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.
The Best Rates In Louisiana
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Ah, Louisiana – home of the “Big Easy”. The Pelican State. Crawfish Capitol of the World. There’s nothing quite like Louisiana, and boating is one of the best ways to enjoy her, whether it be on one of its many lakes and rivers, or along the Gulf Coast. Surrounded by the Gulf of Mexico, boating is a way of life in the Louisiana, from fishing the bountiful coastal waters to the many lakes and rivers inland. NBOA Marine Insurance, a leader in boat and yacht insurance, would like to remind you that when buying Louisiana boat insurance, remember that LA is a unique state and exposed to many different perils, such as hurricane wind damage, flooding, sun damage, submerged objects in rivers, and more. Here are some features to Louisiana boat insurance to keep in mind:
How Much Boat Insurance Do You Really Need
Boat insurance in the state of Louisiana is not a legal requirement like automobile insurance is. However, if you are making payments your bank likely requires insurance for their monetary protection during the duration of the loan. So legalities aside, how much boat insurance do you need for your personal protection? This depends on how much you use it, how many people enjoy your boat with you, and what you use your boat for. The more often you use it the higher the risk you assume and the better off you will be if you have insurance to protect you in case of a physical issue out on the waters. If you have many guests on your boat then you will find with just a bit of research that medical costs and liability can endanger you financially if anything happens. And if you use your boat for fishing tournaments, daily travel, or rescue you may need specialized policies to cover your unique situation. A good boat insurance policy will bring you peace of mind on the water and will help relieve your stress if anything bad occurs.
Cordell Insurance serves Baton Rouge, LA and the surrounding areas with insurance services for your boat, home, business, and life. If you have any questions or would like to purchase a policy contact us today.
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Flood Insurance Quotes In Louisiana
To get flood insurance quotes and purchase a policy, you’ll have to contact an insurance company. While private flood insurance is available, the vast majority of people get flood coverage from the NFIP. That means coverage is the same in Louisiana as in other parts of the U.S.
Flood insurance cannot be purchased directly from the NFIP, but private insurance companies can provide quotes. Quote prices should not vary between insurance companies because rates are set by the U.S. government. That means there’s no need to shop around for the cheapest flood insurance policy.
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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Common Claims In Louisiana
Louisiana is one of the most hurricane-prone states in the country. Residents are at a high risk of damage from violent winds and flooding, especially if you live in the Mississippi alluvial plain or near the Gulf of Mexico. Fortunately, your homeowners insurance policy may cover your home for wind damage from hurricanes. As for flooding, you typically need a separate flood insurance policy to protect your home and belongings from this type of damage.
Learn more about how home insurance may cover damage caused by severe weather.
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.
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Boat Insurance In Louisiana And Texas
With a specialized boat insurance policy from Glenn Dean Insurance, you can relax on the water knowing you have the right coverage for your boat or personal watercraft. Just like automobile insurance, we make boat insurance easy and affordable. There are even discounts available for packaging your policies! Glenn Dean has your boat insurance in Louisiana covered!
Average Cost Of Flood Insurance In Louisiana
Flood insurance costs an average $715 a year in Louisiana, which is $243 less than the national average. That may be surprising because much of Louisiana is low-lying and along the Gulf of Mexico, putting it at risk of flooding.
Premiums may vary depending on exactly where you live in the state and your area’s risk of flooding. FEMA categorizes areas into flood zones based on a low, moderate or high risk of flooding, and provides an online tool to find out which flood zone you live in.
The flood insurance rates below are from policies through the National Flood Insurance Program, or NFIP. The cost of NFIP flood insurance policies is determined by the U.S. government.
- A Special Flood Hazard Area, or SFHA, is typically designated by the letters A or V, which are high-risk flood zones.
- Zone X is a moderate-risk area and Zone X is a minimal-risk area.
- Zone D are areas where there are possible but undetermined flood risks.
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Louisiana Boat Registration Fees
When filing a new boat registration, boaters will be required to pay registration fees which are contingent on the length of the vessel. Louisiana boat registration fees are used to help with marina, boat ramps and waterway clean up. Knowing the cost of registration is important and provided on the boat registration application.
Examples are as follows:
- 140 or less $23
- 301 310 $59
- 451 460 $89
- 571 580 $113
- Any vessel over 58 will need to add an additional $2 per foot
What Boat Insurance Coverage Do I Need
The coverage you need will vary depending on your type of watercraftwhether you have a fishing boat, ski boat, sailboat, or yacht. Your other insurance policies likely wont provide the coverage you need to insure your boat. A boat insurance policy can provide the protection you need for your boat, yourself, and your accessories.
Know the limits of your boat insurance policy. Some policies only cover you if you are close to homea fact you don’t want to find out after an accident occurs. You may also not be covered while towing your boat unless your policy specifically covers tow vehicles. You may also want to keep your boat insured year-round.
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Stay Afloat Financially With The Right Protection
Watercraft and boat insurance from ABC Insurance keeps you on smooth waters. You’ll know you’re protected from a range of risks that could turn a day at the beach into a nightmare at sea.
- Property damage to a dock or another craft
- Injury to others
When you protect your boat or personal watercraft with affordable coverage from ABC, you’ll choose the types and amount of coverage you want at a price you’ll like.
Auto Insurance Coverage Options In Louisiana:
Collision and comprehensive coverages
Collision and Comprehensive coverages pay for damage to your automobile. You can purchase either or both of these coverages for each vehicle you own. If you have an auto loan you may be required to purchase both.
- Collision coverage insures you against damage to your vehicle caused during an accident.
- Comprehensive coverage insures you against all other physical damage to your car caused by such events as fire, theft, flood, and vandalism.
Collision and comprehensive coverage usually includes a deductible, which can range from $100 to $1,000. If your car is damaged, the Insurance company pays only for the damage in excess of the deductible you selected. The higher the deductible, the lower the premium.
Liability coverage pays for injuries you cause to other people and damage you cause to other people’s property when you are at fault in an automobile accident.
Medical Payments coverage
Medical Payments coverage pays medical expenses for you and passengers of your car who are injured in an automobile accident, no matter who is at fault. If you and your passengers have health Insurance, you may not need this coverage.
Personal Injury Protection
Uninsured/Underinsured Motorist coverage
This coverage pays if you are injured by a person who is completely uninsured or doesn’t have enough liability Insurance to cover your injuries. It also covers you if you are in an accident with a hit-and-run driver.
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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.
Average Cost Of Boat Insurance
Current estimates have reckoned the national average is around $300 to $500 per yearly premium. In some cases, the annual percentage could increase up to $1,000. While anyone can take a good guess between these numbers, there is a precise way of determining the exact price to insure a boat.
According to boat insurance experts, a good ballpark figure for the annual premium is 1.5% of the vessels market value. Take, for instance, an entrepreneur owns a 30-foot long schooner that is worth $39,000:
39,000 x .015 = 585
Judging from this calculation, the estimated cost of the annual boat insurance premium for a $39,000 schooner is $585. Any insurance premium that costs a thousand bucks must have owned a luxury vessel that is worth a fortune. While this calculation is practically infallible, it is also important to consider other factors that can marginally increase the premium.
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Let Abc Insurance Navigate For You
Your ABC Insurance agent knows boats and watercraft and is an expert at finding the best coverage for you, your craft, the motor and the trailer. ABC will give you information on a full range of options for the coverage you need. And if you ever have a claim, your ABC agent can help you navigate those waters too.
Don’t drift recklessly without boat or personal watercraft insurance! You never know how choppy the waters will be or when you’ll need a helping hand that keeps you on the safest course and can rescue you from disaster.
How Much Auto Insurance Is Right For You
Our team of insurance professionals understands the Louisiana car insurance needs of our customers.
Auto insurance requirements vary by state. In some states, to drive you must carry:
- Liability coverage to pay for losses you cause others
- No-fault coverage to pay you and your passengers for medical and related expenses caused by injuries from a car accident, regardless of who is at fault
- Both liability and no-fault coverage.
We write insurance in Louisiana and would be happy to help you ensure you have the right car insurance coverage.
Even in states where coverage isnât required, by law drivers must be able to pay for losses they cause others. Having insurance is the simplest way for most people to comply. To finance a car, it is usually necessary to have insurance which covers damage to your vehicle. This includes:
Every person is unique â talk to us today to find out how to get the best price and value on Louisiana auto insurance. Call today for your free, no obligation auto insurance quote in Baton Rouge.
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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?
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.
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Boat Insurance Discount Opportunities In Louisiana
Independent insurance agents work for you, not for an insurance company. They are therefore invested in finding you the best rates for your boat insurance coverage. One way they do this by looking for discount opportunities for which you may be eligible. Some money-saving opportunities that you may qualify for include discounts for bundling your boat insurance with other policies like home or car insurance, discounts for taking and passing a boater safety course, and discounts for certain industry or professional affiliations. Talk to your local insurance agent to learn more.
Kinds Of Boat Insurance Policies
- Boat & PWC Rental – Although this is generally not required, rental insurance will help cover any damage the vessel, as well as the operator and passengers.
- Boat Clubs – covers all members of club while operating a boat.
- Professional – These policies are very customizable and can cover items like travel to a tournament, equipment and more.
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Is Boat Insurance Required In Louisiana
Unlike with auto insurance, you are not mandated by law to carry boat insurance in Louisiana. However, there are times when boat insurance might be required. If you financed the purchase of your boat, your lender is likely to require you to have boat insurance until your loan is paid off. Also, if you dock your boat at a marina, having boat insurance might be a stipulation of your marina lease agreement. Regardless of whether it is required, having boat insurance may be a good idea particularly if your boat is very expensive or if you will be operating it at high speeds. A local independent insurance agent can help you determine whether this coverage is cost-effective for you.