Some boat owners do not have a boat insurance policy. These policies are very important. Boat insurance protects a boat and its owner in the event of a loss. The term boat encompasses all motorized water vehicles. This includes jet skis, yachts, pontoon boats, and fishing boats. Paddle boats, kayaks, and canoes are not covered on a boat policy. Your homeowner's policy may provide some coverage. This insurance has typical coverage for your boat. It also has some specialized coverages you may not be familiar with.
Standard Boat Coverage:
- Medical Pay
- Uninsured Boaters
- Bodily Injury and Property Damage Liability
Most companies offer the standard set of coverages as well as specialized coverage on boat policies. Special coverages can come in handy. Emergency towing and wreckage removal can be very expensive if you do not have the coverage included.
- Replacement cost personal effects - Your personal items are protected with this coverage. These items include cell phones, camera, clothes, etc.
- Replacement cost fishing equipment - This replaces $10,000 for reels, rods, and tackle.
- Disappearing deductibles - The deductible is decreased by 25 percent at each claim free renewal.
- Total loss replacement - This replaces your boat with a brand new one that is similar to your old boat.
- Wreckage removal coverage
- Emergency towing and labor - Supplies on-water towing service.
- 24-hour roadside assistance - Covers tow vehicle and trailer
Total Loss Replacement
This is generally available on previously untitled boats. These boats are usually one model old. There are other boats that are insured for actual cash value or agreed value. You need to make sure you understand your policy when you read it.
Wreckage Removal Coverage
The insurance company will pay reasonable costs for actually or attempted removal, rising, or destruction of the wreckage of an insured boat resulting from any loss. Physical damage coverage is provided as well. The limit of liability varies. It varies based on whether or not you are legally required to remove, raise or destroy the boat.
You can look for a simple boat policy to cover your boat. Make sure your agent knows what you want when you purchase your policy so that you are not paying extra money for your boat policy.