While there is less risk with inland boat owners there are still many factors you should keep in mind.
Why Do you need Boat Insurance?
While there is less risk with inland boat owners there are still many factors you should keep in mind. There are multiple types of payment schedules available in the event of a loss:
- Agreed Value
- Actual Cash Value
- Replacement Cost
They each have benefits and different rates, you should speak with your agent about the appropriate coverage.
Medical payments and liability coverage are also key cornerstones of your policy, we recommend no less than $100k in personal liability and no less than $5,000 in medical payments. But, you should discuss this with your agent as well!
Other coverages you should consult your agent about:
- Fuel spill liability
- Personal effects (fishing gear, diving etc)
- Emergency assistance (towing) both on and off the water
Boat Insurance In Coastal Areas
Coastal boating exposures are a little more tricky than lets say, Minnesota… While all the same basic coverages found on non coastal policies should be included if you live in coastal areas, you have things like hurricanes and massive amounts of other boaters around you (oops… collisions happen) to worry about.
Here’s some tips
- Make sure you are comfortable with your replacement cost or agreed value.
- Ensure you have enough coverage to replace the boat or pay off the loan.
- Fishing equipment and personal articles get expensive, most basic policies do not provide enough coverage to replace your lost belongings
- If you have a live aboard boat CONTACT AN AGENT, never use a buy online product with this type of risk.
After reading the complete detail of boat insurance, we think you understand the value. Knowing rules, laws of your local state can be hard to keep up with. Tack on knowing what risk exposure you have from your toys, insuring them is not as easy as calling your local animal insurance company and buying the cheapest product.. Its critical that you speak with an independent agent to help you protect your assets!