Watercraft and Boat Insurance At A Glance
It is important to know that watercraft insurance is meant to cover unexpected damage, not routine maintenance. Speak with your agent about what is covered and be sure to read your policy so you know exactly what’s included and what is not.
What is Watercraft & Boat Insurance?
Watercraft and Boat insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.
Watercraft and Boat insurance provides property, liability and medical coverage:
- Property coverage pays for damage to or theft of your watercraft.
- Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
- Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
An Watercraft and Boat insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, but not all, of these coverages. If you’re financing a watercraft, your lender may also have requirements.
Most Watercraft and Boat policies are for six months or a year. Your insurance company should notify you by mail when it’s time to renew the policy and to pay your premium.
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Why Do You Need Watercraft & Boat Insurance?
It’s really all about protecting yourself financially.
- If you’re in an accident or your watercraft is stolen, it costs money, often a lot of money, to fix or replace it.
- If you or any passengers are injured in an accident, medical costs can be extremely expensive.
- If you or your car is responsible for damage or injury to others, you may be sued for much more than you’re worth.
- Not only is having insurance a prudent financial decision, many states require you to have at least some coverage.
Things to consider and questions to ask your agent:
Your Independent Agent is an advocate for finding Watercraft and Boat insurance that meets your specific needs. Here are a few things to consider as you prepare for the discussion:
- How much can you afford to pay if you have a claim? (To keep premiums low you may want to have a higher deductible and be willing to pay more for repairs.)
- What discounts are available? (Ask about good driver, multiple policy and student discounts.)
- What’s the procedure for filing and settling a claim? (Ask who to call and what happens after you file a claim.)
