What Does Boat Insurance Cover You For
Here are a few situations you may be covered for, depending on your level of insurance:
- You crash your boat into someones dock. Your cover could pay to repair the dock and your boat .
- Someone was standing on that dock and broke their leg. Your insurance could pay damages for the injury.
- The person on the dock decides to sue you. The right policy will help take care of your lawyer fees and any damages you end up owing the injured person.
- Someone steals your boat. If someone steals your boat, you may be able to get the full value back from your insurer.
- A few local ruffians spray paint your boat. The right policy will also cover vandalism.
- A flood overtakes your boat. A comprehensive policy will cover damage or loss from flood, fire, hail, explosion, lighting, impact and other natural events.
- Youre towing your boat and you damage it in a crash. The right policy will also cover your boat while its on the road, even if you damage it in an accident.
Best For Individualized Customer Service: United Marine Underwriters
United Marine Underwriters
- No. of Policy Types: 4
- Coverage Limit: $1 million
The provider offers personal attention to its customers, doesnt make them feel like a number, and each customer gets assigned a primary customer service agent.
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Discounts for boat safety courses
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Knowledgeable agents
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Cant buy other types of insurance from them
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Contact for pricing and policy details
As it emphasizes on its website, United Marine Underwriters is a specialty insurance company that writes insurance for just boats. It has been in business since 1990 and provides boat insurance in all U.S. states except New Mexico. Boat insurance navigation is also available to Canada, the Bahamas, and Mexico. Liability limits are available up to $1,000,000, with discounts available for completing one of several boating safety courses approved by the Coast Guard Auxiliary and Power Squadron and the National Association of State Boating Law Administrators, among others, according to its website.
One of the more unique things about United Marine Underwriters is its policy service. When you purchase a boat insurance policy through United Marine Underwriters, you are assigned a primary service person who takes care of all of your servicing needs. This company really cares about its customer service.
The Type Of Policy Being Purchased
We recommend that you buy marine insurance designed to cover property and injury-related specifically to the boat.
However, your boat may be covered by different types of policies.
Here are 4 types of policies that may apply:
1) Homeowners Insurance
People who store their boat on their property may be able to use their homeowners insurance policy should the worst happen.
This is especially true if the boat is small and stored inside the house or the garage.
For example, a kayak stored in the basement of a persons house will be covered if the house burns down and the kayak is destroyed.
In fact, some homeowners insurance policies may protect the kayak even if it is chained up at the homes back dock. However, the same rule might not apply to a larger boat.
A homeowners insurance policy will often only cover up to $1,000.00. This means that if your $700.00 canoe is stolen, your insurance company may reimburse you.
However, it also means that if your $35,000.00 boat is stolen, youll only be reimbursed $1,000.00 for it.
For this reason, most people will get an additional insurance policy to help cover their boat.
On top of this, a homeowners insurance policy cannot cover a boat that is out on the water or out on the road. This means that a person will need to get another policy whenever they intend on using the boat.
Failure to do so will leave them out of luck should something happen.
2) Vehicle Insurance
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Best Boat Insurance Providers Of 2021
- Best for Professional Fishermen:
- Best for Affordability: Allstate
- Best for Safe Boat Drivers: Progressive
- Best for Additional Coverage Options: Foremost
- Best for Policy Bundling: Nationwide
- Best for Individualized Customer Service: United Marine Underwriters
- Best for Emergency Services Coverage: State Farm
- Best for Additional Benefits: BoatUS
Shopping For Boat Insurance
Start with a little fact-finding. Ask your boating friends which company they use and how their claims have been handled. The way an insurer has handled claims in the past is a good indicator of the quality of service you can expect in the future.
State insurance regulatory agencies are also a good reference and can be found online.
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What Does Average Boat Insurance Cover
And now we get to perhaps the most important question here: What does boat insurance actually cover, anyway?
A lot of things, varying from policy to policy.
Take the time to customize your boat insurance plan to suit your needs. Carefully select what you and your family need, given your specific circumstances. To get you started, here are a few of the things covered by the average boat insurance policy, and that most boaters consider very important:
Medical Costs
If someone is injured in a boating accident thats found to be your fault , then your boat insurance plan will likely cover a good chunk of the medical expenses associated with the boating injuries.
This is also true if you or someone on your boat is hurt in an accident thats someone elses fault. This is important, especially if the other parties involved made the poor choice to skip getting boat insurance!
Liability Expenses
After a boating accident, regardless of whether there were medical bills, there are often legal costs. These could be potentially ruinous if you dont have good boat insurance coverage in place.
Property Damage
If your boat is involved in an incident that causes property damage to another vessel, a dock or part of a marinaor even simply to itselfyoull be glad you have boat insurance when the repairs or replacements are covered by your insurer, and not your personal bank account.
Personal Effects
Best For Professional Fishermen: Markel
- No. of Policy Types: One custom policy
- Coverage Limit: Contact for details
- Price: $100+/year
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Policies tailored to your boating needs
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Free online quotes
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Need to contact company for policy details
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Website could be updated
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Not as well-known as other providers
The Markel Corporation is a specialty insurance company that offers specialized coverage for boats. They have an A rating from A.M. Best and an A+ rating from the Better Business Bureau. The company has been in business since 1930 and offers comprehensive boat insurance policies for boats and personal watercraft . The Markel policy has an option to add coverage if youre a professional fisherman which provides replacement cost coverage for a preset agreed upon value of fishing equipment. Several discounts are available including an accident-free discount, operator over age 40 discount, and an experienced boater discount for boaters who have five years or more of boating experience. If you happen to qualify for all of the discounts available through Markel, you could save up to 35% on your boat insurance premium. Extra features also come standard without having to pay an additional premium.
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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.
Why Is Boating Insurance Recommended
Boating insurance is recommended for two main reasons, both of which can save you thousands of dollars.
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Do You Need Insurance For A Jet Ski
Jet ski insurance likely isnt required by your state or local government, but some marinas may require it if you want to store your PWC. Regardless, jet ski insurance is the best way to protect yourself from potentially paying thousands of dollars to remedy damages you could cause or suffer. Its wise to protect yourself with a jet ski insurance policy.
You take on a major risk every time you take the water on your PWC. Needless to say, its very dangerous, and you can get in an accident without even doing anything wrong thanks to another boat drivers carelessness. Jet ski insurance can act as a financial safety net in the worst-case scenarios.
You may believe that your home insurance covers your jet ski, but this really isnt the case. While homeowners insurance does include some coverage for boats, its typically capped at $1,000 or $1,500. Any jet ski-related incident or damage would likely easily exceed this. And, your home insurance may only cover damage your PWC sustains on your property. You cant rely on your homeowners insurance to consistently protect your personal watercraft.
What Additional Cover Options Do I Have
In addition to basic cover, insurers offer a collection of other benefits that may be useful to you as a boat owner. Here are the most common:
- Contents cover. Your typical cover doesnt protect your personal belongings. For an extra premium, you can get cover for personal items like clothing, fishing equipment, diving equipment, water sports equipment and electronics.
- Lay-up cover. If you store your boat during certain seasons, you may be able to save on premiums while its stored. With lay-up cover, you basically have two policies in one: one for the timeframe youre using the boat and one for the timeframe youre storing it. Youll be charged a little more up front, but youll ultimately save on your premiums.
- Racing cover . Basic boat insurance doesn’t cover you when you’re racing. The sailboat racing option expands your cover to protect you when you’re racing in an organised event.
- Water skiing liability. A basic boat insurance policy won’t cover you if you’re towing a water skier and that’s what caused the damage or injury. With the water skier’s liability option, you’re covered for injuries to the water skier and for any damage caused to others as a result of this activity.
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Selecting A Boat Insurance Provider That Works For You
After youve researched providers, compared them, and found one youre comfortable with, its time to apply for a quote. This can usually be done online or over the phone with an agent. You will need to provide your identification, a vessel license, and the information of your boat including its make, model, year, and the date you purchased it. Be prepared to answer questions about the age and approximate hours on your boat, as well as what you will be using it for.
After you get a quote and sign up for the policy, a payment may be required and this is usually done via credit card. Then you will have access to view and manage your policy online. Some companies also have apps where you can manage your policy on the go.
How Much Does Jet Ski Insurance Cost
Basic jet ski policies can start at $100 per year or $8 per month, but it goes up from there. Insurance companies consider many different factors when coming up with your premium. So the cost will vary based on the following factors:
- Your jet skis make, model and year
- Engine power
- Your credit score
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Factors That Go Into What Boat Insurance Costs
Whats Not Covered With Jet Ski Insurance
When you take out a jet ski policy, you might pay attention to situations your insurance company wont cover. Common exclusions that could lead to denied claims:
- You ride at night. Some policies wont cover risky times of day, such as riding at dusk or night when visibility is low.
- You dont disclose modifications. You cant receive an extra payout for damage done to equipment or gear youve modified your boat with unless youve let your insurer know about modifications and paid for extra coverage.
- You break the law or misuse your jet ski. This can include operating the jet ski without a license, in less than a seaworthy condition or while overloading it beyond capacity.
- You drive beyond your policys geographical limits. If youre using the jet ski at sea, your policy may not cover you so far from shore.
- You use your jet ski for racing. You may need special coverage for racing or competitions through a specialist insurance company.
- You ride with a lay-up policy in force. If you ride during the off-season after dropping liability and other coverage, you wont be covered for any damage if you use it during that time.
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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.
Personal Watercraft & Jet Ski Insurance Coverage Skisafe
Personal watercraft insurance should protect your PWC/jet ski in the event of an accident, damage, or theft. Depending on the details of your policy, PWC
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