types of coverage: liability, uninsured motorist, and comprehensive.
The amount of boat insurance you may need depends on several factors, including the boat’s value, motor size, and age. Like other vehicles, high-performance boats will likely command more coverage to compensate for the damage they can inflict. Liability is the minimum coverage required by most banks and marinas. Often recommended to have at least $1,000,000 in liability insurance, this amount can vary based on the speed and power of your boat and the level of risk and damage that could occur with any accident that may happen. You can also decide on coverages based on the risks you expect around your standard activities and if you believe you may come across uninsured/underinsured motorists where accidents could happen.
What Does Boat Insurance Cover?
Boat insurance offers comprehensive coverage to protect you and your watercraft. It typically covers the hull, machinery, furnishings, and any permanently attached equipment on your boat or personal watercraft (PWC). In addition to physical damage, boat insurance also provides liability coverage, safeguarding you against any accidents where you are held responsible for damage to other’s property or injuries to others on board. Some policies may include uninsured/underinsured boater coverage, which comes in handy if you encounter an uninsured boater or if their coverage falls short. Boat insurance is like a safety net on the water, ensuring that you can enjoy your boating adventures with peace of mind.
With different types of policies and overage, your boat insurance can be customized with different options including the following:
- Property damage liability insurance covers the cost of damage to others’ property after an accident you cause.
- Collision damage insurance covers the cost of repairing or replacing your boat after a collision with another watercraft or object or if your watercraft rolls over.
- Bodily injury liability coverage pays expenses associated with injuries to others involved in accidents for which you are found responsible.
- Hull coverage covers physical damage that occurs to your boat and generally includes trailers, equipment, motors, and accessories often occurring during fires and windstorms.
- Fuel spill liability provides coverage for any fines that may occur from an accident involving a fuel spill.
- Uninsured/underinsured boaters’ bodily injury & property damage covers medical expenses, loss of income, and property damages owed to you by an uninsured/underinsured boater, or a hit-and-run boater.
- Comprehensive insurance can cover watercraft damage from vandalism, theft, weather events, and accidents.
- Personal effects insurance covers the loss of, or damage to, personal property while on board your watercraft, or while being carried on or off. Boat hoists and lifts may also be covered.
- Fishing equipment protects fishing gear and equipment used in the sport of fishing such as rods, reels, lures, tackle boxes, and electronic gear used to locate fish.
- Roadside assistance provides towing to your nearest qualified repair facility and may also provide necessary labor when the tow vehicle or watercraft trailer is disabled while transporting your insured watercraft.
Along with this basic summary of coverage choices available in boat insurance, various other options and exceptions can be covered in the fine print of your policy details. Even more, you may have many questions to ask about the type of insurance needed for your boat at all times of the year, when you are on the water, for the trailer you use to transport it, or when it is in storage. Damage, theft, and other issues can occur at any time, so Greg Fay Insurance is always here to help you determine the best details of boat insurance and safety for you and your boats.
Our 4 Locations Have Insurance Licenses in 4 States
Ohio and our surrounding states have some beautiful lakes and rivers. Get outside and enjoy your boat.
Any one of our agents can sit down and evaluate your individual situation with car insurance. We have local insurance offices in Centerville (Dayton) Ohio, West Chester (Cincinnati) Ohio, and Northwood (Toledo) Ohio, and cover your home and automobile policies licensed in Ohio, Michigan, Kentucky, Indiana, and Tennessee.
Since we are not tied to one specific company, we can tailor a plan to you using several different products that suit you. Simply put, Greg Fay Insurance offers more insurance options for you!
