There’s nothing as invigorating – or relaxing – as navigating the waters on a boat. Don’t let your family, friends and guests’ down-time be spoiled by any worries of an accident with any form of watercraft. Safety matters. Related insurance costs pennies a day, making it one of the best bargains around.
Of course, just as auto, homeowners, renters, commercial and other forms of coverage need a scrutinizing eye, boat insurance requires the same vigilance. It’s important for you seek guidance before buying a protective policy. Sitting down with an experienced independent agent that has your best interest in mind will help you navigate the deep and wide world of indemnity in regard to watercraft protection.
The following are some of the plans to look out for when shopping for boat insurance.
Navigational Area Coverage –
The range of water expanse coverage varies so make sure your policy covers the amount you need. For the avid boater, there are companies that provide coverage until seventy-five miles from the United States coastline to the coastal or inland water of Canada as well as the Pacific Oceans coast in Mexico. Some states offer coverage for more water space.
Agreed Value Coverage –
Just as cars, vans and other vehicles, water vessels go down in value as they age. Be aware that this may mean your boat will give you the insured value, minus your deductible, should it be stolen or rendered a total loss as a result of an accident.
Liability Coverage –
Much the same as auto insurance, boat insurance provides personal liability. This means that it pays for losses and damages for other boat riders and boat owners should you be at fault in an accident. This coverage provides payment for repairs or property replacement. It also pays for medical costs and lost wages as well as other payments due to a boat collision that you are liable for.
Medical Payment Coverage –
This coverage pays for medical care incurred because of a boat accident. Covering the policyholder, the passengers and any involved water skiers and tubers, it is broad protection irrespective of who is the liable party.
Physical Damage Coverage –
This coverage takes care of boat, motor, permanent equipment and tailor repair or replacement costs.
Uninsured/Under-insured Watercraft Bodily Injury Coverage
Unlike auto insurance, boat insurance is not mandated by the government. If you should be in an accident with another boat that has no coverage or is under-insured, this form of insurance will pay for medical bills, lost wages and other covered costs connected to the collision.
Fuel Spill Liability/Wreckage Removal –
In the scenario that your boat sinks or is extensively damaged, an oil or fuel leak is likely. Legally, you are responsible to clean any of this out of the water. With this coverage, all payments and cleanup will be handled by the insurance company.
Personal Effects Coverage –
While this insurance does not cover jewelry, watches or furs, it does provide protection for clothes, cell phones, sports equipment and fishing gear.
Unattached Equipment Coverage –
This will pay for any equipment that is not attached, yet is used on your boat. Covered items include: lifesaving apparatus, water skis, oars, fire extinguishing equipment, tarps and the like.
Emergency Assistance Coverage –
This will pay for towing, labor on repairs and delivery of gasoline and oil. It will also provide coverage for a loaned battery in the event the boat is not functioning as it sits on the waters.