The open sea, the wind in your hair, and the freedom to explore the vast waters is what summer is made of. Whether you are a seasoned sailor or a weekend boating enthusiast, having the right boat insurance is essential to ensure smooth sailing and peace of mind.
Boat Insurance Coverage
When it comes to boat insurance, the base policy is the starting point for most policyholders and it’s packed to the gills with coverage. Here are the key features often included.
Agreed Value Settlement
In the unfortunate event of a total loss, settlement is based on the agreed value of your boat without any reduction for depreciation. This means you can replace your boat with one of similar value and specifications.
Personal Effects Coverage
Boating adventures often involve bringing personal items. Coverage for personal effects, such as fishing gear, is included for up to $750.
On-Water Towing and Labor Costs
If you find yourself stranded on the water due to a mechanical breakdown or any other covered reason, coverage for on-water towing and labor costs up to $500 gets you back to shore without breaking the bank.
Wreckage Removal and Fuel Spill Coverage
Accidents happen, and when they do, you need coverage for the aftermath. A base policy has coverage for wreckage removal and fuel spill cleanup at the limit of liability, so you don’t have to worry about additional expenses.
Coverage for Unattached Equipment
Anchors, water skis, and GPS units are all important boat accessories and you’ll have coverage for unattached equipment items, including these, with physical damage coverage at 10% of the full coverage amount or $100, whichever is greater. More coverage is available for an additional premium.
Many boat owners enjoy the company of their furry friends while out on the water. If your dog or cat is injured or dies as a result of an upset, collision, or theft of the watercraft, you’re eligible for a $1,000 death benefit or up to $1,000 for veterinary expenses per incident, subject to a maximum limit of $1,000 per incident.
Additional Coverage Options
While a base policy provides robust coverage, every boat owner has unique needs and preferences. That’s why you can purchase a range of additional custom coverage options.
Purchase Price Coverage
If you have a boat that’s up to two years old, you can add purchase price coverage to your policy. This ensures that in the event of a total loss, you’ll receive the full purchase price of the boat, so you can replace it with a brand new one.
Increased Personal Effects Limits
If you have valuable personal items on board, such as expensive fishing equipment or high-tech gadgets, you can increase the personal effects coverage limit to $2,500. This way you’ll know that your valuable belongings are adequately protected.
Additional Fishing Equipment Coverage
For avid fishermen, additional fishing equipment coverage can be purchased that has a single item limit of $1,000 and overall limits available up to $20,000.
If your boat is disabled, runs out of fuel, or needs a tow, on-water emergency assistance coverage increases the limit from $500 to $1,000.
Boat insurance is a crucial aspect of your boating experience. Sail into the sunset knowing you are protected.