Boats and Watercraft
Insuring your boat is just as important as insuring your car. Whether you dock the boat at the local marina or keep the vessel in your driveway, you need collision and liability coverage that protects the boat and your family. Boat insurance also covers:
Coverage Overview
Loss Settlement - Agreed Value vs. Actual Cash Value
An "agreed value policy" pays the pre-determined amount on the policy if your boat is totaled. If your vessel only sustains partial damage, you will usually be paid for repairs based on the replacement cost.
An "Actual Cash Value policy " provides less coverage than an Agreed Value policy and is typically more affordable. In the case of a total loss, an ACV insurance covers up to the current market value of the boat, taking into account depreciation and other circumstances.
Physical Damage
Physical damage coverage usually compensates for repairs to your boat that are essential because of pollution caused by many different perils.
Personal Property
Personal Property coverage protects your belongings as you load/unload them onto your boat, including clothes, important items, and sports or fishing gear. This also covers goods that are already on board when this coverage is triggered.
Emergency Towing & Assistance
Emergency Towing & Assistance coverage reimburses you for expenses when your boat needs to be towed. Services that might be covered include towing your boat for repairs, supplying fuel or parts, providing emergency labor while the boat is in use, and more.
Liability - Other Important Coverages
The liability section of a comprehensive boat insurance policy is important for many reasons. Coverage for the removal or disposal of your wrecked boat is crucial, especially if the wreck is considered a hazard to navigation. As a boat owner, you may also be responsible for containment and clean-up expenses resulting from oil pollution or contamination caused by your vessel. That's why it's important that your boat or yacht insurance policy covers your liability for those clean-up expenses.
Medical Payments Coverage
Medical Payment coverage will pay for first aid treatment, ambulance, hospital, and other costs that result from someone being injured on your boat. Even if you aren't held responsible, the expenses will be covered by your policy. Check to see whether any injuries you or your family members may have are covered under your current plan. Coverage provided "per person" is usually better than coverage given on a "per accident" basis because it covers more individuals.
Uninsured/Underinsured Boater Coverage
Boat liability insurance is not required by law, but there are many boaters who do not have it. Uninsured Boater coverage helps you recover for injuries caused by an uninsured boat driver who has no liability insurance.
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