Boat Coverage & Limits
Boat Coverage & Limits
Physical damage coverage provides protection if your boat collides with another vessel or submerged object, such as a log or a rock. It is included in most boat and other marine policies.
Discuss your physical damage coverage needs with your insurance representative. Consider what it would cost to repair or replace your vessel when choosing your deductibles and policy limits. If you finance your vessel, your lender may require specific coverage options and limits, too. Remember, you will be responsible to cover your deductible, as well any related costs above this limit.
Do I Need Personal Property Coverage for My Boat? If So, How Much?
Personal property damage coverage provides protection for items on your boat, including clothing and other personal belongings. It is included in most boat and other marine policies.
Discuss your personal property coverage needs with your insurance representative. Consider the items you and your guests often bring aboard your vessel and how important it is to protect them when choosing your policy deductibles and limits.
What Is Boat Towing and Assistance Coverage, and Do I Need It? If So, How Much?
Towing and assistance coverage generally reimburses the cost to transport your boat to a repair facility in the event it is inoperable due to a covered loss, and can also cover gas delivery and boatside assistance if you are stranded. It is included in most boat and other marine policies.
Do I Need Liability Coverage?
Consequences Of Operating A Boat Under The Influence
Alcohol use was the leading cause of fatal boat accidents in 2019, according to data from the U.S. Department of Homeland Security and the U.S. Coast Guard.
Like drinking and driving, operating a boat under the influence of alcohol or drugs is illegal in every state. Also, federal law prohibits boating under the influence , which the U.S. Coast Guard enforces. This law prohibits all boaters from operating vessels while under the influence, even foreign boats in U.S. waters.
Penalties for drunk boating vary by state and jurisdiction of the waters but can include:
- Large fines
- Suspension or revocation of boat operator privileges
- Suspension or revocation of drivers license
- Jail time
In addition to facing state and federal penalties, you may get severe consequences from your insurance company. For starters, if you get into an accident as a result of operating a boat under the influence, your insurance company might only pay out a liability claim against you. It might not cover damage to your own boat. Your insurer could also decide to cancel your boat insurance coverage after a drunk boating accident.
If youre convicted of BUI with no accident, your insurer could still drastically raise your boat insurance rates or, worse, cancel coverage. While you might be able to find other boat insurance coverage after a cancellation, youll likely have to pay significantly more for a new boat insurance policy.
How Do I Obtain Coverage For My Boat Can I Ever Be Turned Down
Boat insurance, like auto insurance, is offered in a competitive market. You can shop around for coverage through an independent insurance producer or directly from companies available in your area. Please note that an insurance company can decide to turn down your application for coverage.
In order to obtain an insurance policy for your boat, you must fill out an application to help the insurance company learn about you, your boat, and the risks the insurance company will be responsible for if it insures you under an insurance policy, this includes any prior losses.
After reviewing the information, the insurance company will use its own standards, known as underwriting guidelines, to decide whether to issue you a policy, and the rate it would charge for any coverage it provides.
If an insurer agrees to consider your application, the producer or company may issue you an “insurance binder”, a legally binding statement indicating that you have immediate protection for a specified period of time during which the company will decide whether to issue you a policy. If the company formally accepts your application, it will issue a policy, usually for a one-year period. If your application is rejected, you will need to apply to another insurer.
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Where Can I Get Boat Insurance
There are several ways to buy boat insurance. You can easily get quotes online that will help you find a policy you can afford. You may have questions, special circumstances, or a highly customized or top-dollar boat to insure, and in this case you may opt to speak directly to an independent agent.
To find the best rates available, contact a local independent insurance agent who knows the local insurance regulations in your area. Your independent agent can shop around, compare options and rates from numerous insurance companies and help you to make the most informed decision.
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Our independent agents shop around to find you the best coverage.
Is Your Boat Covered By Your Homeowners Policy
Most likely, no. The homeowners policy provides liability coverage for low-horsepower outboard-motor-powered boats. If you have a jet drive, inboard outdrive, or stern drive boat, you would receive no coverage from the homeowners policy.
Your homeowners policy also does not offer coverage for pollution liability, wreckage removal, damage to your boat, towing, emergency assistance, and many of the other great coverages a Safeco watercraft policy provides. Talk with your local independent agent to make sure you understand your risks.
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Boat Insurance: An In
Your prized boat probably didnt come cheap. Whether you own a bass fishing boat or a yacht, its important to find the right boat insurance that will come to the rescue if you have damage or theft. Heres how to understand boat insurance policies.
In this article
Premiums & Boat Discounts
What Boat Discounts Are Available, and How Can I Add Them to My Policy?
You may be eligible for discounts based on factors like:
- Your level of boating education.
- Your boats safety and security features.
- Your boat is a hybrid or electric.
- You insure more than one boat with Travelers.
- You have another policy, such as car, homeowners, renters, condo or umbrella insurance, with Travelers.
- How and when you pay your premium.
Ask your insurance representative about these and other incentives to ensure you are getting all the boat discounts for which you are eligible.
Can I Get a Discount on My Boat Policy if I Have Other Policies with Travelers?
Yes, we offer a discount of up to 10% for one other qualifying policy and up to 15% off for two or more qualifying policies. Ask your insurance representative about our multipolicy discount.
Can I Get a Discount if I Have Security and Safety Features Installed on My Boat or Its Storage Location?
In many cases, having a GPS unit, radar or other security and safety devices installed on your boat will qualify you for savings. Ask your representative for more information about this and other boat discounts for which you may be eligible.
What Coverage Options Are Available for Travelers Boat Insurance? What Is a Deductible and How Does It Affect My Boat Insurance Premium?
A deductible is the amount of money you must pay out of your own pocket before your boat insurance kicks in. Typically, the higher your deductible, the lower your premium.
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Do You Need Boat Insurance
Your home insurance policy covers your boat in some cases, but it doesnt go far. Homeowners policies typically cap boat coverage at $1,000 or 10% of your homes insured value. And liability coverage which pays for damage your boat does to others typically isnt included under home insurance. So a home insurance policy might help you only if your boat is small, slow and inexpensive.
At a glance: Do I need boat insurance?
How To File An Insurance Claim For Boat Damage
To help get your life back on track quickly and as stress-free as possible, we try to make the claims process uncomplicated. If you need to file an insurance claim for boat damage, you have options:
1.File your claim with your agent, online, through My Account or give us a call at 1-800-MYAMFAM
2.Youll want to have this information on hand:
- The date and time of the event.
- A brief description of what happened.
3.After you file a boat insurance claim, our on-call team of experts will be on site as quickly as possible, inspecting the damage and making sure you have everything you need to keep your life moving forward.
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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.
Types Of Boat Insurance
There are two basic types of boat insuranceagreed value and actual cash value. How depreciation is handled is what sets them apart.
An “agreed value” policy covers the boat based on its value when the policy was written. While it can cost more up front, there is no depreciation for a total loss of the boat .
“Actual cash value” policies cost less up front, but factor in depreciation. In other word, the policy will only pay up to the actual cash value of the boat at the time it is declared a total or partial loss. Eventually, as your boat ages, your insurer will likely insist on an actual cash value policyand if often gives a substantial savings.
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How To Save Money On Boat Insurance
The price of boat insurance depends on many different factors, but there are a few ways that you can save some money on your policy.
- Find a boating class. The class will not only enhance your knowledge and safety skills, but insurance agencies often give discounts when you have completed these classes.
- Use a lay-up period. This is a great way to avoid wasting money on your boat insurance. Boating is often a seasonal hobby, so insurance companies will offer these periods where you can suspend your insurance during the winter months while your boat is in storage. Just be aware of your dates and dont take your boat for a ride during this period or you will not be covered.
- Safety-features installed on your boat can get you discounts and save you from having to use your policy.
So, while homeowners insurance may mention coverage of a watercraft or small boat, it will not be nearly enough to protect you or your boat from all of the possible risks out on the water. Boat insurance varies widely across states and types of boats so make sure to shop around and know your boat and boating needs to get the best coverage for you.
Coverages Provided By Boatowner And Yacht Policies
Physical damage coverage typically allows for the repair or replacement of your boat if it is damaged or destroyed by fire, theft, lightning, vandalism, collision or windstorm . Covered items include the boat itself, inboard and outboard motors, the boats trailer, and may include some personal property kept aboard the boat. However, your personal effects are not covered. Some insurance companies offer separate coverage for fishing equipment, cell phones and computers that you use aboard the boat.
Your liability coverage will pay for bodily injury and property damage for which any covered individual becomes legally responsible. This coverage generally includes a provision to remove or destroy a wrecked or sunken vessel, if required by law. The boatowners and yacht insurance policies may also contain a life salvage provision, which will reimburse the costs incurred by others to save the lives of insureds involved in a boating accident.
This coverage pays for reasonable and necessary medical and funeral expenses due to a boating accident. The coverage is usually limited to $1,000 per person however, the limit may be increased for an additional premium.
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Why Do I Need Boat Insurance
For many Canadians, boating is a chance to escape everyday life, relax, and have fun. Boat insurance lets you do all those activities with some added peace of mind. Depending on the level of coverage you choose, your boat insurance policy will offer protection against liability, collisions, fire, theft, and other unexpected accidents.
Boat insurance also safeguards you against risks that only present themselves when youre out on the water: sinking, capsizing, stranding even explosions. And with a good boat insurance policy, youll also get coverage for your marine equipment, which may include radios, GPS units, electric trolling motors, and tools.
The Solution Is A Boat Insurance Policy
Boat insurance not only covers damage to your boat in and out of the water, but it also provides liability protection in case you are responsible for injury to swimmers, water skiers or other boaters or damage to another boat, a dock or the environment .
In addition, boat insurance provides no-fault medical payments coverage for accidental injuries to the passengers on your boat.
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What May Affect The Cost Of Insurance For My Boat
- Amount of Coverage: The amount of coverage you buy will affect the price you pay.
- Deductible Amount: This is the amount of loss that the covered person is required to pay before the insurance company will pay any losses. The higher the deductible, the lower the price for the insured. An insured should keep in mind, however, that deductibles apply separately to each loss that may occur throughout the year.
- Age and Condition of Boat: New or remodeled boats may have certain safety features to reduce risk while older boats may be subject to more damage in case of an accidental event.
- History of Accidents: If you have a history of boating accidents, this may be used as a factor in setting your rates, based on the likelihood of your having future accidents.
- Navigation Area and Length of Navigation Period: Where you operate your boat and the length of time you use the boat in any particular year can affect your premium.
- Discounts: Most insurance companies offer a variety of discounts, including some of the following based upon projected reduced risks for certain features:
- Multi-policy discounts for covering boat insurance and other insurance with the same carrier
- Safety equipment, including fire extinguishers, burglar alarms and ship-to-shore radios and
- Taking safety courses offered by the Coast Guard, American Red Cross, U.S. Power Squadron or National Association of State Boating Law Administrators .
Personal Effects & Fishing Equipment Insurance
You may already have insurance for your fishing boat, but do you know you can insure the things you bring with you, too? As a fisherman, youve probably acquired a lot of fishing gear throughout the years and that can add up. Youd probably rather not pay to replace or repair your items if theyre lost, damaged or stolen. Thats why personal effects and fishing equipment coverage is so important to have.
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Does Homeowners Liability Insurance Cover Boating Accidents
If you injure someone or damage property with your watercraft, the liability portion of your home insurance policy can help cover any associated cost. Homeowners insurance policies come with at least $100,000 in liability coverage you can use for legal expenses or restitutions you need to pay to the affected party. There are some important size and horsepower limitations when it comes to boats, however.
Homeowners liability insurance doesn’t give you much leeway when it comes to your watercraft. Generally, the boat needs to be very small, and in no case will your Jet Ski be covered. To get more robust coverage for your boat or watercraft, you should take out a boat or personal watercraft insurance policy.
Eight Things You Need To Know About Boat Insurance
Its now officially spring, and spring means warmer weather. Warmer weather means finally taking the boat out of storage and going to the lake, right? As the temperature creeps upwards, it becomes more and more inviting to get out on the water. Swimming, tubing, picnicsall top-notch warm-weather fun. But before you set sail, you need to understand the essentials of boat insurance.
If you have a boat, there are a few things you need to know to make sure that you have the right coverage for your watercraft. Like a lot of fun things, boats are dangerous. And thats where insurance comes in. Below weve come up with the top eight things you need to know when it comes to insuring your boat.
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