Boating season is just about upon us! If you plan to play on the water this summer make sure you have the essentials: sunscreen, life jackets and boat insurance!
If you are like many people, you may not realize the benefit of boat insurance vs. adding coverage to your home owner’s insurance. Keep in mind that boats are not automatically covered under your home insurance. And while your home policy may provide limited coverage - usually only liability - it is limited to small boats, so be sure to check if any coverage applies for your situation.
Boat insurance, on the other hand, offers coverage for most watercraft with motors, including fishing boats, pontoons, leisure crafts, personal watercraft and yachts. A boat insurance policy can provide protection such as liability, collision, comprehensive and uninsured/underinsured boater coverage. But did you know that it can also give you the following added benefits?
- Disappearing Deductible – reduce your deductible by 25% each year that you don’t have a claim. You can reduce your deductible all the way down to $0!
- Agreed Amount Value – this means that you and your insurer agree on the value of your vessel upfront, and in the event of a total loss you will be paid that amount. No depreciation. No estimated values. And in case of a partial loss, old items will be replaced for new, without depreciation loss.
- Mechanical Breakdown Coverage – covers the repair or replacement of the lower unit of an outboard motor, or upper and lower units of an inboard/outboard motor if you have a mechanical breakdown… even if it’s caused by general wear and tear.
- Full coverage for fishing equipment or carry-on items - hit a big wave and your fishing gear goes overboard, get full replacement cost. Even phones or other items that are lost or stolen can be covered.
- Roadside assistant and on-water towing – this gets you a tow to the nearest repair shop in the event of a broken down trailer or tow vehicle; or towing, jump starts, fuel delivery and soft ungroundings if your boat is disabled while on water.
- Water Sports coverage— is automatically included when Liability and Medical Payment coverages are purchased. Water Sports coverage covers bodily injury or property damage caused by persons towed by a covered vehicle for water sports such as water skiing, knee boarding, wake boarding, and tubing.
One last advantage - any claims made to your boat insurance policy will have no negative effect on your home insurance rates. Isn’t that good news!
Bottom line, make sure you have a policy that’s right for you and your boat. Check to be sure your boat is covered and what the limits are.
Call us at 920-898-5731 with questions on coverage or to get a quote. Have fun and be safe out on the water this season!
