Dont Rely On Your Homeowners Insurance To Keep Your Boat Afloat
Your new 20-foot boat is parked right alongside your house and shes your pride and joy. Unfortunately, you dont have the space to park her in the garage, so behind the house, behind the gate will have to do.
You only bought her a couple of months ago, but youve already taken her out at least two dozen times. You make sure to take the gear out and the motor off every time you come back from fishing.
But last night, it was late and raining sideways, and you were glad that you and the boat had made it out of the water and home safe and sound. Youll clean her up tonight when you get home from work.
You come home and wander outside to wash the salt off the motor. Something feels funny though. You open the latched gate to your backyard, and theres your boat but no motor. No kicker. No rods. No crab pots.
No fish finder. Hmm. Maybe your wife took care of it and put it all in the garage?
But, no! Slowly it dawns on you. Somebody wandered into your backyard and stole your motor and your gear. You cant believe it! Surely its insured, right? But you never got boat insurance.
Now what?
Some boat owners may assume that their boat is covered under their homeowners insurance policy. But in fact, there is only limited coverage for damage to a boat on your homeowners policy. And, generally, the loss must occur at your home.
Damage to your boat that occurs while you are launching the boat or when you are out on the water would not be covered by your homeowners policy.
What Trailers Are Eligible For Coverage In Tow
Not all trailers will receive the liability coverage extension. So does my auto insurance cover me towing a trailer? Only if you own it and it is registered in the name of the named insured on the lead cars insurance. So if youre towing someone elses trailer, your liability coverage wont provide any protection.
Coverage is only automatically afforded while the eligible trailer is attached to the vehicle. So what if youve rented the trailer youre towing? Typically your liability insurance coverage will not cover rented vehicles, including trailers youll need to buy specific insurance for a tow trailer rental through the rental company for protection.
Its also important that you know that any vehicle with its own motor wont fit the definition as a trailer in tow, even if the motor is not in operation when youre towing the vehicle.
When it comes to auto insurance, there are also differences between towed trailers and RVs. If youre thinking about making the jump from a towed trailer to an RV and even giving up the residential life for a more transient lifestyle, youll need to find the right insurance company for your specialized needs.
While a life completely on the road may seem daunting, it can come with great rewards, especially in the 10 best states for full-time RV living.
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Summary Stats
Towing a trailer comes with its risks. No matter how experienced you are, accidents can happen and the risks are higher when a heavy trailer is hitched on to the back of your private passenger car or truck. You may be asking, does my auto insurance cover towing a trailer, or do I need separate insurance for my trailer?
Before you take off for your next camping trip or pack the trailer to go cross-country, its important that you assess your insurance coverage and identify where there are gaps in protection.
If you are in the market for new auto insurance for your trailer, start comparing auto insurance rates now by using your ZIP code in our free tool.
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So Can You Lend Your Trailer Safely
Before handing over your trailer you need to consider how much its damage or loss would impact you and your friendship with the person using it. Lending such a large and expensive item can cause strain on a relationship. Its a lesson Jen Auborn a former nurse now living in B.C.s interior learned the hard way.
Seems like every time I would lend a friend my trailer that friendship suffered either because the trailer wasnt returned at the time we agreed or because they just didnt treat my stuff the way they would treat their stuff.
Make sure youre not receiving compensation for lending your trailer out either. If you are getting paid that is considered a business exposure by the insurance companies and they will not cover the trailer in case of an accident.
Why You Should Get Boat Insurance
Boat insurance protects against liability and accidental damage to the boat, but also things you might not think about, such as the cost of replacing your newer boat with a brand new model, fuel spill liability, salvage coverage and wreck removal. Additional coverage can be purchased to protect your personal property, such as fishing gear and watersports equipment, as well as to provide towing options for both on and off the water and while trailering your boat.
Boat insurance is available for a wide variety of vessels, from bow riders, center consoles and pontoons, to personal watercrafts . Current GEICO auto policyholders, boaters with good driving records and those who have passed boating-safety courses, could be eligible for discounts.
New boaters should bear in mind that some boat insurance policies require you to operate your boat within a specified geographic area. If you plan on taking your boat outside this area, there are options to extend your coverage.
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Is Homeowners Insurance A Substantial Substitute For Boat Insurance
The easy answer is no. Although the amount of coverage for your boat will vary from one home insurance policy to another, it is unlikely that the policy will be sufficient to cover all of your specific boating needs.
That being said, what a home insurance policy will normally cover is any damage that is incurred by your boat whilst it is on your property. If you choose to store your boat at home, you may be covered up to a certain value by your home insurance. Yet, the amount of coverage offered is typically lower than that of a specific boat insurance policy. Additionally, this policy will not cover your boat whilst it is in-transit, moored in a marina or on the water.
What Insurance Covers A Boat Trailer Accident When Attached To A Car The Car Insurance Or The Boat Insurance
If you only have liability your car insurance isn’t covering your boat trailer, even full car coverage probably has small fine print limiting coverage to your car. Trailer coverage through your boat insurance provider is more likely to cover it.
Additional answer
If your question is regarding the damage caused by the trailer while it was being towed by an automobile, then the answer is yes, the damage caused by the trailer will be covered by the liability. The damage to the trailer would not be covered by the auto policy even if you have collision coverage.
If it is regarding the damage to the trailer, it would not. Only if you have a watercraft policy which typically provides coverage for both trailer and watercraft.
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If Youre Towing A Boat Is Coverage Afforded Under Your Auto Policy
The insuring agreement that you receive when you sign up for a Personal Auto Policy includes very detailed information about what is and what isnt covered. Under this agreement, you will find that there are provisions that extend coverage to more than just the listed or covered autos on your
Under the standard agreement, auto insurance provides coverage when youre pulling a trailer that you own thats designed to be towed by private passenger autos, pickups or vans.
This includes a trailer thats designed to carry a boat that you own. Even though policy provisions and definitions extend coverage to trailers, policies with more than just basic liability coverage have restrictions you should be aware of.
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Does My Credit Card Provide Rental Car Insurance
If youre not sure whether your personal auto insurance policy covers rental cars, then you may want to consider using a credit card that offers rental car insurance. Many major credit cards offer this coverage, and it can be a great way to protect yourself in case of an accident.
Most major credit cards offer rental car insurance as long as you rent a car with the card. This is an excellent way to cover yourself when youre visiting another country or renting a larger vehicle than your normal daily driver. Just be sure to read the fine print and check the specifics before you leave.
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Discounts For Your Boat Insurance
You bought your boat, and now youre shopping for insurance. There are sure a lot of Boat Insurance companies out there! Price is a factor but you also want to make sure you get the right protection for your boat. And what else is there to know?
Well, a great way to start is to call your insurance agent at McClain Insurance. We specialize in all your personal insurance needs, and that includes boat insurance!
We may not win a fishing derby, but we sure know how to catch you all the discounts you deserve on your boat insurance!
There are a variety of ways to lower your boat insurance rates:
- Make a good choice on the type of boat that you are going to buy. Choosing safety over performance will keep your rates lower.
- Also, the value of the boat will make a difference. The higher the boats value, the higher the premium.
- Many companies will offer a discount if you take and complete a boating safety course. This will help you make the right call in a critical situation.
- Most companies also offer new hull discounts and claim free discounts.
If youre looking to buy a boat or if you already own one, stay afloat with boat insurance from your team at McClain Insurance Services.
Well track down every available discount to assure that you receive the best value for your boat insurance investment. Give us a call today, or click here for an instant rate quote.
Ahoy!
Should I Take Out Separate Boat Insurance
When taking your boat out on the water, regardless of whether it is for a leisurely sail, a long-haul trip, or for racing, it is recommendable to seek out a suitable insurance policy. Boats have a high level of risk associated with them including injury, damage and theft so it is good practice to insure them.
Unlike home insurance policies, boat insurance is specifically designed to cover the needs of boat owners. Thus, you are much more likely to have an insurance policy that is tailored to your needs from specialist insurers who understand the specific risks and challenges of owning a boat.
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Is My Trailer Covered Under My Car Insurance Policy
Its that time of year where we get out and enjoy the outdoors. Whether your thing is camping, heading to the cottage, or just hitting the open road to where ever it takes you often times a trailer may be a part of that plan. When it comes to insurance, there are some things you should know in order to make sure youre protected, like trailer insurance.
If your trailer is hitched or not makes a difference, too.
What Coverage Is Available For My Boat Trailer
You have auto insurance for your car, truck, or SUV, and you have marine insurance to cover your boat but what about the trailer? Coverage for your boat trailer can be tricky to understand and its important to ask questions when youre purchasing coverage.
Lets dive into it.
First, lets discuss the boat. If you have a marine policy for the boat, your marine policy provides physical damage coverage for your boat if its on the trailer or in the water. Your policy can even cover your boat if someone else rear-ends your boat trailer while youre all stuck in stop-and-go traffic on the way to your boating getaway. In this case, its likely that your insurer will try to get their money back from the third partys insurer through a process called subrogation.
Much like your vehicle or your boat, your trailer can be insured in two primary ways: physical damage coverage and liability coverage. Of the two, liability coverage is where you really need to focus because your liability in an accident can range from a paint scratch on another vehicle to a much more severe accident with injuries and significant damage to other vehicles.
Your liability coverage when trailering your boat is inherited from your auto insurance policy. Because your, car, truck, van, etc. is pulling the trailer, the policy for that vehicle applies to liability claims related to boat trailering accidents.
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What Is Boat Trailer Insurance And What Does It Cover
Boat trailer insurance is a specialized type of vehicle insurance policy that applies to trailers specially built to transport a boat safely from a home to a lake, river or ocean.
Some boat trailers can be covered as a special rider attached to a vehicle or homeowners policy, but because these items are so specialized in terms of how theyre used, it is often a good idea to get separate trailer coverage.
Boat trailer insurance generally covers damage to the trailer, whether its stored at home or at a recreation area. Your policy can also cover theft as well as liability coverage in the event that your trailer causes damage to another vehicle, trailer or boat or injures another person.
What Could Home Insurance Policies Include
Some home insurance policies provide good coverage both for smaller boats and motors. Typically, this is limited to a certain horsepower , as these vehicles are more low risk. It is worth noting that home insurance policies, if they cover water crafts, may only apply to use in inland waterways, rivers and lakes. It is unusual for a home insurance policy to extend to usage of boats outside of a coastal inlet. This would typically require a specific marine insurance policy.
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Your Toy Needs Its Own Coverage
Boat insurance doesn’t just apply when your boat is afloat. It also can provide coverage for the trailer you use for towing it, says Lynne McChristian, Florida representative for the Insurance Information Institute.
“This is important protection to have because either the trailer or what you tow it with could have a breakdown,” McChristian says.
She recommends talking to your insurance agent to find out exactly what your existing insurance covers – and what it doesn’t. For example, your homeowners insurance policy will typically provide some coverage for boats, trailers and equipment such as motors, but the payout is limited to $1,500.
A boat insurance policy from Progressive, for example, includes such options as roadside assistance so that both your trailer and your vehicle are covered if you have a breakdown, run out of fuel, get a flat, or get stuck in the sand. There is coverage for on-water tows. There is even uninsured boater coverage.
Audrey Sylvan, head of product management of the Eastern Zone for Farmers Insurance, says anyone towing a trailer should review their policy “to ensure they understand what types of coverages they have, before rolling out onto the highway.”
If you’re towing a travel trailer to your favorite local campground or take it on a long haul across the country, she recommends you get extra coverage, just as you would for a boat.
How Much Does Insurance For My Boat Trailer Cost
Im planning to buy a boat soon. How much should I be budgeting for insurance for the trailer?
The cost of insurance for your boat trailer will depend on the value of the trailer. It also will depend on whether you bundle the insurance with something else.
A small trailer used to haul a boat used in a calm lake will be cheapest to insure. Larger trailers for oceangoing boats will be more expensive. If your trailer is brand new or has any special features, that will also drive up the cost.
If you add coverage for your boat trailer to your boat insurance policy, the cost should be very low, less than a few hundred dollars per year. If you buy a separate trailer policy, it could be slightly more expensive. You can work with an independent insurance agent to find discounts.
Good luck! Enjoy your new boat. Hopefully youll never have to use your boat trailer insurance. But if you do, youll be glad you took the time to sort it out before something went wrong.
TrustedChoice.com Article | Reviewed byPaul Martin
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