When you’re out cruising, fishing, sailing, or jet boating, the last thing you want to be thinking about is insurance coverage while your boating.
There are several Boat Insurance Discounts you may qualify for such as:
Boat Safety Course Discount
Multi Policy Discount
Original Owner Discount
Being a Homeowner Discount
When you look at boat insurance coverage, it may remind you a lot like your auto policy. And like your auto policy, coverage and limits vary between companies.
The main types of coverage for boat insurance are liability and (physical) property damage:
Bodily Injury Liability - This coverage pays for expenses due to an injury to others from an accident you caused. Medical bills, pain and suffering, defense costs and lost wages may all be covered.
Property Damage Liability - This coverage can pay costs from damage to other property from an accident you caused. This could be damage to another boat, dock or other structure.
Physical Damage - This covers damage to your own boat and its trailer. For example, if you hit a dock and your boat got damaged, the cost of repairing it would be covered. There are three ways this can be paid out:
Actual Cash Value - The market value of your boat and/or its parts.
Agreed Value - You determine the amount of coverage when the policy is first written.
Replacement Cost - Your boat will be replaced with the same type of new boat. However, it’s usually only available for boats less than two years old.
Five Optional Boat Insurance Coverages:
Under insured/Uninsured boaters- Will cover you in the event you get in an accident with a boater who doesn’t have insurance or is under insured.
Medical Payments- Medical or funeral expenses for you or your passengers will get paid for up to the policy limits, if you select this coverage.
Fishing Equipment- This pays for damage to fishing equipment being transferred on or off the boat as well as when on the boat.
Personal Property- This pays for damage to personal property being transferred on or off the boat as well as when on the boat.
Roadside Assistance- This covers the boat during towing and possibly the towing vehicle .