Boat Insurance

Boat insurance helps you financially if loss or damage occurs to your boat. The term boat can be applied to small boats used primarily for fishing, paddle boats, pontoon boats, yachts, and other such leisure crafts. Canoes, kayaks, or personal watercraft are usually not included in the coverage.

Who Is This Insurance For?

Anyone with a boat should consider an insurance plan. Several misfortunes could happen including collision damage, property damage, bodily injury liability, and still others not listed here. Not only is it ideal to have insurance in these scenarios, but some states require coverage to a certain degree. Also, if you have purchased the boat on a loan, it is probable that the usurer will require insurance on the boat.

How Does it Work?

Home insurance policies will cover your boat up to about 10% of your home value. Although, there are separate plans that will cover various amounts. Policies will not cover your boat if it is in operation outside of an agreed territory, if it fails marine inspection, or if it is driven by an underage person at the time the damage occurred.

Different Types of Coverage

The two main types of boat insurance are ‘agreed value’ and ‘actual cash value.’ Agreed value bases the coverage amount on the value of the boat at the time the policy is written. Actual cash value focuses on deprecation. Basically, when the boat is damaged, this policy will only cover the cash value of the boat at the time the incident occurs.

Major Benefits

If you want peace of mind on your boat, then insurance is the only thing to guarantee that. Most policies will protect against theft, engine damage, if you run aground or into a rock, and even against hurricanes. Such events can be unforeseeable, and some can be catastrophic, such as a tropical storm. Insure your boat today and enjoy protection against potentially damaging incidents.

"They really took great care of us and saved us a ton on our insurance!" - Bev Scott