When many people buy a new fishing boat, they dream about how nice it will be to get out on the water, relax, and wet a line. They dream of hitting their hot spots and filling their limit by noon. Unfortunately, most people don’t spend too much time considering the possibility of a boating accident or injury. If you already own a boat or are thinking of purchasing one soon, do not wait to talk to your agent about purchasing the coverage you need. Read on to learn more about how boat insurance can give you peace of mind and protect your investment for years to come.
Do I Need Boat Insurance?
The short answer is yes. A boat insurance policy provides coverage specific to your watercraft. Its coverage is designed exclusively to match the type of vessel you own and the amount of financial protection you may need, should an accident or other covered event cause you or another person physical or financial harm. Your policy can be customized with coverage, limitations and deductibles that match your individual needs and budget.
Many people may wonder if boat insurance is necessary, or overkill, since they already have an existing homeowners insurance policy. After all, they’ve been told by others that homeowners insurance provides limited protection for watercraft. While it may be tempting to forego a boat insurance policy, the truth is that most homeowner’s policies fall very short of providing adequate coverage for boats and other types of watercraft. Generally, a home policy provides coverage for canoes and kayaks or other small value watercraft. An individual boat policy provides broader coverage and will include coverage to a lower unit should the motor strike an object underwater, or coverage for attached electronics like a depth finder, electric trolling motor, etc. A homeowner’s policy likely will not provide these coverages.
The standard homeowner’s insurance policy may provide limited protection for a sailboat less than 26 feet in length or a motorized watercraft with a 50-HP motor or less. It is very important to review what if any automatic liability coverage your current homeowners may provide if you are not worried about physical damage coverage for the boat itself.
How Much Coverage Do I Need?
Once you realize that you do need boat insurance, selecting the right level of coverage comes next. Like an auto insurance policy, there are several types of coverage available, each with high and low limits, and various deductibles to choose from. The choices can be overwhelming if you’re not sure what coverage you need and what deductible is right for you. According to the Insurance Information Institute, liability protection options alone can span between $15,000 to $500,000 or more. That is why every boat owner should consult with their insurance agent, who can provide insight and recommendations before they purchase a new boat insurance policy.
The amount of insurance you need will depend on several factors, including your exposure and the type of watercraft you own. A small yacht or new top-of-the-line speedboat will cost more to replace and require greater collision coverage limits than a standard fishing boat. Similarly, a person with extensive assets may be more inclined to purchase greater liability protection, as they may stand to lose more money in a liability lawsuit. Of course, budget also plays an important role in the type of coverage you choose. Fortunately, it is possible to find quality coverage at affordable rates. Your agent can help you choose options such as higher deductibles, or find discounts to help you find the right coverage, at an affordable price.
Get Your Free, No-Obligation Boat Insurance Quote Today
Whether you are new to boating or have owned your watercraft for years, we invite you to contact us for a free, no-obligation boat insurance quote today. We can help you review your coverage needs and determine whether any existing boat or homeowner’s insurance policy is providing the protection you need. Call Thiel Insurance Group LLC today, or complete the simple, no-hassle form right here on our website, and we’ll be in touch. We look forward to serving you soon.
