Liability Coverage For Boat Insurance: Why It Matters
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.
Do I Need Insurance On My Boat Trailer
No state requires you to carry insurance for your boat trailer even the few states that require boat insurance. But, if you don’t have coverage and you’re in an accident involving your boat trailer, you could be liable for the damages. Weighing the following factors can help you decide whether to add your boat trailer to your boat insurance policy.
- Value of the trailer
- If you have the financial means to replace it
Why Purchase Boat Insurance
Many people falsely assume that the boat coverage on another insurance policy is enough to provide protection from a major loss or liability. It is not until they file a claim that they realize the coverage is severely limited and excludes many types of vessels. Perhaps your homeowners insurance offers limited coverage for a boat. Can you rely on it to protect you from loss? Imagine the following scenario:
You store your speed boat in your homes garage during a cold Wisconsin winter. Unfortunately, your home catches fire, destroying your watercraft. When you file the claim on your homeowners policy, your insurer only offers to reimburse you for a fraction of your boats value up to $1500. Your out of pocket losses total thousands of dollars, and your investment literally went up in flames.
In the above situation, your homeowners insurance would only provide limited coverage for boats. Beyond the limits on the policy, you are responsible for your losses. The same principles apply to liability. In general, boat liability insurance on a homeowners policy is not enough to fully protect you in our litigious society.
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Boat Insurance Requirements By State
Generally speaking, you won’t be required by your state to purchase boat insurance. In fact, only a handful of states require boaters to purchase insurance, and the requirement is often limited to boats with engines rated to have at least 50 horsepower. The table below lists the insurance requirements for each state.
| State | |
|---|---|
| No | |
| Arkansas | Liability insurance with at least $50,000 in coverage is required for all boats powered by engines of more than 50 horsepower. |
| California | |
| No | |
| Hawaii | Only for boats parked in Department of Land and Natural Resources Division of Boating and Ocean Recreation facilities. Liability insurance with at least $500,000 in coverage is required for all boats parked in DOBOR facilities, including harbors and offshore moorings. The insurance policy must name the State of Hawaii, DOBOR as the “additional insured” or “additional interest”. The policy should cover salvage costs for grounded or sunken vessels, damage to docks, pollution containment and wreck removals. |
Boating In Wisconsin Know Your Risks
Anytime you fire up your boats engine, you should be prepared for the unexpected. A relaxing day on the water can quickly go bad if you hit a submerged stump or accidentally run your vessel aground. It would be a lot worse if the accident resulted in an injury or damage to someone elses property. Without boat insurance, you could be on the hook for expensive medical bills and other types of victim compensation. At Strobel Insurance, we help you find coverage that minimizes your financial vulnerability to boating-related losses.
Many boaters assume their homeowners insurance will cover their vessels against things like fire and theft. This often turns out to be a big mistake. Do not find out too late that you were underinsured. When homeowners insurance policies do offer boat protection, it is typically very limited and only available for small boats with limited horsepower. Furthermore, it is unlikely to provide any protection at all while you are using your boat on the water. Why take a risk with your income, assets, and boat investment when you could purchase a Wisconsin boat insurance policy custom-tailored to minimize your financial risks and fit your needs?
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Is Boat Insurance Required In Wisconsin
Though several states require boat owners to carry insurance, Wisconsin does not require coverage, except in the case of commercial fishing boats. However, vessels such as bass boats or cabin cruisers can be rather expensive, and a comprehensive Wisconsin boat insurance policy can protect your investment.
Who Else May Require You To Carry Boat Insurance
If you intend to finance the purchase of a boat, your bank will require you to provide proof of insurance for the watercraft. Typically, the policy will need to cover the full value of the boat, and your bank may set minimum requirements for specific types of coverage. In addition, you will need to list the bank as a lienholder on the policy so that it will be included as a co-payee on any compensation in the event of a loss payment.
Most ports and marinas will require you to carry boat insurance in order to use their facilities.
For example, if you want to moor your boat at Port of Bellingham in Washington, you must carry a policy with at least $300,000 in general, legal and pollution liability with a policy term of no less than one year. As another example, the Hawaii Division of Boats and Ocean Recreation requires all vessels moored at its facilities to carry at least $500,000 in liability insurance.
Some marinas, such as the Hawaii Division of Boats and Ocean Recreation, may even require that the marina itself be listed as an “additional insured” or “additional interest” on the policy. You’ll normally need to provide proof of insurance before you can sign a contract for a slip or mooring.
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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.
Why Work With An Independent Insurance Agency
When you purchase boat insurance, theres no need overpay. That is why many boaters in New Berlin trust their insurance needs to American Advantage Petersen Group. We do not represent one insurance company. As an independent agency we can insurance shop from 20 different companies to find you the best boat coverage with the lowest premiums.
We have been around since 1974 and with over 40 years of experience, and we are insurance experts. As a family owned business, we understand the importance of personal service and we are there to help when you need us.
Why research and check out insurance policies when you can leave all this work to American Advantage Petersen Group in New Berlin, Wisconsin? If you need more information, call us at 262-432-0789.
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Additional Optional Boat Coverage
Here are some additional optional boat insurance coverage:
- Wreckage removal pays for removal of boat after a covered claim
- Personal Effects this covers your personal property in the boat
- Fuel Spill Liability this covers clean up costs if fuel or oil is spilled.
- Roadside assistance this covers on-water towing.
How Much Does Boat Insurance Cost
Boat insurance costs vary based on several factors. These include your location, the type of boat you have, the age of your boat, your claims history, and your boating history. Where you plan to use your boat, such as local waters versus international travel, can also affect your rates. Some insurance companies may offer discounts if you bundle with your car insurance or other products. If you have a larger or more valuable boat, the insurance company may require an appraisal or inspection before writing your policy.
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Wreckage And Spill Removal
If you lose your boat to an accident, you cant just abandon it in the water. Laws designed to avoid navigational and environmental hazards require you to remove it at your expense, or you may face hefty fines on top of the removal costs. With this option, your boat insurance will take care of any mandatory salvage operations.
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Boat insurance offers coverage for a variety of kinds of boats, including yachts, sailboats, and fishing boats. A boat insurance policy offer coverage similar to an auto policy. A standard boat policy can include liability coverage, collision coverage, comprehensive coverage and uninsured/underinsured boater coverage. You may even want to add coverages such as roadside assistance, on-water towing, fuel spill liability or wreckage removal.
When purchasing a boat insurance policy, you may want to shop around for quotes before settling on a provider. Why? Because every insurance carrier offers different coverages and prices. Comparison shopping will ensure that you have a high quality policy at the best possible price. If you already have auto or home insurance, consider purchasing boat insurance from the same provider. You may even be able to receive a multiline discount.
Look beyond your homeowners policy.
Your boat or personal watercraft may be too big or too expensive to be covered through a homeowners policy, which means you may need watercraft insurance to protect it.
Brew City Insurance can write boats up to 50 feet long and up to $250,000 in value,
as well as personal watercraft up to 15 feet long and $27,000 in value.
Even if your boat is eligible for watercraft insurance coverage under your homeowners policy, you still may want specialized coverages that you just can’t get with a standard homeowners policy.
Consider specialized coverages.
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Boat Insurance In New Berlin Wisconsin
After a long harsh winter, there is nothing better than taking the boat out on one of the many lakes in Southeastern Wisconsin. Whether you water skiing with the family, or going for a cruise on the pontoon, there are many risks involved and having the correct boat insurance is extremely important. Let American Advantage Petersen Group advise you on having the correct coverages.
Madison Boat Insurance Quotes
Here at Gary Ellis Insurance, we can help find coverage for a wide range of vessels, including:
- Pontoon boats
- Sailboats
- And more
If you own a boat in the Madison, Wisconsin area, we want to help you find the coverage you need. As an independent agency, we can shop and compare rates from several of the states leading insurers, as well as find you money-saving discounts on the boat insurance you need. Contact our office today to request your free quote. We cant wait to start saving you money on coverage.
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Do I Need Boat Insurance For A Non
Depending on where you live, you may not be legally required by the state to carry boat insurance for a non-motorized boat, but that is not the only reason to insure your boat. If you have invested in a sailboat, kayak, canoe, or RIB , boat insurance will protect your investment if the watercraft is damaged during an accident. It should also protect you if a claim or lawsuit is filed against you.
Consider These Additional Watercraft Coverages
In addition to our standard watercraft coverages, we offer these additional options from a number of top-rated insurance companies.
Boatside Assistance
Roadside, or in this case boatside, assistance coverage may provide fuel deliveries and on-water towing if you end up getting stranded on your watercraft.
Uninsured and Underinsured Boaters
Similar to drivers, many boaters are underinsured or uninsured. Because of this, we offer uninsured and underinsured boater coverage. This coverage helps to protect you from high medical costs or defense fees if the other boater isnt carrying adequate insurance.
Watercraft Wreckage Removal
In the unfortunate event that your watercraft sinks or is destroyed, watercraft wreckage removal coverage can help with the expensive cleanup process.
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Boat & Marine Insurance
Boat or Marine insurance is available for small boats, yachts, high-performance powerboats, live-aboard houseboats, catamarans, or pontoons. Marine insurance will cover intended use including personal recreation, commercial, or charter vessels.
Boat policies can cover damage to your boat, motor, trailer, and personal effects in the boat. Available coverage includes liability, medical payments, injury to a water skier and damage to the boat itself, sometimes called hull coverage. Availability varies by state and by insurance company. Even though boat insurance premiums are low, shopping your rate can sometimes save a substantial amount.
Preferred Insurance Agency offers free, comparative quotes on Boat & Marine Insurance from multiple insurance carriers so you can get the best possible rate.
Want to see how much we can save you? Just request a quote to find out.
Boat & Watercraft Insurance
River Falls Insurance Center 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 Wisconsin watercraft insurance policy? River Falls Insurance Center 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 Wisconsin 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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Why Is Boating Insurance Recommended
Boating insurance is recommended for two main reasons, both of which can save you thousands of dollars.
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.
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Personal Boat & Watercraft Insurance In Wisconsin
At T4 Insurance solutions, we provide boat insurance policies, so you can be safe and protected out on the water. Wisconsin is a great state for those who enjoy recreational boating on the beautiful lakes in the state. With more than 15,000 lakes within Wisconsin, boaters have easy access to incredible boating experiences. While the water is gorgeous, there can also be some boating risks, and that’s where insurance can play a significant role. If your boat is damaged in transit, during a storm, or on the water, repair and liability expenses can take a toll on your finances if you don’t have insurance.
A comprehensive boat insurance policy can ensure that you are covered in the case of an unexpected incident when you are enjoying your boat. A boat insurance policy can provide liability coverage for accidents resulting in property damage or injuries to others and other liabilities, depending on your policy. Let the experts at T4 Insurance Solutions help you find the right policy for your boat, Jet Ski, or other personal watercraft needs.
How Much Boat Insurance Do I Need For A Non
In some cases, a non-motorized boat could be covered under your homeowners policy, but only a review of your existing insurance policy will reveal the policy limits. Make sure you know these limits before an accident happens. The limits are typically low, and it is smart to find out if you need added coverage based on the value of your watercraft. A kayak, small sailboat, RIB, or canoe may have a value far higher than the typical $1,500 limit in a standard homeowners policy.
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Do I Need Boat Insurance When Its In Storage
Keeping your boat insured is a good idea, especially with comprehensive coverage. Your boat insurance will still cover theft, hail damage, and other hazards while its stored. Plus, you won’t have to worry about reactivating your policy once you’re ready to get back out on the water. However, some insurers will allow you to drop some coverages if youd prefer. For example, Progressive lets you adjust certain coverages while you’re not using your boat.
