Understanding Boat Insurance
A life jacket shouldn’t be your only source of protection when the waves get rough. When considering Boat Insurance you’ll need to think about the amount of coverage you need for your boat as well as the deductible and types of coverage you need. Boat insurance covers most watercraft with motors including fishing boats, pontoon boats, paddle boats, leisure crafts and yachts. Generally canoes, kayaks and personal watercrafts are not covered under boat insurance.
Factors affecting cost of boat insurance:
- The state you live in
- Type, size and age of boat
- How the boat is powered and the size of the motor
- Where you use it – open seas or inland waters
- Additional Coverage options you choose
Types of Coverage
Your boat insurance policy may include the following:
- Collision damage: Includes repair or replacement of your boat, but may or may not include clean-up of wreckage unless you purchase optional additional coverage.
- Property damage liability: Covers damage you might cause to someone else’s boat, a dock, or other property or structures.
- Bodily injury liability: Covers injury you might cause someone while using your boat; includes medical bills, lost income, pain and suffering, and legal expenses.
- Comprehensive: Provides compensation if your boat is vandalized, stolen, or damaged in an incident other than a collision.
- Additional coverage options: Coverage for medical payments, fishing equipment, oil spills, personal property and roadside assistance, as well as damages and injuries from accidents caused by boaters who are uninsured or underinsured.
The amount of compensation you receive for a claim depends on a few things, including your deductibles, limits and whether your boater’s insurance covers your boat’s actual cash value, replacement cost or agreed upon value.
Contact an agent at Columbia River Insurance to learn more about boat insurance options to suit your needs.