Thursday, August 25, 2016

The 411 on Boat Insurance

Boating season is starting to come to a close, which means now is the best time to get a great deal on a brand new watercraft! When you do buy a boat, there are a lot of things to consider. You might need a dock to store it in and a boat lift to store it on. You may want skis or a tube, and you're going to need life jackets. One thing you may not have thought about is the fact that, just like cars and motorcycles, boats need insurance. New boats can be quite expensive and you want to protect that investment. Keep reading for the 411 on boat insurance from Insure the Lake.

Boat Insurance

While some states don't have a law requiring you to purchase boat insurance, its definitely something you want to have. If you've used financing for your boat, then its most likely required. Boat insurance is designed to address the specific needs of boaters. While your homeowners policy might offer some coverage for a boat, those policies are typically limited to boats under a certain size and they also do not have the necessary provisions to cover the types of losses that may occur with a boat.

What Does Boat Insurance Cover? 

Boat insurance can be purchased to cover both liability and physical damage to the watercraft. Your policy may include the following coverage:
  • Bodily Injury Liability - covers injury you might cause someone while operating your boat. This includes medical bills, lost income, pain and suffering and legal expenses. 
  • Property Damage Liability - covers damage you might cause to another boat, dock or other property or structure. 
  • Collision Damage - covers repair or replacement of your boat. This may or may not cover cleanup of wreckage unless you purchase optional additional coverage. 
  • Comprehensive - covers if your boat is vandalized, stolen or damaged in an incident other than a collision. 
 Additional coverage can be purchased for a variety of things including medical payments, fishing equipment, oil spills, personal property and roadside assistance. You can also get coverage for damages and injuries from accidents caused by boaters who are either underinsured or not insurance at all.

How Does Boat Insurance Work? 

Boat insurance works very similarly to auto insurance. When you purchase a policy, you'll need to decide how much coverage you want, what your deductible will be and the types of coverage you need. In the event you have a boating accident or experience theft or another covered loss, you would file a claim and receive payment covering the loss. The amount of compensation you'll receive will depend on your deductible, any limits and whether your policy covers your boat’s actual cash value, replacement cost or agreed upon value.

Boat Insurance from Insure the Lake

If you're in the market for a new boat or if you just bought a new boat, its time to start thinking about boat insurance at the Lake of the Ozarks. Boating is a big investment and is something you want to protect. Talk to an independent insurance agent at the Lake of the Ozarks today to understand what coverage is available for you and your situation. Give Insure the Lake a call at 573-348-2794.

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 

About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral