Thursday, January 25, 2024

Do I Need Boat Insurance In Ny

What Insurance Covers My Boat Trailer

Do I need Boat Insurance?

I just bought a boat and Im planning to buy boat insurance. Do I need special insurance for the trailer?

Not necessarily! You may be able to add coverage for your trailer to your boat insurance policy for a small additional cost. Most insurance companies offer this option with their boat insurance.

Other options for insuring your boat trailer include:

  • Homeowners insurance
  • Renters insurance
  • Trailer insurance

It may seem weird that your homeowners or renters insurance would cover your boat trailer. But if you store your boat trailer at your home, it can be considered part of the property thats insured under those policies.

Just to be sure, though, you should check with your independent insurance agent to verify that its covered. If its not, you can talk to them about buying a special trailer insurance policy just for your boat trailer. Trailer insurance is usually very cheap.

Average Cost Ranges Of Boat Insurance

Boat insurance premiums range from low to costly, Galbreath says, and some small motorboats may be endorsed onto an existing homeowners policy for little extra cost. However, he says there are limits in the policy for the boats length, motor horsepower and maximum speed.

You should consider separate coverage if you have a large, fast boat, he says. And the faster and larger you go, the higher the cost.

So depending on the size, speed and location of your boat, your policy may cost as little as $100 a year up into the thousands. Most rough estimates we found were less than $1,000 per year.

When you meet with an insurance agent to discuss what level of boat insurance coverage you need, Shasha says to be sure you discuss the following factors, all of which influence the cost of your policy:

  • Your level of boating education
  • The boats safety and security features
  • If the boat is a hybrid or electric
  • If youre insuring more than one boat with the same company
  • If you have another policy, such as auto or homeowners, with the insurer.

Working with an insurance representative to create a marine insurance policy that fits your individual needs and budget can help protect you, your loved ones, and your assets in the event there is a boating accident, Shasha says.

Which States Require A Boat License

According to the United States Coast Guard and the U.S. Department of Homeland Security, the second most common boating accident is due to inexperience. This has led to 480 boating accidents in 2016 alone.

Boating is far less regulated than operating a motor vehicle such as a car. Only a handful of states require you to have an actual boating license, including:

  • Alabama
  • Georgia
  • Mississippi

However, even though most states dont require a license, they may still have other requirements.

Brad Goldberry, Agency Producer with Farmers Insurance says, State licensing differs from state to state, but many states require some kind of personal boating license or course.

Before you head out on the water, make sure you review your states requirements. Its always better to be safe than sorry.

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Is My Boat Covered By Homeowners Insurance

The answer to this question is mostly based on the specifics of your claim, but typically coverage on your watercraft extending from your homeowners policy is limited at best! While boat insurance is not required in New York to register a boat with the DMV, it is certainly a good idea to get insurance in place for your personal watercraft to fully protect your boat by purchasing a low-cost boat insurance policy from Capital Gate Insurance.

Just like your home, your boat can be damaged, stolen or destroyed, and having insurance is important. And the your liability that your boat may pose with damage to other persons or property is something equally important that every boat owner should consider when choosing the right insurance coverage for your boat insurance policy. You would want to have recourse if any serious damage or liability happens to others without risking everything youve worked so hard for!

But how do you insure your boat to make sure you are covered properly in any event the unthinkable happens? Its simple, NOW is the time to click or call a licensed agent from Capital Gate Insurance to specifically review your situation on both your homeowners policy and your boat insurance policy. Together we will discuss ALL coverage options, and our professional agents can answer any questions that you may have so together you can make the decision for whats right for you! CALL TODAY!

Frequently Asked Questions About Jet Ski Insurance

Protect Your New Boat with Insurance
  • Do you need a license to ride a jet ski?

    The requirements vary by state. Some states require you to have a boat or watercraft license to operate a jet ski, while others require it only for drivers up to a certain age. Yet other states allow you to drive a jet ski with a standard drivers license for a car. Check the requirements with your states traffic or public safety department.

  • Does my homeowners insurance cover renting a jet ski?

    No, most homeowners policies exclude liability or damage to your belongings while using a motorized watercraft like a jet ski. Consider buying at least liability coverage from the jet ski rental company.

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Winter Boat Insurance And Why Its Important

You may think that boat insurance is only needed for the boating season, but certain risks are present even when a boat is not being used.

We do not recommend canceling or reducing watercraft insurance coverage during the winter. Heres why:

1. Risk of Theft or Vandalism

Your boat is exposed to various risks, including theft, vandalism, storm damage and more, even when secured and stored. No matter where you live or where you store the boat, these risks remain even when the boat is not in use.

Removing or reducing coverages leaves the vessel and your finances vulnerable to such perils. For example, if you cancel your boat insurance policy and the boat is stolen, you will have to pay entirely out-of-pocket to replace it.

2. Risk of Damage

Many people incorrectly assume that a boat cannot be damaged when its not being used. Unfortunately, this is not the case. While you may be exempt from the risk of collision on the water, there are still plenty of other ways a boat can sustain damage.

In addition to theft and vandalism, the vessel is also vulnerable to fire and flooding in the winter months. There is no off-season for natural disasters one can strike at any moment. You will want to make sure that your boat maintains extensive coverage if such a scenario were to occur. For example, if there is a fire or storm, the boat storage facility could be destroyed and the same goes for your property.

» MORE: Winter Boat Tips and Insurance Coverage

Common Boat Insurance Add

Depending on what type of policy you go with, you may want to consider some of the most popular add-on coverages.

  • Specialized Coverage-this covers something specific and more expensive on your boat, for example navigation equipment.
  • Salvage-this covers the expense of moving your boat after it was damaged.
  • Consequential Damage-covers wear and tear due to rot, mold, and corrosion.
  • Towing-It can be very costly to tow your boat safely across water and this pays for that cost.
  • Cruising Extension-this is a temporary policy if you are leaving the United States.
  • Guest Passenger Liability-if a guest takes over control of your boat and theres an accident.

In conclusion, the cost of your boat insurance depends on the coverage, limits, and deductibles you choose, the type and size of boat, and where you will use and store your boat.Contact Simco for a free quote for what watercraft you need coverage for and consider bundling your home and auto and save money.

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What You Should Know About Boat Insurance

Whether you own a boat or are thinking about getting a boat, we will share helpful information with you to help you navigate boat insurance. Boat insurance is not currently required in New York, however, like your car its recommended to get insurance in case you need to fix or replace a damaged vessel.

Reasons You Need Boat Insurance In New York

Do I need boat insurance

Owning a boat in Albany, NY is a luxury. While youve put a lot of time and effort into caring for your boat and using it, dont you think its a good idea to insure it, as well? At Anthony Catalfamo Agency LLC, we think so, and thats why weve put together this handy list that gives you three reasons why you need boat insurance. Read on to learn more.

1. Get Protection Against Liability

If you were to cause an accident with your boat, youre liable for any damages and/or injuries to the other party. A boating accident doesnt need to involve another boat, however, and can happen regardless. Someone could get injured waterskiing, or another accident could occur thats your fault and for which youll need boat insurance to protect you against liability. This, in turn, will protect your assets, like your boat, home, car, and savings that you might have to use if not insured.

2. Repair Your Damaged Boat

If your boat is damaged, whether its your fault or not, you can submit a claim to fix the damages. If you have a boating accident with an uninsured boater and your boat is beyond repair, youll need a policy of your own to cover the costs. Without a boat insurance policy, you will have to replace your boat out-of-pocket.

3. Replace Your Stolen Boat

This point is straight forward. Boat insurance covers a boat getting stolen. Without boat insurance, youre out of a boat.

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When Is Proof Of Insurance Required

Even though most states dont legally require you to carry boat insurance, other situations may require proof of insurance for your watercraft.

Docking your boat at a marina

If you plan on docking your boat at a marina, many will require you to show proof of insurance before signing the contract. That being so, make sure to read the fine print and understand the requirements before proceeding with any contractual agreement.

For example, marinas such as the Charleston City Marina in South Carolina and the Kemah Boardwalk Marina in Kemah, Texas require docked boats to have liability insurance of at least $300,000.

Marinas like Brickyard Cove in Pt. Richmond, CA require an endorsement on your policy as additional interest or additional insured to avoid claims of negligence.

Harbors will carry their own liability insurance so they can protect claims where they may be at fault.

Financing your boat purchase

If you have financed your boat, your bank may require you to carry boat insurance. If the bank is using the boat as collateral for the loan, they will require you to list them as payee for loss or damage of the boat.

Unlike home and auto coverage, some policies dont require you to carry year-round coverage. But if you have financed your boat, your lender will most likely ask you to carry coverage even when the boat is stored. Your vessel may still be exposed to risks, such as theft and storm damage, while in storage.

What Does Jet Ski Insurance Cover

Most jet ski insurance companies offer a variety of PWC coverage, similar to car insurance coverage. The rundown on the standard coverage you can expect to find:

  • Property damage liability covers you if you damage someone elses boat, the marina or another type of personal property.
  • Bodily injury liability pays for medical bills if you injure someone on another boat or passengers on your boat. It also covers legal fees if someone sues you for their injuries.
  • Medical payments can pay for medical bills for you or other people without tapping into your liability coverage or going to court.
  • Collision protects your own jet ski from damage that happens because of your own fault or the fault of a guest driver.
  • Comprehensive covers your jet ski from damage caused by fire, natural disasters, storms or theft.
  • Uninsured or underinsured motorist kicks in when another boat damages your jet ski or causes injuries but doesnt hold enough insurance to cover expenses.

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What Additional Jetski Coverage Can I Buy

Besides the standard levels of cover mentioned above, you can get several additional forms of coverage for your jet ski as add-ons:

  • Coverage for your belongings. Some policies offer a small amount of protection for personal belongings included or as an add-on purchase, such as life vests or scuba masks.
  • Total loss protection. If the damage costs more to repair than your insurance company deems worth it, this add-on makes sure you can buy a similar boat without factoring in depreciation.
  • Towing assistance pays for emergency towing if your jet ski breaks down on the open water.

Progressive Simplifies Boat Insurance

Do You Need Insurance On A Trailer In Ny References

We give you the freedom to boat wherever you’d like on any lake or river in the U.S., plus ocean waters within 75 miles of the coast. And, we drop the common requirements and restrictions other insurers may force on you, so you get the protection you need to get on the water right away. For example, we dont require a navigation plan or marine survey, which could cost around $600 for a 30-foot boat.

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Boat Insurance Requirements In New York

While boat insurance is not required in New York to register a boat with the DMV, it’s a good idea to get insurance in place for your personal watercraft.

Caution: Do you own a boat?

These are some valuable things you should know about boating in New York State

Boating season is just around the corner. A large percentage of boat owners in New York State do not have the proper insurance coverage that would provide them financial protection and add to their peace of mind during this boating season.

How much do I have to spend to protect my new asset?

Boat insurance is actually relatively inexpensive. Do your research when purchasing your boat and you may be surprised at the amount of coverage you can get for a very affordable price. And of course, knowing that you have insurance coverage will give you the peace of mind that will make your boating experience even more enjoyable.

Protect your boat, protect yourself and protect your family

Just like any other vehicle, boats should be insured and that coverage is available in New York to protect you, your family and your boat against the consequences of an accident on the waterways.

In New York you can purchase a Boat Insurance Policy with replacement cost value coverage for physical damage to your boat. Boats depreciate, same as a car would depreciate but by purchasing physical damage coverage on your boat, it can be replaced with a brand-new model or at least a model of the same cost that you paid.

What Is Typically Covered

Boat insurance covers physical damage to your boat. It will also cover theft or medical bills including bodily injury to passengers and other boaters.

It is possible it may not cover normal wear and tear, gradual deterioration, insect damage, marring, denting, mold, animals like sharks or zebra mussels, scratches, manufacturers defects, ice, or damaged machinery.

Talk with our specialist and theyll be able to tell you what coverage is available and match them with what your needs are.

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Things You Need To Know About Nys New Boater Safety Law

A motor boat on Cayuga Lake.

New Yorks new boating safety law, called Briannas Law, will require that all operators of motorized craft regardless of age — have boating safety courses under their belts by 2025. An exception, though, is those who are renting boats .

The legislation was signed Tuesday by Gov. Andrew Cuomo and takes effect Jan. 1, 2020. The law will be phased in during the following five years.

NYUP contacted the state Parks, Recreation and Historic Preservation, which is responsible for managing the boating and safety course scene in New York. The following information was taken from the State Parks website and from comments from Dan Keefe, a state Parks spokesman.

*What are the acceptable options for taking a boater safety course in New York? Cost?

The state gives boat operators two options: Taking a regular classroom course or an online course.

*The in-classroom course option is designed as a comprehensive study of boating safety to teach the fundamentals of safe boating operation. The 8-hr course requires a structured classroom setting. Courses are available throughout the state. Find a course near you.

Refer to the DEC website for more information about online safety courses.

How will this new law be phased in?

Currently, state law only required those born after May 1, 1996, to complete a boater safety course in order to drive a motor boat.

Does state Parks have records of all those whove taken a boater safety course in this state? How far back?

What Is Boat Insurance

Do I Need Boat Insurance or is My Boat Covered on Home Insurance?

Boat insurance is an insurance policy that covers property damage or liability expenses related to your motorized watercraft. Its usually distinct from a homeowners insurance policy, even if the boat sits on a trailer in your side yard.

Depending on the level of coverage you choose, a boat insurance policy serves two main purposes. It pays for loss or damage to the boat, and for damages or injuries to others related to boat usage.

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How Much Coverage Do I Need

At the very least, you need enough coverage to meet your state, marina or lender requirements. Consider buying the highest liability coverage you can afford since liability claims for injuries or death can cost tens of thousands of dollars.

Beyond that, youll likely want to consider adding comprehensive or collision coverage to protect the full value of your jet ski. You can choose to insure it at its actual market value or brand new replacement value.

On the other hand, if your jet ski is a few years old and paid off, you might decide you can take on the risk for physical damage to your own property if youre comfortable self-insuring and paying for damage out of pocket.

How does actual cash value work with jet ski insurance?

When you insure a depreciating asset like a jet ski, you have the choice to insure it for an agreed value or the actual cash value. Say your jet ski cost $10,000 brand new and you insure it at its actual cash value. If it gets damaged one year later, youll only receive the market value that its worth that year, not the amount you paid for the jet ski. That means you can replace it with a one-year-old used jet ski.

But if you buy an agreed-value policy with $10,000 in coverage, youll get the full amount even if the jet ski has decreased in value. That means you can buy a brand new jet ski to replace your old one. Expect higher premiums on your policy though.

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