5 Things to Know About Boat Insurance

If you have a boat, one thing that you want to make sure you have is boat insurance. Below are some facts about boat insurance that will help you know what to expect from your boat insurance policy.

What’s Covered

Typical plans will cover the property damage to docks, other structures, and other vessels. It will also include bodily injury that’s sustained during a boating accident. The majority of policies are able to extend the protection against things like theft, floods, vandalism, and fire.

Coverage Areas

Along with all the waterways that are around the United States, a lot of policies will provide coverage for a vessel on the inland water. Based on your plan, this area of coverage can also go to Canada

Out of the Water Coverage

When the boat isn’t on the water, it’s typically covered either by a home or auto insurance policy. For example, if your boat’s attached to your vehicle and it’s damaged when it’s being transported, your auto insurance plan might cover replacement or repair expenses. Your home insurance can also extend its protection to a boat that’s damaged while it’s on the property of the policyholder.

Deciding the Value

There are two options that are usually offered by providers. The first is market value, and this is the boat’s depreciated cost. The second is agreed value – and this is the boat’s agreed price established by the carrier and owner. It is thought that the boat’s a complete loss, the market value’s the price that’s most current, rather than what the owner paid. People who own newer boats usually prefer the option of agreed value.

Discount Availability

Based on your insurance provider, you might be able to get a discount on your monthly premium when you take your boat out for the season. There may also be discounts if you have taken and completed classes in boating safety.

Just like with any type of vehicle, it’s important to have insurance on your boat. It will protect you and the people around you and in your boat. You don’t want to think that something will happen, but in case something does happen, you are protected.