May 15, 2017
With Memorial Day only a few weeks away, the summer boating season is about to heat up. Read below for some tips on boat coverage.
Why do I need boat insurance?
For the 75 million Americans who participate in recreational boating, most have asked themselves this question. Many homeowners policies will offer a minimal amount of coverage that really will only cover a boat with no engine, or a small engine. If you are purchasing a more expensive boat with a higher output motor your homeowners policy is not going to cover you for what you need. A boat is similar to your car insurance policy in the sense that it really has nothing to do with your home, therefore it would need its own separate policy.
How does boat insurance compare to home and auto coverage?
A boat policy is in some ways a mash up of your home and auto insurance. It will cover you for liability if someone is injured on your boat, and it will give you the option of replacement cost or actual cash value in case of a loss. Boat coverage typically includes coverage for bodily injury that your boat inflicts to others, property damage your boat inflicts on docks and other boats, and physical damage should you hit something or run aground. You can purchase comprehensive coverage against theft, vandalism, fire, personal property for fishing equipment and even “roadside” in the event you need a tow.
What happens when my boat is out of the water?
If your boat is attached to your car or truck on a trailer, your auto policy will cover you should you hit something or someone. Your boat limits will not be available should this happen, only your current auto limits will offer coverage. A helpful tip to protect not only your boat, but all of your assets is to look into an umbrella policy. It will offer an additional limit on top of your home, auto, and boat policy. If you have a boat you are exposing yourself to an additional risk, so you want to be sure you are covered.
How can I save money on boat insurance?
-Take a boaters safety class. Most insurance carriers will offer a discount for someone who has taken the time to go through an approved safety course.
-Go all in on safety features for your boat. Things like a wireless auto tether that will act as an engine kill should anyone fall overboard.
-Package your boat policy with your home and auto. Many carriers will offer a multi policy discount on your boat policy if you also insure your home, and auto with them.
If you are in the market for a new boat, or if you just want to be sure you have the proper coverage before you hit the water, contact My Member Insurance at 989-791-5400 to discuss your options today!