Watercraft & Boat Insurance Information
Why do you need insurance for your boat or personal watercraft?
You'll enjoy the water ever more when you're not worried about the safety of yourself, your passengers or your investment. Here are a few things to consider:
•If you're in an accident or your watercraft is stolen, it costs money, often a lot of money, to fix or replace it.
•If you or any passengers are injured in an accident, medical costs can be extremely expensive.
•If your watercraft is responsible for damage or injury to others, you may be sued for much more than you're worth or can afford.
•Your watercraft also needs protection when it's on land. Accidents can happen while towing a watercraft.
Things to consider and questions to ask your agent
Here are a few things to consider as you prepare for the discussion:
•How much can you afford to pay if your boat or personal watercraft is in an accident, damaged or stolen?
•Is my boat or watercraft covered for use year-round or in international waters?
•What discounts and programs are available?
•How much medical insurance and liability coverage is enough?
•Do I have coverage if I need to have my boat towed in an emergency?
•What's the process for filing and settling a claim?
•Does the insurance company have a good reputation for customer service? Is it known for paying claims fairly and promptly?
Home and auto insurance policies may provide limited coverage for personal watercraft. Talk to your insurance representative about coverage limits. You may want to consider purchasing a personal watercraft policy to protect yourself and your water vehicle in the event of an accident.
The personal watercraft policy covers:
•guest passenger liability if purchased
•medical payments if purchased
•theft if purchased
Liability limits start at $25,000 and can be increased to $300,000 or more.
Typical policies include deductibles of $250 if physical damage coverage is purchased.
Additional coverage can also be purchased for trailers and other accessories.
You should talk to your insurance representative about the type of coverage that would best suit your needs.