Boat owners’ insurance provides coverage for individuals who own and operate a boat or personal watercraft. Insurance may be purchased for sailboats, houseboats, jet skis and others. In addition, this coverage can be applied to the trailer used to move the watercraft between storage to where the watercraft will be used. There are many different endorsements that can be added to the coverage like roadside assistance, fishing equipment coverage and on-the-water towing.
Breaking Down Boat Owners' Insurance
Boat owner’s insurance covers the boat as well as the items needed to operate the boat safely, such as life vests, oars and anchors. Boat owners can also purchase additional coverage for electronic equipment, such as televisions, GPS and radios, as well as equipment commonly associated with boats, such as snorkels or SCUBA gear.
The coverage provided by watercraft insurance varies according to the type of watercraft being insured. This is because different types of watercrafts carry different risks. For example, a small sailboat most likely does not carry the same risks as a multi-passenger larger pontoon boat.
Boat owners need to know what questions to ask when investigating policies. For instance, many policies will not pay for the removal of a wrecked boat. The policy typically covers the cost of replacing the boat but not the actual cost of towing or debris removal.
The Coast Guard no longer offers towing assistance if they determine there is no danger to lives or property. The cost of towing by a commercial marine towing service averages as high as $150 per hour, from the time the towing begins until the boat is brought to its dock or nearest port.
One of the greatest risks for boat owners is injuries on the water from a skiing accident, a caught fishhook in the worst place or an actual collision. Injuries can wrack up medical bills quite easily. Make sure you have addressed these important considerations.
Some questions to ask yourself as you look at boaters and watercraft coverage.
- Just how much can I afford in the event of a liability claim against myself, in the case of medical issues or even death?
- How much coverage do I need to provide for myself and other passengers on my boat in case another boater is negligent and causes a medical emergency?
- What sort of property do I normally carry in the boat and is it worth it to cover that as well? Are my electronics on the boat worth the added costs?
- If I do run into a situation where the boat is stranded, can I afford commercial marine towing services, which can be up to $150 per hour to assist with stranded boaters.
It is often a wise decision to speak to an agent about these questions so give us a call and let us to assist you in determining the right coverage for your watercraft. We have several carriers who offer Boat Owner’s Insurance, so we can help you get the best coverage at the right price.