Thursday, May 9, 2024

Do I Need Boat Insurance In Texas

Boat & Marine Insurance

Do I need Boat Insurance?

Boat or Marine insurance is available for:

  • small boats
  • pontoons

Boat policies can cover damages to your boat, motor, trailer, and personal effects in the boat. Available coverage includes liability, medical payments, injury to a water skier, and damages to the boat itself .

Availability varies by state and by individual insurance company. Even though boat insurance premiums are low, shopping your rate can save a substantial amount of money.

How Much Does Boat Insurance Cost

According to the Insurance Information Institute, some homeowner insurance policies cover damage on small boats or watercraft with less than 25 mph horsepower.

Be careful, though, because coverage tends to be low sometimes only $1,000 or 10% of your homes value. Larger watercraft need to carry their own policies.

For example, Progressive starts their boat insurance at $100 a year depending on the value of the watercraft and additional coverage you need. They also offer discounts including:

  • Safe boater: You have no violations or accidents recorded for the last three years.
  • Pay in full: If you pay the entire year upfront.
  • Original owner: If you have been the only owner on your boat.
  • Homeowner policy: If you own a home, townhome, or condo .
  • Multiple boats: You have more than one watercraft or boat to insure.
  • Safety course: Completed a state-approved boating course.
  • Multiple policyholders: If you insure a car, home, or anything else, you could receive a discount for bundling.

Some insurers place limitations and restrictions on the type of boats they will cover. Be sure to double check before moving forward with any policy or boat purchase.

What Is Boat Insurance Coverage

Boat insurance coverage is insurance tailored for boats. A boat insurance policy typically includes coverage for physical damage and liability in case someone is injured. It may generally cover:

  • Physical Damage: This covers physical loss or damage and includes attached equipment and furnishings of the boat. It only covers certain incidents which typically do not include insect damage, mold or normal wear and tear.
  • Theft: This can cover both the actual boat and the belongings on it.
  • Bodily Injury: This liability insurance provides monetary assistance if a boater causes someone else injury while operating the boat.
  • Guest Passenger Liability: This liability coverage steps in if a passenger on the boat is injured. Liability insurance is especially important on a boat, where slips and falls are common.
  • Towing: This helps keep boaters from being stranded on the water.

There are discounts available for boat insurance, as well. Boaters who don’t hit the water during the winter, carry a Coast Guard approved fire extinguisher, have completed safety courses for boating and have ship-to-shore radios are eligible for boat insurance discounts.

If you’re an agent selling boat insurance it’s important to discuss coverage limits. Boats may be covered other under policies, such as home and auto, but that coverage may be limited.

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Find What You Should Be Paying For Coverage

Our independent agents shop around to find you the best coverage.

If having fun on the water appeals to you, then you might find yourself in the market to buy a boat. You could purchase a boat for fishing, speed boating or sailing, or a pontoon to float around casually. Just as you insure your car and your home, it’s a good idea to get adequate insurance coverage for your boat.

As you research your options for boat insurance, you might have some questions about the cost, what kind of coverage you should purchase, and what insurance company carries the best policies for your dollar.

An independent insurance agent can help answer your insurance questions and get you on the right track for saving on your boat policy. Contact an independent agent today to get started.

Save on Boat Insurance

Our independent agents shop around to find you the best coverage.

Why Do I Need Boat Insurance

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You need boat insurance for many reasons. Boat insurance covers loss or damage to your boat and helps protect you financially for injuries or damage caused by covered mishaps. In addition, liability coverage can help protect you if you cause injury to others or their property while using your boat. Medical payments coverage provides reimbursement for injuries to you and your guests. Boat insurance even covers on-water towing.

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Do I Need Boat Insurance In Dallas Texas

The weather is finally starting to warm up in Texas. So, that means it will soon be time to get the boat back on the lake! One of the very first questions first-time boatowners ask us is, Do I need boat insurance? The short answer is yes you absolutely need boating insurance. Check out this video detailing a few of the reasons you need to be sure you have boat insurance before taking your boat out this summer.

Utilizing A Heated Storage Option

A heated off-season storage space is a real luxury, one that some boat owners use as an excuse to skip draining the water systems and engines and displacing any water with antifreeze. This can save some time and money, until that big ice storm blows through and knocks out power. Now your warm storage may not be so warm. The expense and inconvenience of a cracked engine block or fractured gearcase is simply not worth taking the chance.

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What Does Boat Insurance Typically Cover

Boat insurance coverage will depend on what type of boat you have, what insurance provider you use, and what coverage youre willing to pay for. General boat insurance typically covers physical damage to your boat, as long as none of the restrictions of the policy were violated, and liability coverage for damage to other property caused by you while operating your boat. You can add additional coverage types, such as medical payment for injuries you sustain while on the boat.

Do You Need Boat Insurance

Do I need boat insurance

In order to determine if you need boat insurance, you need to assess your needs and keep the costs in mind. Typical boat insurance policies can cost 1-2% of the boats value over the course of a year. These payments are typically split up into monthly payments.

If your livelihood depends on your boat, such as a boat charter business, youre a fisherman, or offer boat tours then you should definitely get boat insurance. Its also recommended for recreational boat users because boat repairs add up and you dont want the headache and out-of-pocket costs, not to mention liability, if youre in an accident or your boat is damaged in a storm.

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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.

Boat & Watercraft Insurance

Bibby Brilling can help make your time on the water relaxed and worry-free. We will find you comprehensive protection that protects you, your friends and family, your watercraft and your boating equipment. The average boat costs less than a dollar a day to insure. Youâll enjoy being on the water even more when you arenât worried about your safety, the safety of your passengers, or your investment.

Do you know what to look for in a North Texas watercraft insurance policy? Bibby Brilling can help you determine the right amount of coverage to meet your specific needs. Just contact us today to get started.

Here are some items youâll need to consider when shopping for North Texas boat insurance.

Every need is unique â contact us today to find out how to get the best boat insurance coverage for you.

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What Factors Affect Your Boat Insurance Cost

A number of factors, some in your control and some not, can have an impact on your boat insurance rates. If you sail on a lake that has a high rate of claims, the cost of your coverage will be higher than for a lake where there are far fewer claims.

Additional factors that affect your boat insurance rates include:

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Is Boat Insurance Expensive

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As is the case with almost anything you purchase, the more research and price comparison you doâthe higher likelihood that you will find the boat insurance quote that is right for you. Here are some tips to ensure that you are getting your moneyâs worth and keeping your costs down:

  • Only buy what you need: There are lots of options out there for marine insurance and many of these policies are custom-written. Ensure that you know what you need so you can avoid paying for features that you donât require.
  • Agreed value vs. Cash value: In an agreed value policy, you are paid a pre-determined value for the vessel in the event of a total covered loss. With agreed value, the insured and insurer agree on the value of the boat upfront. Most agents would recommend this option for a new or late-model boat. As the boat continues to age, look to potentially switch to a cash value option to save on premiums.
  • Take a boater safety course: Almost all insurers offer a discount for boaters that have recently completed an approved boater safety course. Take an in-person class or get your boat safety certification online. Check with your insurance agent to see if a discount is offered for your specific policy.
  • Spend on safety gear: Insurance companies may cut you an additional discount for having extra safety features onboard your vessel. Check with your insurance agent to see if you qualify for any additional savings.

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Boat Insurance Coverage In Texas

Did you know that some boat insurance companies provide limited coverage for property damage for small boats, such as canoes and small sailboats or small powerboats with less than 25 mile per hour horsepower, under a homeowners or renters insurance policy if they are located on your property?

Coverage can be $1,000 and can include such things as the boat, motor, and trailer combined. Liability coverage is typically not included, but it may be added as an endorsement to a homeowners policy. At Costlow Insurance, we want to help you stay informed and educated about your boat insurance options and what limits of coverage there may be.

Why Are Northern States Typically Less Expensive Than Southern States

Boat insurance rates are generally more affordable if you live in a state with no coastline, and many coastal states are in the southern part of the United States. Along the coast, you’ll usually find bigger and more expensive boats used in the oceans and on the Gulf of Mexico. The Great Lakes states tend to fall in the low-cost category because boat lengths tend to be smaller, with many boaters taking advantage of inland lakes and rivers. The length of the boating season also has a big impact on the cost of boat insurance. Many northern states have shorter boating seasons and lower policy costs than southern states where the boating season is generally much longer.

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Find Cheap Homeowners Insurance Quotes In Your Area

Most states don’t require boaters to purchase insurance for their watercraft. However, many marinas do require some form of insurance if you wish to use a slip or mooring. Additionally, your bank will require insurance if you are financing the purchase of a boat. Even if these requirements don’t apply in your situation, it’s still generally a good idea to get boat insurance.

Liability Coverage For Boat Insurance: Why It Matters

Do I Really Need Boat Insurance?

Boat insurance can be purchased to cover physical damage and protect against liability. Liability coverage can be critical in cases of bodily injury or loss of life. If you are sued by another party claiming you are responsible for an injury or death, the cost of defending against the claim can be paid through your policy.

If you do not have sufficient liability coverage in place, you can lose your personal assets, including retirement funds, investment funds, or the value of your property. You have worked to accrue assets that could be lost in a lawsuit, and liability coverage for a non-motorized boat provides an essential form of protection.

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How To Buy Boat Insurance

Selecting the right coverage for your boat policy is crucial, but its also just as important to select the right insurance provider to cover your boat insurance. At TGS Insurance, our team will shop your policy with top-rated carriers, and then explain to you the different boat insurance policies you can pick from that are best for your lifestyle and budget.

Shopping for boat insurance is easy at TGS Insurance and our team will ensure a smooth-sailing process from start to finish.

What Kind Of Boat Insurance Do I Need

Like many other insurance policies, boat insurance can typically be separated into a few types: liability, uninsured motorist, and collision/comprehensive coverages.

Liability insurance is the minimum standard required by most states, banks, and marinas. The boat insurance professionals at recommend buying at least $1,000,000 in liability insurance. The recommended amount of liability coverage can be even higher if you have a fast, powerful boat that is both riskier and can cause more damage.

With uninsured/underinsured motorist coverage, the standard minimum is $10,000. Ensure that you take into account any potential injuries and damages you may need to cover if you or one of your passengers is injured or your vessel is badly damaged.

The last type of boat insurance we will cover is collision coverage and comprehensive coverage. These types of coverages should be based specifically on the value of your boat. Check with your lender or your marina to see if there are insurance policies in place.

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Do I Need Boat Insurance

A non-motorized boat can be involved in an accident, just like any other watercraft. If a boat is involved in an accident that causes injury or property damage, your boat insurance protects you against financial losses. The cost of a claim or lawsuit could lead to extreme economic damage. Make sure your canoe, kayak, or RIB is covered.

Boating Laws & License Requirements By State

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Passing a boating safety course will give you a discount on boat insurance and will increase your water safety skills. Boat safety courses are an excellent investment of time and money, regardless of your state’s boating law. Each state has unique boating education requirements, and the boating rules, laws and regulations vary from state to state for obtaining a boat license or safety certification. Be sure to review the full legal requirements for your particular state.

States with mandatory boating law require safety certification for some or all boaters. Only one state requires an actual boat license. However, many prospective students are not aware of state legal terminology, and search for information about a boat license or licence, or a captain or captains license. This page is an excellent resource for boating law for all fifty states.

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Comparing Boat Insurance Providers

Owning a boat is a major expense and you should choose your boat insurance provider with care. Remember to research the company and check out its ratings and reviews. Some other things to keep in mind when comparing providers include:

  • Coverage options: What type of coverage is offered? Make sure you understand the different plans and if things like running aground or hitting the dock are covered.
  • Pricing: Know how much youre paying for coverage and what that includes. Also, keep due dates in mind and if a downpayment is required.
  • Discounts: What discounts does the provider offer? Some things to ask about are bundling discounts, safe boater discounts, age-based discounts, and discounts for experienced boatmen
  • Specializations: Know if the provider specializes in marine coverage and make sure the agents are knowledgeable because it is much different than auto insurance. Some companies specialize in recreational boating and others specialize in commercial boating and yachts.
  • Coverage Exclusions: Research ahead of time what is not covered so you know before you choose a policy. Some providers wont insure boats that go above a certain amount of knots and others wont insure boats with aftermarket parts.

Life Jacket Requirements In Texas

All Texas water vessels are required to have United States Coast Guard approved life jackets or personal flotation devices on board. The amount and types of PFDs required depends on the type of vessel and the number of passengers. You can find a guide for PFD requirements on the TPWD website.

Texas Boating Laws: Life Jackets

Texas law states that all passengers under the age of 13 must wear a USCG approved life jacket when any vessel less than 26 feet in length is underway. If the vessel is anchored or aground, then a life jacket is not required.

PWC Life Jacket Requirements

Anyone who is riding or being towed behind a personal watercraft, such as a jet ski or water scooter, must wear an approved PFD at all times.

Even if you are not required by law to wear a life jacket, it is in your best interest to wear one when on a boat. In case of a boating accident, such as flooding or falling overboard, a life jacket could save your life. The life jackets should be easily accessible in case of emergencies.

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