How Does Boat Insurance Work
When you buy boat insurance, you must decide on the amount of coverage you need for your boat, the deductible and the types of coverage you need. In the event that you have an accident, experience a theft, or have another loss that is covered under your policy, you can file a claim and receive a payment covering the loss.
As an example, if you were in an accident with another boat that caused serious damage to your vessel, one of the following things would most likely occur, depending upon the insurance coverage you and the other boater own and the laws in your state:
- If you were at fault, your boat liability insurance would cover the damage up to the limits of the policy.
- If the other boater was at fault, his coverage would pay for your damages, up to the limits of his policy.
- If the other boater was at fault, but did not have boat insurance, or did not have enough to cover your expenses, uninsured/underinsured boaters coverage could pay for bodily injury. You would need the physical damage coverage on your boat policy to cover damage to the boat.
Are Boats Covered Under Homeowners Insurance
One of the most common questions we’re asked is, Does homeowners insurance cover boats? The answer is, a little. Many homeowner policies cover limited amounts of damage to a boat, and in many cases may cover your boat only while it’s on your property. In addition, you’ll pay deductibles, and the amount you can recover will be limited, so you’ll likely not be able to recover the full value of repairs or replacement.
Personal property you keep inside your boat may be covered under a homeowners insurance policy, but many things won’t be. More worryingly, you may not be covered for liability if someone is injured on your boat. If you own a boat in Dauphin or anywhere in the Pennsylvania area, you should have a solid insurance policy in place to protect your investment and your finances.
A Guide To Boat Insurance
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Over 300,000 boats are registered in Pennsylvania alone. Thats a lot of boats!
And while Pennsylvania does not require registered boats to carry insurance, boats are expensive!
A motorized bass boat or a speed boat will cost you around $20,000 used or $30,000 new on the low end. Thats a big investment.
So how can you protect that investment?
And, what would happen if your boat is involved in an accident where someone is injured?
If you are at fault, you are responsible for paying the injured partys medical expenses. If you dont have insurance coverage, youll need to cover those costs out-of-pocket.
With a boat insurance policy, you can know that you have medical coverage if youre in a boating accident, coverage for any damage you might cause to someone elses property, and even coverage for any damage done to your watercraft.
If youre in the market for a boat insurance policy, this article is for you.
In this short guide, I address the two most common questions I get about boat insurance.
Lets jump right in.
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What Does Typical Boat Insurance Cover
More often than not, boat insurance is an All Risk coverage, providing protection against a variety of calamities that could happen to your vessel such as fire, theft, vandalism, grounding, or sinking.
Whats most important about the insurance is its capability to cover any liability that might arise from the use of your boat. This is in addition to the coverage for any physical damage or loss sustained by the vessel of the other party because of an accident.
Hence, it becomes even more important to protect you from financial loss when you regularly use your boat and/or when it is worth a lot of money.
Typically, boat insurance covers the following:
Below is a attorneys advice n the case you get injured on your boat:
After knowing or confirming how important it is to get yourself boat insurance , at this point, lets take note of some essential information about owning and operating a boat in this particular US state, the Keystone State.
You just dont go off buying a boat and hit the water! You need to be knowledgeable about Pennsylvanias laws and requirements when it comes to boating.
Do I Need Boat Insurance
If you are planning on purchasing a powerboat or a sailboat in the coming months, thereâs a good chance that you are looking into boat insurance as well. If this is the case, you likely have some questions about boat insurance companies and whether you need additional coverage. Well, you came to the right place! In this article, you will find answers the top 9 most frequently asked questions about boat insurance.
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Home Insurance And Your Boat
One of the biggest reasons people might not purchase boat insurance is the misunderstanding that boats are covered under their home insurance policy.
While your home insurance policy may provide very limited coverage to smaller boats on your property, the general rule of thumb is most large items that have their own specific type of insurance available to them can only be covered by that specific insurance. So, if you have a boat, your best bet is to have it insured with boat insurance.
What Types Of Insurance Can I Get For My Boat
Just like auto insurance, boat insurance can be customized to fit your specific needs and budget). The size, type, age and value of your boat even where the boat is used can determine the coverage thats best for your vessel.
In general, most boat policies are designed to cover:
- Bodily injuries sustained by you or someone else, resulting from the boat
- Property damage to your boat for example, theft or vandalism
- Property damage by your boat for example, damage to another boat if your boat causes an accident
Boat owners can choose a variety of coverages to protect boats, passengers and even permanently attached boating equipment. With ERIE, youll have a local, independent insurance agent to help you understand your options and feel good about how youre protecting your investment.
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Am I Covered In The Winter
While your boat is stored during the off season, you may wonder why you need coverage. However, a lot can happen when a boat is in storage including fire, theft or other damage and a boat policy is a smart way to protect your investment year-round.
Ready to set sail? Find an ERIE agent in your neighborhood to get a personalized boat insurance quote.
*Coverage is subject to policy provisions. See individual policies for specific coverage details. Certain terms and limitations may apply. ERIE’s Boat Protector Policy is not available in Kentucky. Refer to our disclaimer for additional information.
Why Do I Need Boat Insurance
Its a reasonable question: If your state doesnt require boat insurance, why should you get it?
The short answer: Financial security. If a covered accident happens and you have the proper insurance, youre usually responsible for paying the deductible and insurance can cover the rest. But without insurance, you could get stuck paying out of pocket for the full cost of repairs to your boat legal costs or even someone elses medical bills. .
While your boat might be somewhat covered under your homeowners policy more on that below a separate boat insurance policy gives you more options for specialized protection. That includes increased physical damage limits, coverage under more situations , and medical payments coverage.
In short: Boat insurance is specifically designed to protect your boat almost anywhere you go over land, out in the water, and into storage.
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Is Boat Insurance Required By Law In Allentown Pa
Boat insurance is an important part of protecting your asset, but it is not a legal requirement in Allentown, PA. The state does not have a minimum standard that you must follow to protect other boaters or yourself, but that does not mean it is not wise to seek coverage for your asset.
Generally, you should obtain some protection against liability concerns because there is always a risk of injuries that can take place on your boat or that you may cause in an accident. Recognizing the risk and taking measures to protect against the situation can help you avoid unnecessary financial strife.
Although it is wise to purchase a policy, it is not required by the state. You will not need proof of insurance when you register a new boat and the state does not have any minimum standards related to liability protection.
Any additional coverage that exceeds liability is a personal choice. You can purchase coverage to pay for damages to your boat in case a fire, storm or other situation arises that causes damage to your boat. You may also want to consider coverage against injuries if you are injured while fishing or using the boat for an outing.
The details of any plan can vary, so you may want to read the policy thoroughly before you determine that is appropriate for your goals and concerns. The best plans will depend on your personal preferences and concerns.
Do You Need To Have Insurance On A Boat
The state of Pennsylvania does not require insurance for a boat, but you may still need coverage. If you want to finance your boat, for example, you’ll find that most lenders require insurance before agreeing to a loan. Many marinas and facilities where you store your boat may need a policy to be in place, and most tournaments and fishing competitions require at least some liability coverage.
Even if you dont legally need insurance, consider the implications of having your boat uncovered. If your boat is vandalized or damaged in any way, you’ll need to pay for repairs or replacement yourself. In a situation where someone slips and falls or otherwise injures themselves when visiting your boat, you could be liable for the medical costs. What’s more, any personal property you have on the boat may not be protected unless you have a policy.
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When Boat Insurance Is Required
While most states do not require you to have boat insurance, you might find that there are certain situations that call for you to have your boat insured.
If you use your boat as collateral for a loan, your bank may require you to have insurance for the boat.
Also, you may be required to have boat insurance in order to dock your boat in certain marinas or harbors. Contact marina/harbor officials to learn more about their boat insurance requirements.
Boat & Watercraft Insurance
Advanced Insurance Solutions 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 Pennsylvania watercraft insurance policy? Advanced Insurance Solutions 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 Pennsylvania 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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How Can I Lower My Boat Insurance Rate In Pennsylvania
Discounts vary by state, but in Pennsylvania, you may be able to lower your insurance rate if you:
- Pay in full: Receive a discount on your overall rate by paying your policy upfront and in full.
- Prompt payment: Pay on time, every time, and receive a discount on your rates.
- Advanced quote: Purchase your Pennsylvania boat insurance policy at least one day before it goes into effect. You can even save more if you purchase it a week or more in advance.
- Safety course: Complete any Pennsylvania-approved boating safety course to receive a discount.
See if you qualify for more boat insurance discounts.
Is Boat Insurance Required In Alabama
The state of Alabama has no law requiring personal boat insurance, but you still may need it at times to satisfy certain lender or marina requirements. Some marinas or boatyards in the state may require you to have a liability insurance policy on your boat before you can store it at their place.
Also, lenders typically require you to have a comprehensive boat insurance policy on your vessel if youve financed it so your lender can recoup their investment in your boat from your insurance company if it suffers damage.
Alabama doesnt mandate any vessel owners or operators to have boat insurance. Instead, there are many rules and regulations you need to follow for boat registration and boater safety. Satisfying these requirements may go hand in hand with insurance at times, though, making a boat insurance policy a logical and wise choice.
For example, nearly all motorized vessels need to be registered with the state in Alabama. One of the reasons youre required to register your boat is so authorities can use your hull identification number and information to try to track down your boat. If your boat doesnt get recovered, a comprehensive boat insurance policy would reimburse you for your boats value.
Also, boaters in Alabama may need to take certain safety courses before operating a vessel. Many insurers offer discounted premiums to policyholders who have taken safety courses.
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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.
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.
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I’m Restoring My Boat What Type Of Coverage Should I Have
You’ll generally need boat restoration insurance, which may cover you for damages caused by fire, theft, boat transportation and vandalism during the restoration process. This type of policy may cover you whether you’re doing the restoration yourself or taking the boat to a facility to be restored by other professionals.
Which Comes First: The Boat Or The Boat Insurance
If you are in the market for a boat, it’s a good idea to consider shopping for insurance first before signing your boat purchase paperwork. Insurance rates can vary, so you may want to factor in the cost of your coverage as you determine which boat you can reasonably afford.
Try narrowing your purchase choices down to two or three boats, and then take information about their specifications to a local independent agent.
Your agent will get quotes from several insurance companies for you on your potential purchases. You can then determine for yourself which boat will ultimately be better for your needs and budget.
An independent agent in your area can help you evaluate boat insurance rates and options so you can enjoy the water and have peace of mind. If youre thinking about getting a boat, contact a local agent today and get the vital information you need for your best protection.
TrustedChoice.com Article | Reviewed byJeffrey Green
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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.
|Arkansas||Liability insurance with at least $50,000 in coverage is required for all boats powered by engines of more than 50 horsepower.|
|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.|