To achieve the peace of mind boating promotes, the proper levels and type of insurance for your boat are considerations that require a bit of preparation and research.
For many, the purchase of a pleasure watercraft is the culmination of many years of hard work; a way to find fun and relaxation on the water. Whether it’s a sailboat, a motorboat or a fishing boat, we all want safety on and off the water. To achieve the peace of mind boating promotes, the proper levels and type of insurance for your boat are considerations that require a bit of preparation and research.
Most insurance companies do provide limited property damage coverage under homeowner policies for small craft such as canoes, rowboats, small sailboats and smaller, less powerful motorboats. It is recommended that owners of such boats ask questions of their homeowner insurer or agent to determine the extent and limitations of this coverage.
Larger, more powerful boats (those that can achieve speeds over 25 miles per hour), yachts (over 27 feet in length) and personal watercraft such as jet skis require their own separate policies. The cost of these policies will depend on the craft’s size, value and type.
The cost of premiums for boat insurance will also be affected by the general type of coverage chosen by the owner, including these basic types:
- Agreed (or Stated) Value policies - This form of coverage will insure the boat up to an agreed upon value. While somewhat more expensive initially, their will be no depreciation in the boat’s insured value should a total loss occur, and;
- Actual Cash Value policies - This form of coverage establishes the boat’s initial value (often purchase price) and coverage thereafter is limited to the boat’s value upon its total or partial loss. The value of the boat - and the amount of coverage - depreciates over time.
Within the limits described above, boat insurance covers physical damage to the boat itself, including the hull, machinery, fittings, furnishings and permanently attached equipment. Also included are property damage, bodily injury to others (including guest riders), medical payments and theft. Boaters should also check to see if nonpermanent equipment (such as fishing gear) and towing are insured under the policy under consideration.
In addition, boaters should be aware that many companies offer discounts for the presence of safety gear aboard such as ship to shore radios and Coast Guard approved fire extinguishers. Discounts are often available for completion of safety education courses, a good personal boating safety record and multiple policies.
As always, the myriad of coverage options strongly suggests that those considering boat insurance should consult with an insurance professional to make sure that their coverage is adequate and reflects their actual needs. With that in mind, if you fill in your details below, we’ll get in contact and try to help you find the policy that best fits your requirements.
Bryant Asset Protection offers Boat Insurance to Albany NY, Saratoga Springs NY, Troy NY and the rest of the Capital District. Contact us today!