What Are Your Boat Insurance Options?
There are not many things that feel better than spending time on the water during the summer. However, there is more to it than just having fun!
When it comes to insuring your boat, it’s often best to separate your boat insurance from your homeowner's policy.
Don't rely on your homeowner's insurance to cover damage to your boat. Many homeowner's policies can offer adequate coverage for smaller boats and motors, but they usually don't cover marine-specific risks, such as salvage work, wreck removal, pollution, or environmental damage.
Make sure to take any equipment out and the motor off every time you return from the water. There may come a day when you’re just in a rush and forget to do so. Before you know it, somebody has wandered into your backyard and stolen your motor and your equipment. Make sure your boat insurance policy is covering your property even when it’s not cruising!
In addition to being covered when you are in or out of the water, boat insurance provides liability protection in case you are responsible for injury to swimmers, water skiers, or other boaters or damage to another boat. It also provides no-fault medical payment coverage for accidental injuries to the passengers on your boat. Yes, boat insurance may even cover injuries while towing on-water skis, or doing other fun activities while on the water.
Maybe you don’t have boat insurance yet. Well, if you are planning to transfer your boat from one location to another, make sure your auto insurance policy of the towing vehicle will cover damage or injury to others that is inflicted by your towed boat. Talk to your insurance agent if you are not sure before you hit the road!
Planning to store your boat at a marina? Every marina usually requires you to have boat insurance. However, check with your local marina for additional information and details.
Now to a crucial factor - the price of coverage!
Are you wondering how you can save on boat insurance?
The most important factors in determining the cost of coverage are the type and value of the boat. It’s important to consider safety over performance when purchasing. Many companies will even offer a discount if you take and complete a boating safety course. Also, they offer "new hull" discounts and "claim-free" discounts.
Give us a call to find out more about boat insurance coverage!
Thanks for reading!
Farmers Mutual Insurance
749 Wilson Road, Newberry, SC 29108