Consider boat or watercraft insurance during the riskiest time of the year.
Summer is a season of fun and leisure; a chance to enjoy long weekends with friends and family. But it’s also the riskiest season of the year.
In the same manner you insure your automobiles, investing in a watercraft insurance policy is a crucial step in protecting your family and your investment.
Can your boat travel faster than 25 MPH? Then don’t make the mistake in thinking your homeowner’s policy covers your boating activities. If you were to cause an accident while on the water this summer, your homeowner’s liability coverage would not help.
So, how does watercraft insurance work?
Its major elements are very similar to auto insurance, and include:
- Personal liability coverage to provide protection against claims made by others for property damage and/or bodily injury.
- Medical payments.
- Physical damage coverage, providing assistance with the cost to repair or replace your watercraft, its motor, your trailer, and any permanently attached equipment if it’s damaged or stolen.
- Uninsured/underinsured watercraft bodily injury coverage to pay your medical bills, lost wages, and other costs if you or your passengers are injured in an accident with an uninsured watercraft.
- Emergency assistance. Because, again, accidents happen. You may be out on the boat on your favorite lake, when, out of nowhere, debris gets sucked up and caught in your engine, rendering it inoperable. A mechanical issue is not uncommon, and it’s likely to happen at some point in the life of a boat. With on-water boat towing a financial burden to many, it may come as a relief to know you are covered if your boat experiences a mechanical failure, an accident, or simply runs out of gas. This coverage includes both water towing and road towing in the event you experience boat-trailer issues.
Meanwhile, there are important aspects of watercraft coverage that differ from your typical auto policy, like your navigational area. Not all policies will cover you in international waters, but you can usually expand your coverage area if you plan on taking a long distance trip. It is also important to understand which personal items are covered under your policy and which require additional coverage.
All things considered, watercraft insurance is not expensive – ranging from as little as $200 per year to over $500 depending on the type and value of the boat, as well as your personal profile. Like most insurance policies, discounts are available.
If you own an uninsured boat or other watercraft, looking to purchase, or already insure a boat of your own, we welcome the chance to guide you to the most appropriate rates and coverage, or simply answer any questions you have.
Do not hesitate to give us a call at 845-986-1177; then your summer can be enjoyed to the fullest!
We are your business, home, auto, and life insurance solutions provider, partner, and adviser, serving Warwick, Greenwood Lake, Florida, Goshen, Pine Island, Middletown, Chester, Monroe, Newburgh, Orange County, and the Hudson Valley and Tri-State Area.