Insurance is designed to protect you from the expenses of unexpected and unavoidable life events. The most important way to protect you and your watercraft is to design a plan that fits your needs. Carlson & Associates works for YOU to find boat insurance that fits your needs at a competitive price.
Looking at the Base Coverages for boats, you’ll see a lot of similarities with an auto policy. Those coverages are explained below, but there are important things unique to boat owners that need attention.
Understand your Boat Insurance before the unexpected happens
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Important Boat Insurance Coverages
- Bodily Injury Liability
- Property Damage Liability
- Medical Payments
- Uninsured/Underinsured Motorist Boater Liability
- Hull and Motor, Permanent Equipment Damage
- On Water Emergency Assistance
Boat Insurance Discounts
- Boater Safety Training
- Advanced Quote
- Accident Free / Violation Free
Bodily Injury Liability
Coverage to pay for injury and harm to others in an accident where you are found liable.
Property Damage Liability
Coverage to pay for damage to others property caused by your boat.
Uninsured Motorist / Underinsured Motorist
Liability coverage to take care of you when another party injures you or your passengers on your boat when they have no insurance or less insurance coverage than you. Boat Insurance is not typically a state requirement so this is an important coverage to consider.
Coverage that pays for you and your passengers for medical and related expenses from a boat accident regardless of who is at fault.
Hull, Motor, and Permanent Equipment Damage
Physical Damage Coverage for the boat hull, and damage to the Motor and any permanently attached equipment. It is important to know the value of your boat for this coverage and what settlement option you are insuring the boat for. Common boat settlement options in a total loss are: Actual Cash Value (Market Value) and Agreed Value (Agreed upon amount between you and insurance company).
On-Water Emergency Assistance
Similar to Roadside or Towing Coverage within your Auto Insurance. This covers Emergency Assistance when a boat is disabled while afloat.
Personal Effects & Unattached Equipment
There is a minimal amount of Personal Effects Coverage that is likely within your base policy. This coverage can be increased if necessary. Personal Effects cover items on your boat that are not a part of the Hull or Permanently Attached Equipment. Examples are clothing, unattached fishing equipment, and scuba gear.
Different insurance companies will package options that increase coverage at usually a minimal price. The packages may provide extended coverage for fishing equipment, personal effects, Emergency Assistance, fuel and spill liability. These may increase payment for a loss to newer boats.
Boat Trailer & Boat Lift
Physical Damage Coverage for a Boat Trailer or Lift is available within a Boat Insurance Policy. Remember to list this coverage within a policy to make sure it’s available.
Everyone’s situation for insurance is unique so it is important to find insurance that fits your needs. One of our insurance professionals can help assess what your needs are and help design an auto insurance plan that will protect you at an affordable cost.