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 trustedchoice.com 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.
What Does Boat Insurance Normally Cover
- Collision Damage In the event of a collision with your boat, boat insurance covers repair or replacement costs.
- Property Damage Liability If someone elses boat, dock, or related property or structure is damaged from your boat, youre covered by your policy.
- Bodily Injury Liability Youre covered if someone sues you for injuring another individual in a boat accident.
- Comprehensive Boat Insurance covers you if your boat is damaged, stolen, or vandalized somehow other than a collision.
Is Boat Insurance Expensive
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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What Is The Best Type Of Boat Insurance
The best type of boat insurance is insurance coverage that adequately meets your legal and contractual obligations and allows you to feel comfortable about your exposure to risk. Because each individual situation is different, it is important that you determine what coverage factors matter most to you and your family. Spend time researching your options and speak with multiple insurance brokers or agencies. Allthingsboat.com has an excellent review of boat insurance providers.
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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What If My Trailer Is Damaged In An Accident
If your trailer is considered a motor vehicle , then it should be covered under the No-Fault policy required by Michigan law. In that case, you can recover some of the repair costs by filing a mini tort claim against the at-fault driver. These claims are currently capped at $1,000 per incident. However, after July 1, 2020, the limit for mini tort claims will be increased to $3,000.
If you were at fault, or your trailer is not insured, you will be responsible for any repair costs unless you have purchased optional collision coverage .
Boat And Watercraft Insurance In Caro Frankenmuth Saginaw Vassar Ortonville And Surrounding Areas
Whether you own a paddle boat or a power boat, you want to enjoy your time on the water without worry. Well help you leave your worries on dry land and fully enjoy your time on the water.
Getting out on the water should be carefree, but owning and running a boat brings several financial risks. Watercraft insurance means you can stop worrying about those risks and get back to relaxing on your boat.
Boat insurance policies usually have two standard elements, with two optional extras that are worth considering. One standard feature is insurance coverage for physical damage to the boat, whether that be from a collision, fire, severe weather, theft or vandalism. The other standard feature in a boat insurance policy is liability, meaning youre covered for damage you cause to other boats or people, along with the associated legal costs. Look for insurance policies that cover the costs of cleaning up any oil spillages if your boat is severely damaged, as well.
One optional element of watercraft insurance is coverage for theft of or damage to your personal possessions kept or used on your boat. This is well worth considering when you think about the costs of sports or fishing equipment and expensive gadgets. You can also get optional boat towing and assistance coverage that protects you against the costs that come up if your boat breaks down while out on the water.
Spending time on the water is fun. Talk with us about getting the proper boat insurance coverage in place today.
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Its Time To Hit The Lakes But Do I Really Need Watercraft Insurance
Its that time again when Michiganders do what Michiganders do, head for their favorite lake. Only California ranks ahead of the more than a million boats put in the nearly 11,000 lakes in Michigan. But if youre asking the question should I insure my boat and jet ski? youre asking the wrong question. The question isnt if, its which insurance should I get for my watercraft?
For Michiganders, boat and watercraft insurance are a necessity and Autumn Insurance has the solutions you need, whether you are captaining a yacht or a pontoon boat. You need boat insurance to cover the same liability issue that applies to your home and car. Collisions on Michigan lakes happen frequently and you certainly want to make sure youre covered with liability insurance if someone gets hurt or dies. And if your boat is the subject of theft or vandalism, the same rings true.
While some homeowners or retail insurance policies can cover your boat on a limited basis, you still might need an extra policy for your watercraft. Many of Autumn Insurances customers take advantage of our umbrella policies, covering car, home, and boat, which saves them between 10 and 20% on their rates. But if youre specifically looking for insurance for your boat or jet-ski, please keep these factors in mind.
We Specialize In Boat Insurance In Michigan
Boats and personal watercraft are big investments, but if you love being out on the water, you know theyre worth it. So you need to protect your fun investment with coverage thats designed with the boat lover in mind, not with some standard coverage or an add-on to your Homeowners Insurance.
Mason-McBride can help make your time on the water relaxed and worry-free. We will find you a competitive and comprehensive insurance option that helps protects you, your family, friends, watercraft, and boating equipment. The average boat policy costs less than a dollar a day. Youll enjoy being on the water even more when you arent worried about your safety, the safety of your passengers, or the safety of your investment.
Do you know what to look for in a Boat Insurance policy? Mason-McBride can help you determine the right amount of coverage to meet your specific needs. Just contact us today to get started.
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Compare & Shop Around For Boat Insurance
Its only the beginning of the summer season, but its not too early to think about your coverage in the off-season. Let Compass Insurance Agency compare boat insurance rates for you and help you find the best coverage at an affordable rate.
Well explain your policy, making sure you understand your coverage. Compass will also make sure you have the right insurance coverage in the off-season without overpaying.
to speak to one of our local Michigan licensed agents and see what we can do for your boating needs.
Your Odds Of Being Involved In A Car Accident Also Go Up In The Summer
Now that summer is finally here we hope you have a terrific July 4th holiday and can take time off for car trips with the family.
Unfortunately, the statistical chances of being involved in a motor vehicle accident also increase over the summer months as well.
When you take to the road this weekend, please stay safe and keep these statistics in mind:
- AAA Michigan is estimating that between 1.4 and 1.7 million Michigan residents will be embarking on roads over the Fourth of July.
- Thankfully, holiday traffic crash fatalities dropped 50% between 2017 and 2018, according to the Michigan State Polices 2018 Michigan Holiday Traffic Fatalities report.
- Similarly, Michigan Traffic Crash Facts reports that fatal crashes, persons killed and the role of alcohol in those tragedies dropped between 2013 and 2017, according to the 2017 MTCF 5-Year Trends.
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Do I Need Boat Or Jet Ski Insurance And Other Faqs
The weathers finally heating up after a long and drawn-out winter and most everybody is in the mood to celebrate that fact. If you have a boat, chances are that means youre getting her out of storage and hitting the lake, the bay, or even the ocean. That makes this spring the perfect time to discuss boating, jet ski, and other watercraft insurance.
The most common question we hear from boaters is: Do I need boat or jet ski insurance? While you dont legally need it, you DEFINITELY SHOULD have boat insurance. Were not just saying that because Unruh Insurance is an insurance agency, but because Unruh Insurance is owned by two boaters, Kent and Curt Unruh, both of whom have comprehensive boat insurance.
Kent Unruh keeps his boat at Raystown Lake, while Curt Unruh prefers taking his boat out on the Indian River every spring and summer. This makes Unruh Insurance double-qualified to answer all of your boat insurance questions.
Find out why you need boat or jet ski insurance as well as get the answers to your boat insurance FAQs.
Extended Storage And Surprise Weekends
There is one advantage to living in Michigans sometimes frigid climate. If the winter weather is making boating for you impossible, you can get reduced premiums for your agreed-upon months of non-use. But be careful, sometimes our crazy Michigan weather offers warm surprises in non-boating months and you may be inspired to take the boat out on an unusually non-spring or fall-like weekend. But before you do that, call us and make sure youre covered.
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What Factors Affect Boat Insurance Rates
Because of the complicated and complex risks involved with boat ownership and operation, boat insurance rates can vary greatly. There are ultimately a number of different factors that affect boat insurance rates. Factors include ownership experience, claim history, boat navigation area, storage location, boat speed, boat condition, and more. Actuaries will take all or a number of these different factors into consideration when setting rates.
Why Buy An All Risk Policy
All Risk policies for boat owners are basically a policy covering everything unless specifically excluded by the language of the policy. A named-perils policy, on the other hand, covers only what is specifically provided for by the policy language. We can help you price out both, but in many cases, we recommend all-risk.
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Boat Insurance In Wyoming Michigan
Get a boat insurance quote today!
If you own a boat, you need boat insurance. A boat can bring you a lot of good times! Its also a commitment of time and money. Thats a big investment to put at risk when a typical homeowners policy will not adequately cover your boat! Lucky for you, Precision Insurance Agency has the carriers that offer the right insurance policy and coverage for your boat.
On July 1, 2020 Michigans auto insurance laws are changing. Do you know how the new auto insurance laws affect your coverage?
Why Choose Doyle & Ogden As Your Boat Insurance Provider
Doyle & Ogden is a local, independent, full-service insurance agency based out of Grand Rapids, that serves individuals throughout Michigan. Since 1958, our agency has taken great pride in being able to provide boaters with the best coverage at the right price. With over 10 companies to shop and compare from, we are confident we can provide you with an unbeatable policy. Contact us today by filling out a contact form or calling 949-9000 to request a free quote.
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The Most Common Question We Hear From Boaters Is:
Vessel operators who are required to have a boater education card must carry the card on board the vessel and have it available for inspection by an enforcement officer. Mail your renewal notice and payment in the enclosed envelope. Marinas may require you to have boat insurance in order to dock your boat there. If your boat has a motor, it probably needs boat insurance.
Do You Need Insurance For A Trailer
If your trailer has more than two wheels, then, yes, you will need to have insurance for a trailer for in Michigan. However, if your trailer only has two wheels, then, no, you wont need insurance for a trailer in Michigan.
But just because you may not be legally required to get No-Fault insurance coverage doesnt mean you should go without coverage. As a car accident lawyer, I always recommend that people hauling a trailer still get some level of insurance for a trailer as its very inexpensive.
Im writing about insurance for a trailer today because I always get asked about it this time of year. People want to know what happens if someone rear-ends them on the highway and causes damage to their trailers and to the toys all the boats, camping gear, jet skis, motorcycles, ORVs, mopeds and mountain bikes that we see people hauling to cottages and lakes in the summer months.
As an accident attorney, the legal analysis starts with what type of trailer they have. The type of trailer and whether that trailer has insurance that includes auto No-Fault coverage will determine how damage to the trailer and to the toys such as the boats, camping equipment, jet skis, motorcycles, ORVs, bikes and mopeds gets paid or not.
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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.
Is Boat Insurance Required By Law In Michigan
Unlike auto or health insurance, boat insurance is not required by law in the state of Michigan. Nevertheless, operating a boat without insurance is inherently risky. When an accident occurs, you will be entirely responsible for any and all related expenses if you dont have insurance. It is in your best interest to explore the benefits boat insurance offers.
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