Ways To Lower Your Homeowners Insurance Premiums
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Tips For Reducing Risks As Boat Renter
A simple solution to all of this is to hire a boat captain with the boat you rent. This means you don’t have to worry about meeting some standards to actually be able to charter the boat.
Most peer to peer platforms provide options to add a captain for a fee and if you have no experience with boating, this is something to consider for sure.
Other things you can do to reduce risk is:
- Inspect the boat before renting it
- Take a simple boating course
- Know the passengers you are bringing onboard with you. (this applies in particular to party boats where you may not know everyone onboard directly.
- Read reviews from other boat renters
These are just some of the ideas to help reduce your risk and have a great day on the waters.
So there you have it…
The above information are simple tips to ensure both the boat owner and boat renter are protected in the event of an accident occurring.
Staying protected and compliant with all regulatory bodies is very important. Again, as a reminder, if in doubt, simply contact your insurance provider if you are a boat owner or ask the boat owner directly if you are a boat renter.
And keep everything in writing, either through email or through online platforms to help avoid any confusion either boat owner or renter may have.
And most importantly have a great time on the water!
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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What Optional Boat Insurance Coverage Is Available
Besides a standard policy, you can choose several other options:
- Increased liability limits this will give you more protection than standard liability.
- Comprehensive this can cover fire, theft, and acts of nature. With some policies, comprehensive may be standard but not with all. Many people think that homeowners policies will pay for these things, but they usually have low limits on claims like theft, and what would you do if someone stole all of your boating equipment or the motor?
- Uninsured boater coverage pays for damages in case the other boater has no insurance or the insurance is insufficient to pay for damages. If you have this coverage, your insurance company will take care of the damages and losses.
- Replacement cost coverage this will pay for the actual cost instead of the current market value . This can be very valuable if you buy a new boat and it is seriously damaged within the first few years. It is similar to gap insurance on a car loan.
- Trailer coverage If you have an expensive boat trailer, you may wish to insure it also.
We are a Five Star Agency and the Massachusetts Association of Insurance Agents does not readily hand out this designation. They have extremely rigorous standards in which agency employees are personally interviewed and an entire fitness review is done on the company. You can trust an insurance agency that has achieved this rating.
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.
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The Difference Between Great Insurance And Bare Bones Is Less Than The Cost Of A Tank Of Gas
Are discounts available?
Discounts are available after you have responsibly owned your boat for three to five years, for being claims free, and if you have taken courses at Canadian Power and Sail Squadron or Sail Canada. Discounts are not available for holding the required Pleasure Craft Operator Cardthats like asking for a discount because you have a drivers license.
Is my boat insured even when Im not using it?
Yes, when you buy a years policy, your boat is covered in storage, in transit, on the water and over the winter. The risks dont stop when youre not using your boat – its more likely to sink when you are not there, and more electrical fires start in the cold months.
Can my insurance be voided?
Yes, if you are involved in any criminal act such as drinking illegally on your boat – your insurance is void.
What about my trailer?
ICBC requires a license plate, and liability insurance. Physical damage can be added to your boat policy for Agreed Value.
Take time to choose your insurance, Paul advises, to make sure you get everything you need.
He asks, Whats peace of mind worth to you?
What Should You Look Out For When Choosing Your Policy
- Is your boat in insurable condition? Most policies will require that you have a “marine survey” done at your expense to show that the boat is seaworthy and in good working order.
- What value do you want insured? You’ve got three choices for insuring the value of your watercraft: agreed value, market value or a random value of your choosing:
- What parts of the boat do you want insured? Some policies allow you to choose which parts of the boat you want insured and for how much. For example, you may wish to reduce your premiums by insuring the hull but not the sail.
- How far can you take your boat from land? A common condition in most policies is a “geographical limit” of 200 nautical miles from Australia’s shores. You’re covered if you stay within that range, but not if you sail beyond it.
- What are the maintenance requirements? Your policy will require that you keep your boat and moorings in good working order. Find out if your insurer has specific requirements. For example, some insurers will require you to have your moorings serviced every year.
- Will you be towing your boat? If your boat is damaged while being transported on a trailer, its usually not covered by boat insurance so you’ll need to add it to your car insurance. Boat insurance may still cover you for damage to others depending on how your policy is structured.
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What Boat Renters Should Consider
As someone looking to rent a boat, here are some simple things to consider before renting out a vessel.
Where Can I Go?
When you plan to take out a boat, you should ask the owner are there any restrictions on where you can travel. If renting in the United States for example, the majority of boat owners will only allow you to travel on American waters.
There may also be restrictions on how far off the coast you can travel but this can easily be cleared up by simply asking the boat owner directly.
Usually the restrictions are to keep within 12 miles of the coast but this can vary.
What happens If I Damage The Boat?
This is another important question to ask the boat owner. Will the insurance company cover any damages to the boat or are you liable as the renter?
It’s important to be clear on this before heading out on the boat.
Does The Boat Owners Insurance Policy Cover Renters?
Seems obvious but it’s really important to ensure the boat owner has the correct insurance policy to keep you as the renter protected.
It’s also best to get this in writing too
Are There Any Scenarios Where I Might Not Be Covered?
As a renter, you should be crystal clear on how you might not be covered so as to avoid scenarios like that. The boat owner will provide you with the specifics of this and if they don’t, you can simply move onto another boat to rent.
What Exactly Is Covered In The Rental Insurance Policy?
Check Out A New Quote
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What Does Boat Insurance Not Cover
Boat insurance generally won’t cover maintenance or general wear and tear, including gradual weathering and deterioration, insect damage, mold, or damage from animals or marine life.
With Sign & Glide® On-Water Towing, Progressive will pay for on-water towing, jump starts, soft un-groundings, and fuel delivery if your boat is disabled on the water. or contact our dispatch center by calling , and we’ll make sure the tow operator is completely paid for and on their way to help.
Getting Help With Your Boat Liability Insurance
An independent agent can answer any questions you may have about boat liability insurance, umbrella policies and more. You can find a local agent right in your area who knows your states requirements for boat insurance coverage.
Independent agents in our network are based in over 27,000 member agency locations nationwide. They live and work in your community, so they are uniquely invested in providing personalized insurance quotes and excellent customer service just for you.
Find an agent today and get the help you need with boat liability insurance.
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Word Of Caution: Dont Operate A Vessel Under The Influence
Boat owners bewareoperating a boat under the influence can come with severe consequences. Drinking alcohol or taking drugs while operating a boat can put a big dent in your wallet, result in jail time, lead to revocation of your driving privileges or, worse, lead to a fatal accident. In fact the leading cause of fatal boat collisions is alcohol consumption while driving, according to the US Department of Homeland Security and the US Coast Guard.
Even though operating a boat under the influence is illegal in all states and can lead to legal and financial ramifications, it can also impact your insurance. In some cases, your insurance provider may refuse to pay out a boat damage claim if you were operating a vessel under the influence. While the insurer may pay a liability claim, if there was one, not being reimbursed for damage to your own boat will leave you financially responsible for repairs or replacement. Plus, if your accident resulted from the use of alcohol or drugs, your insurer may decide to terminate your coverage.
Even if you dont get into an accident but are convicted of a BUI, your insurance rate will likely increase substantially. Your insurance company could also cancel coverage. While you can request insurance quotes from other providers, you may end up paying a lot more than you bargained for.
Why Get Boat Insurance
Boat insurance may not be required by law but its an absolute necessity. An accident could not only destroy your boat, but it might also cause bodily injury and damage to other property. Without insurance, you would be on the hook to pay for all the repairs, medical bills, funeral expenses, lawyer fees, and any other costs associated with the incident. Considering the average boat insurance claim is in the five-figure range, it quite literally pays to have insurance to protect you and your investment.
Lets look a little closer at some of the main reasons why you need boat insurance in Canada.
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To Protect Your Investment
A boat is an expensive vehicle, often costlier than the average car on the road today. Similar to your car and home, your vessel is an investment that is worth protecting. And the only way to protect your boat and the people who ride inside it is through insurance.
Similar to how car and home insurance will cover any damages that occur to your vehicle and property, boat insurance will provide damage coverage for the loss of your vessel and equipment. Property coverage is designed to kick in for the boat on land and water, not to mention reimbursement for theft or vandalism.
When choosing a policy, youll need to decide between actual cash value or agreed value coverage if the boat is stolen or destroyed in an accident. The agreed value coverage will come with a higher premium because it does not factor in the depreciation of the boat over time. With this type of coverage, you will be reimbursed for the amount of money it would take to replace your vessel with a similar model, or to restore it to the same condition it was in before the accident. With the actual cash value of your boat, depreciation is factored in, and the insurance company will determine the current value and pay you based on that amount.
You should also look at the coverage and how it pertains to the boat while its being trailered. If yours is damaged when being transported, you will need to understand what the insurance will cover versus your auto insurance, and whether all damage costs can be reimbursed.
Do I Need Boat Insurance When Its In Storage
Keeping your boat insured is a good idea, especially with comprehensive coverage. Your boat insurance will still cover theft, hail damage, and other hazards while its stored. Plus, you won’t have to worry about reactivating your policy once you’re ready to get back out on the water. However, some insurers will allow you to drop some coverages if youd prefer. For example, Progressive lets you adjust certain coverages while you’re not using your boat.
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Do I Need To Have Boat Insurance
Its generally a good idea to have boat insurance to protect you and your assets financially from any injuries or damage caused while boating. However, you are not legally obligated to have boat insurance in most states . Just be sure to check with the state where youll be boating.
If you finance your boat, youll likely be required to have insurance. Some ports, marinas, or storage facilities may also require boat insurance with specific requirements, so check with places you frequent or plan to visit with your boat.
If you have a homeowners policy, you might have some limited coverage for your boat already but there are typically coverage restrictions especially once you take it off your property and out on the water. Your homeowners policy may also have limits on watercraft size, location of any incidents, limits on liability coverage , and more. Check your policy and be sure to purchase any additional coverage you may need.
Regardless of where your mooring is, or whether youve financed your boat or not, youll want to be covered in the event of an accident. Boats and watercraft are special investments that should be protected. A boat insurance policy helps protect you and your boat from things like physical damage, fuel spill liability, medical coverage for you or passengers in your watercraft, damage to another craft or structure, and more.
Additional Coverage Can Be Valuable
From fuel spill liability to coverage for injuries by an uninsured boater to on-water tow coverage, there are lots of ways boat insurance policies can be customized to meet your boats insurance needs. Taking stock of your risk and reviewing your needs with an insurance agent can help you determine which add-ons make sense for you.
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