Boating season brings joy to passionate boaters who enjoy life on the water. While spending time with friends and family on your boat provides many carefree hours of quality time and adventure, there are several costly risks involved as well.
As the owner of any type of water vessel, you may face financial losses due to unforeseen accidents, injuries, theft, or any related insurance claims, so it’s important to find the right boating insurance to mitigate your risk. At Doeren Insurance Group, we understand how to customize your insurance coverage to properly protect your financial health today — and tomorrow.
We have the experience and expertise to navigate the complexities involved in selecting boating insurance so you can sail into the sunset with peace of mind. Below, we share five things to know about boating insurance that will enable you to spend more time on the water — and less time wading through extensive paperwork.
1. Don’t Rely on Homeowners or Auto Policies
A standard homeowners or auto policy does not adequately cover insurance claims related to your boat, or other water vehicle, unless it’s physically located on your property or attached to your vehicle during transport. That said, some policies do address coverage for watercrafts, but the degree of coverage is often inadequate in the face of costly insurance claims.
2. Umbrella Policies Offer Added Protection
Boat owners should consider securing additional protection against boating insurance claims with an umbrella policy. This supplemental coverage effectively extends your standard auto or homeowners liability policies to cover losses related to your boat or other recreational vehicles.
3. Many Factors Increase Your Boating Insurance Rates
Boating insurance rates are variable and depend on any number of important factors, including your boat’s type, age, size, and other unique features. Premiums are also based on factors such as your insurance-claim history, where your boat is stored, and where it will be operated.
4. Boating Insurance Exclusions
There are different types of boating insurance coverages, some of which include an “all-risk” policy that is known to provide the best level of protection. However, these policies often have typical exclusions like damage caused by wear and tear, animals, or losses related to costly towing fees that won’t be covered. To protect your boat from these types of risks, additional coverage should be secured.
5. “Lay-Up” Discounts Can Save you Money
If you only use your boat for half — or part of — the year, talk to your trusted insurance broker about a “lay-up” discount which can help you save on your insurance costs. With this discount, you will pay less when your boat is stored in a dry area, or when it’s otherwise not in use.
Like other common insurance needs in the summer months, boating insurance offers essential coverage to protect your financial assets should any claims arise. It’s important to consult a qualified insurance broker to better understand how your boat may or may not be properly covered by your existing policies.
Contact us to learn more about our customized approach to delivering innovative insurance solutions today.