The Difference Between Great Insurance And Bare Bones Is Less Than The Cost Of A Tank Of Gas
Are discounts available?
Discounts are available after you have responsibly owned your boat for three to five years, for being claims free, and if you have taken courses at Canadian Power and Sail Squadron or Sail Canada. Discounts are not available for holding the required Pleasure Craft Operator Cardthats like asking for a discount because you have a drivers license.
Is my boat insured even when Im not using it?
Yes, when you buy a years policy, your boat is covered in storage, in transit, on the water and over the winter. The risks dont stop when youre not using your boat – its more likely to sink when you are not there, and more electrical fires start in the cold months.
Can my insurance be voided?
Yes, if you are involved in any criminal act such as drinking illegally on your boat – your insurance is void.
What about my trailer?
ICBC requires a license plate, and liability insurance. Physical damage can be added to your boat policy for Agreed Value.
Take time to choose your insurance, Paul advises, to make sure you get everything you need.
He asks, Whats peace of mind worth to you?
Types Of Boat Insurance
There are two basic types of boat insuranceagreed value and actual cash value. How depreciation is handled is what sets them apart.
An “agreed value” policy covers the boat based on its value when the policy was written. While it can cost more up front, there is no depreciation for a total loss of the boat .
“Actual cash value” policies cost less up front, but factor in depreciation. In other word, the policy will only pay up to the actual cash value of the boat at the time it is declared a total or partial loss. Eventually, as your boat ages, your insurer will likely insist on an actual cash value policyand if often gives a substantial savings.
What Does Boat Insurance Include
When you purchase boat insurance, standard insurance will typically cover the following:
- Bodily injury: If someone gets injured while on your boat, this will help cover legal and medical bills associated with the accident.
- Property damage: This coverage will protect you if you are at fault in an accident that caused damage to another boat or property.
- Collision: If youre in an accident, this will pay for the cost of repairing or replacing your boat. This coverage is usually optional however, a lender may require you to purchase it if youre leasing.
- Comprehensive: This coverage will pay for repair costs if your boat gets damaged from something other than a collision this includes floods, storms, fire, theft, and vandalism.
- Uninsured/underinsured motorists: If an uninsured or underinsured motorist causes damage to you or your boat, this coverage will help protect you.
- Medical payment coverage: If youre involved in an accident, this coverage will pay for the medical costs regardless of who is at fault. Some policies will even cover funeral expenses.
There are also additional options you can add to your coverage, such as:
Keep in mind your insurance should cover all operators.
Talk to your insurance provider and make sure you have all the appropriate options added to your plan for your specific situation and climate.
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Is Towing At Sea A Recoverable Expense
If you need to be towed at sea and incur an expense for such towing this may be considered if the cause requiring such towing is an insured peril under your policy. If your policy covers propeller fouling and the reason why you needed to be towed was because you caught a rope in your propellers then, if reasonably incurred, such towing expense will be considered to be part of your claim. If the reason for requesting towing is due to an uninsured peril, such as running out of fuel or machinery damage arising out of wear and tear, then this expense will usually not be covered.
Get Legal Help After A Boating Accident
If someone is hurt in a boating accident, your first priority is always safety and medical attention. After everyone’s injuries are addressed, the next step is often getting answers to legal questions. Whether or not you have insurance, a personal injury attorney can help make sure that you dont say or sign anything that hurts your chances of recovering fair compensation for medical bills, rehabilitation costs, lost wages, and all the other harm caused at the hands of a negligent boat operator.
If you have questions about a boating accident that you believe was the result of negligence, please call Kenneth Berger for a free case consultation at 803-790-2800, or you can start a live chat with our team 24/7. We will guide you through the insurance process while also treating you like a member of our own family.
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Renting Directly From Boat Owner
There are some sites where you can reach out directly with a boat owner and charter their boat. You should be extremely cautious in scenarios like this as you could end up with no insurance coverage at all!
Sites like Craigslist can be the wild wild west and isn’t advisable in most cases.
But if you still would prefer going down this route, make sure to ask the boat owner exactly what is coverage and what you as the renter are liable for.
With so many safer options to rent a boat and be protected, this should be a last resort.
Am I Covered In The Winter
While your boat is stored during the off season, you may wonder why you need coverage. However, a lot can happen when a boat is in storage including fire, theft or other damage and a boat policy is a smart way to protect your investment year-round.
Ready to set sail? Find an ERIE agent in your neighborhood to get a personalized boat insurance quote.
*Coverage is subject to policy provisions. See individual policies for specific coverage details. Certain terms and limitations may apply. ERIE’s Boat Protector Policy is not available in Kentucky. Refer to our disclaimer for additional information.
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How Much Boat Insurance Do I Need
Beyond any state legislation or binding agreements with your lender or marina, the answer to this question may come down to your individual tolerance for risk. As discussed in earlier questions, some states do have minimum requirements for liability insurance coverage. Check with your state government to see whether you are required to meet a coverage threshold. The amount of boat insurance you may need depends on a number of factors, including the boatâs value, motor size, and age. Like other vehicles, high-performance boats will likely command a higher level of coverage to compensate for the amount of damage they are able to inflict.
What Optional Boat Insurance Coverage Is Available
Besides a standard policy, you can choose several other options:
- Increased liability limits this will give you more protection than standard liability.
- Comprehensive this can cover fire, theft, and acts of nature. With some policies, comprehensive may be standard but not with all. Many people think that homeowners policies will pay for these things, but they usually have low limits on claims like theft, and what would you do if someone stole all of your boating equipment or the motor?
- Uninsured boater coverage pays for damages in case the other boater has no insurance or the insurance is insufficient to pay for damages. If you have this coverage, your insurance company will take care of the damages and losses.
- Replacement cost coverage this will pay for the actual cost instead of the current market value . This can be very valuable if you buy a new boat and it is seriously damaged within the first few years. It is similar to gap insurance on a car loan.
- Trailer coverage If you have an expensive boat trailer, you may wish to insure it also.
We are a Five Star Agency and the Massachusetts Association of Insurance Agents does not readily hand out this designation. They have extremely rigorous standards in which agency employees are personally interviewed and an entire fitness review is done on the company. You can trust an insurance agency that has achieved this rating.
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Boat Insurance Coverage Faqs
Small Boat Insurance
What is the best coverage for my boat?
It is best to have what is known as an “All Risk” policy, which will provide coverage for all types of losses except those specifically excluded in the policy. Typical exclusions may include wear and tear, gradual deterioration, marring, denting, scratching, animal damage, manufacturer’s defects, defects in design, and ice and freezing.
How much should I insure my boat for?
You should insure your boat for the amount it would cost you to replace it with like kind and quality. This is called “Agreed Value” or “Stated Value” coverage, and in the event of a total loss, will pay the full insured amount. Beware of policies providing “Actual Cash Value” coverage, which means the value of your boat will be replacement cost less depreciation.
What other coverages can I expect with my policy?
The following are standard coverages with standard deductibles and average limits:
- Medical payments, $5,000
- $1,000 limit Personal effects, $250 deductible
- Uninsured boaters liability, between $300,000 and $500,000
- $500 to $1000 limit Towing and assistance, no deductible
- $1,000 limit Fishing equipment, $250 deductible
Who is allowed to operate my boat?
I live in an area where I can’t use my boat in the winter, but my lender requires it be insured year-round. What can I do?
Large Boat Insurance
What are the differences between boat and yacht insurance?
What should I look for in a yacht policy?
What is a normal deductible?
Is My Boat Covered Under My Homeowners Policy
It might be. Of course, a separate boat insurance policy is designed to offer higher limits and more types of coverage, but your homeowners policy might have a few things already built in.
For physical damage: Some carriers limit the amount of coverage you can get under a homeowners policy, depending on the size or horsepower of your boat. An ERIE homeowners policy provides physical damage coverage for any watercraft up to $2,000.
As for liability coverage: It varies by insurance carrier. Some homeowners policies dont automatically cover liability for boats at all. Other times, you can add a small amount of liability coverage if you have a smaller or low-horsepower vessel.
An ERIE homeowners policy includes liability coverage for motored watercraft under 75 horsepower or for sailing vessels under 26 feet in length. You can also add watercraft liability coverage for up to four faster or longer vessels.
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Is Boat Trailer Insurance Required And Do I Really Need It
No state requires you to have boat trailer insurance, but that doesnt mean that it isnt a wise investment. As with most insurance, whether you need to insure your boat trailer really depends on many factors, including the value of the trailer, how old it is, how often you use it and whether you have the financial resources to replace it.
Evaluating those factors can help you determine whether boat trailer insurance makes sense for you.
Save on Trailer Insurance
Our independent agents shop around to find you the best coverage.
What States Require Boat Insurance
As of right now, only two states have boat insurance lawsâArkansas and Utah. In Arkansas, all motorboats powered by engines of more than 50 horsepower, and all PWC, must be covered by a liability insurance policy. The policy must provide at least $50,000 of liability coverage, and it is illegal to operate the PWC without the required insurance.
In Utah, all motorboats and PWC are required to carry ownerâs or operatorâs liability insurance when operated on Utah waters. Motorboats equipped with engines less than 50 horsepower and airboats are exempt. It is illegal to operate a PWC on Utah waters without the required insurance.
Utahâs boat insurance policy requires the following minimum coverage limits per occurrence:
- $25,000 for bodily injury per person.
- $50,000 for total bodily injury if multiple people are hurt in the accident.
- $15,000 for property damage.
There are some instances of states requiring insurance for boats used in some state parks or kept in some state-operated marinasâcheck with your state marine board or alternative governing agency to see if you are impacted.
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Is Boat Insurance Required In Washington State
Although there is no law requiring Washington boat owners carry insurance, if you moor your boat at a marina you may be required to show them proof of insurance.
Because of the proximity to other boats and the potential for a loss on your boat to affect to other boats or the dock, most marinas require proof of at least $500,0000 liability protection before theyll rent you moorage space.
Check with your marina for more information, and contact the McClain Insurance team for hassle-free boat insurance.
What Boat Renters Should Consider
As someone looking to rent a boat, here are some simple things to consider before renting out a vessel.
Where Can I Go?
When you plan to take out a boat, you should ask the owner are there any restrictions on where you can travel. If renting in the United States for example, the majority of boat owners will only allow you to travel on American waters.
There may also be restrictions on how far off the coast you can travel but this can easily be cleared up by simply asking the boat owner directly.
Usually the restrictions are to keep within 12 miles of the coast but this can vary.
What happens If I Damage The Boat?
This is another important question to ask the boat owner. Will the insurance company cover any damages to the boat or are you liable as the renter?
It’s important to be clear on this before heading out on the boat.
Does The Boat Owners Insurance Policy Cover Renters?
Seems obvious but it’s really important to ensure the boat owner has the correct insurance policy to keep you as the renter protected.
It’s also best to get this in writing too
Are There Any Scenarios Where I Might Not Be Covered?
As a renter, you should be crystal clear on how you might not be covered so as to avoid scenarios like that. The boat owner will provide you with the specifics of this and if they don’t, you can simply move onto another boat to rent.
What Exactly Is Covered In The Rental Insurance Policy?
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What Does Boat Insurance Cover
Common boat insurance coverages include:
- Property damage liabilityâProperty damage liability insurance covers the cost of damages to someone else’s property after an accident you cause. In most cases, your property damage will pay out when you are at fault for an accident that causes damage to someone else’s boat or PWC.
- Collision damageâWhen your boat or PWC is damaged in an accident, collision insurance is an optional coverage that pays the cost of repairing or replacing it, minus the amount of your deductible.
- Bodily injury liabilityâBodily injury liability coverage is the part of your insurance policy that pays for the costs associated with injuries to other people involved, if you are found legally responsible for a boating accident.
- Hull coverageâHull insurance covers any physical damages that occur to your boat and generally includes trailers, equipment, motors, and accessories. Typical claims include fire and windstorm damage.
- Fuel spill liabilityâA separate policy that separates out fuel spill liability and provides coverage for any fines that may occur from an accident involving a fuel spill.
Do Boat Trailers Face Additional Risks
One of the greatest concerns of boaters is theft. Typically, you will haul your boat to the nearby waterway, get your boat into the water at the boat launch, and then park and leave your boat trailer unattended in a parking lot.
Trailer theft is unfortunately somewhat common, because it is not that difficult for someone to unhitch your trailer and haul it away. Also, if the area where you park your trailer is susceptible to severe weather, your trailer may be at risk of damage.
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Are There Any Legal Requirements To Operate A Boat
A lot of people dont know this, but Pennsylvania requires persons born after 1982 to complete a brief boating safety course to be legal on the water. If you dont complete the course, you can actually get fined.
Taking the course even if you arent legally required to can actually lower your boat insurance premiums.
Can I Travel Outside Maltese Waters With My Boat
If your vessel is registered Valletta or any other international port then, subject to paying the relative additional premium, your policy may be extended to cover navigation beyond Maltese Waters. Usually you will have 2 options, either Maltese and Italian Waters or else Mediterranean Waters West of 25, 30 or 34 degrees East, depending on the insurer. Besides the extension itself, you will also be given an Italian Insurance Certificate with higher third party limits of Eur 3,000,000, which is mandatory in Italian Waters. Similar certificates also exist for navigation in Spanish and Greek waters and these are available upon request.
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What Kinds Of Boats Need To Be Insured
Do you need boat insurance in Minnesota? Yes, you do for just about any kind of boat with a few exceptions such as nonmotorized watercraft 10 feet in length or less .
It doesnt matter if it is a small personal watercraft or Jet Ski or a huge yacht, you should have boat insurance to cover you in a case of a covered loss or damage or an injury to one of your passengers.
Even a boat that is kept locked up in storage or docked most of the time, can be subject to damage, vandalism or being stolen. That means you do need MN boat insurance to pay for those problems if they occur or face high replacement costs for your boat and its contents. Its better to find out what boat insurance cost MN boat owners, then to pay even more if your boat is stolen or destroyed.
