Boat Insurance
Owning a boat can be a large responsibility, but it also can provide you with hours of fun and relaxation. The open water is great for fishing, cruising, water sports, swimming, and lounging, but you will need a quality boat for most of these activities. Boat insurance or watercraft insurance provides peace of mind if you were to experience damage, theft, or storms.
Your insurance can provide monetary compensation to help repair or replace what was lost. Even safeguarding your boat during transport is part of watercraft insurance policies. Boat insurance is important for all boat owners, no matter the size or age of the vessel.
Types Of Boat Insurance Policies
Your policy could vary depending on the state, type of boat, or where you plan to launch your boat. They can also vary depending on the provider and the level of coverage you choose. There are two main policies that insurance companies offer to boat owners.
Agreed Value Policies
Agreed value policies determine the value of your boat when you purchase the policy. If an accident occurs, you will recieve the agreed value, even if it has depreciated in market value. Premiums for this policy are typically higher, but they offer more monetary protection for newer boats.
Actual Cash Value Policies
This policy accounts for depreciation and will only cover the current cost of the boat when it is totaled. Because of the lower payout, these policies won’t require a high premium. They will provide you with less coverage in the event of a claim.
Coverage For Storm Damage
Storms and severe weather are common on large bodies of water. Boat insurance can cover damages from wind storms, lightning, hurricanes, and more. There are specifications inside this coverage that may not cover all types of storms. Physical damage from fire, collisions, hail, wind, or explosions will be covered by your insurance company. Having storm coverage will often cover most of the repairs or damages you experience on your boat.
Water Gear And Fishing Equipment
Just like the items inside your home can be protected by insurance, your boating items can be protected. Water skis, life jackets, fishing poles, bait, clothing, or stereos will be covered if you have personal effects coverage. Reimbursement fees can be crucial if you store expensive or advanced equipment onboard. For those who are in competitive sports or angler competitions, tournament fees may be reimbursed by personal effects coverage.
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Fuel Spill Liability
One major hazard that occurs with motorized watercraft is fuel spills. In the unfortunate event of a fuel spill, this coverage will cover the cost of cleanup or environmental damage. Removing oil from a body of water can be costly, and rebuilding the ecosystem could take months or even years. Fuel spill liability will help you pay any expense that the city or Department of Wildlife requests.
Other Add-on Coverage Options
If the above coverage doesn’t provide you with what you need, many additional add-ons can help. Bundling multiple policies could end up saving you money on monthly policy costs. Add on the following to protect your boat, the travel trailer, or others on the water.
- Dock Contract Liability
- Ice and Freezing Coverage
- Lower Dinghy Deductible
- Mechanical breakdown Coverage
- Trailer Coverage With Roadside Assistance
Does Boat Insurance Cover Jet Skis Or Other Water Vehicles?
Boat insurance, also known as watercraft insurance, covers canoes, boats, and yachts. It doesn’t cover jet skis or WaveRunners. Personal watercraft will need to be covered by a PWC insurance policy to replace the craft, and personal belongings, or cover medical expenses caused by using the machine.
Working With Tower Insurance
Our brokers are investing in keeping your personal assets protected. Whether you are looking to protect your home or your boat, we can find the most affordable and comprehensive option for you. We work with many Idaho companies to provide you with auto insurance, home insurance, boat insurance, or other coverage options at a competitive rate. Reach out to us to learn more about insurance terms, payment, and bundle options, and bring you peace of mind over your investments.