Seventy five million people in the U.S. participate in recreational boating so where there are boaters, insurers will surely follow. It can be confusing though, insuring a runabout has much in common with buying auto insurance while insuring a million-dollar yacht more closely resembles buying home insurance for a small house.
Watercraft Liability helps protect you from paying medical costs, loss of income and funeral expenses of other people involved in an accident. It also helps protect you from paying for repair or replacement of another operator’s boat or property.
Uninsured Watercraft Coverage helps pay for injuries you, your family or anyone on your boat sustain due to an accident with an uninsured boater. This includes coverage for medical payments, lost wages, and pain and suffering caused
by another boatowner who is liable for the accident and does not have a boat insurance policy. With around 40% of boatowners choosing not to purchase boat insurance, that is very valuable coverage to include in your policy.
Watercraft Medical Payments Coverage can help pay for some of your medical costs or funeral expenses if you or anyone on your boat is injured in an accident. This coverage may include hospital bills, surgeries, x-rays, dental, pharmaceuticals, nursing services and more.
Your Property Coverage* helps pay for damage to your boat if you’re involved in an accident with another boat or something else, such as a pier, buoy, dock or debris, or if someone hits your docked boat. It also typically pays for damage or loss to your boat caused by something other than a collision, such as theft, fire, vandalism, windstorm or hitting an animal.
Personal Effects Coverage helps cover your personal belongings, including fishing equipment.
Emergency Services Coverage repays up to $100 for the reasonable cost of towing, mechanical labor at the place of breakdown, and delivery of fuel, oil or battery.
Additional Boat Equipment Coverage provides coverage for your boat accessories such as anchors, life jackets and navigation gear, up to policy limits.
Boat Trailer Coverage covers damages associated withyour boat trailer, up to policy limits.
Repair Cost Endorsement Coverage provides coverage for your boat, motor, boat equipment or trailer, up to policy limits.
Do I NEED to buy boat insurance?
If you’re new to boating, you may be under the impression that your homeowners insurance will magically stretch to cover your boat. Sadly, in most cases it won’t. Some homeowners policies will have a small amount of coverage for really small boats with a very small or no engine at all.
But if you are docking or have your boat financed, you will most likely need liability coverage – at a minimum.
Why would I purchase insurance when I do not believe my boat is worth enough to warrant coverage?
The real financial risk of owning a boat isn’t just in the value of the boat, but the liability that comes with it. Boat insurance helps protect you from having to pay medical costs of other people or paying for the damage to someone else’s boat, dock or marina.
Stay tuned for part 2…more FAQ and ways to save $…
If you love in PA or OH, call us for your insurance needs and to answer questions you may have, toll free 844-675-2111