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Boat InsuranceRSS

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There are almost as many ways to insure your boat as there are types of boats, and we hope to explain some of them to you on this page. We have included links to a number of insurance companies below who can provide you with free quotes. As always this site is about you the boater, and we are interested in hearing from you about your experiences with boat insurance and the companies that provide it.

Insurance for your boat can first be broken down into two categories.

Physical damage coverage covers accidential loss or damage to the boat and its component parts including the hull, engines, sails and other equipment.

Liability coverage, or protection & indemnity, covers your financial obligations resulting from damage to others including damage to other boats or property, bodily injury, loss of life and legal expenses if you are sued for a liablity that may be covered under your policy.

Physical damage coverage can often be broken down into two categories, they are "agreed value" and "actual cash value" The difference in the two of these policys is how the depreciation of the boat is handled. With the agreed value policy, the value of the boat is determined at the time the policy is negotiated. While this type of policy is typically more expensive, there is no depreciation for a total loss of the boat, although some partial losses may be depreciated. The actual cash value policy is similiar to your typical auto policy where the value of the boat will be determined at the time of the loss. This type of policy is generally less expensive.

The physical damage coverage generally pays for repairs or replacement of your boat that result from damage or loss by "covered perils" Be careful to read your policy so you have a complete understanding of the types of incidents your policy covers you for, and more importantly the types of incidents it excludes.

Boats may experience physical damage from a variety of causes that go beyond collisions with another boat. Collisions with docks, or underwater hazards are common. Boats can also experience damage from storms, hail, theft and vandalism or fire.

Coverage for parts of the boat which experience normal wear and tear are usually not covered in a policy, such as bimini tops and canvas, upholstery and carpeting etc.

Physical damage may or may not cover personal property that are not considered part of the boat such as fishing tackle, water skis, scuba gear etc. Be careful to read the policy so you have a complete understanding of what is included.

Liability Coverage

This type of insurance may be more important to you than the physical damage type. If you choose to not have physical damage insurance your loss may be limited to the value of the boat and the items in it. Without liability insurance your loss is virtually unlimited and you could loose your life savings. In addition to basic liability, you need to consider items such as wreck removal and disposal. If your boat is wrecked and considered a hazard to navigation you can be forced to remove the boat and depending on the size and location of your boat this can be a very expensive proposition. you also need to consider cleanup coverage. If your boat sinks and leaks fuel or other pollutants this can also be important coverage to have.

Other types of coverage to consider are employee and crew insurance, this covers you for temporary workers who may work on your boat, such as mechanics, detailers, or the crew that shrink wraps your boat as examples. If you ever use someone's elses boat you might want to consider non-owned boat liability insurance. Uninsured boater coverage is something else to consider. Liability insurance is generally not required by law and many boaters do not carry it. Uninsured coverage will compensate you for the cost of injuries to persons and your boat who are injured or damaged by another. Medical payment coverage is also something to consider, coverage can pay for medical care, ambulance and other medical costs associated with someone being injured while on your boat.

As you can see boat insurance can be complicated, but is something that is very necessary. Click on the links below to obtain free quotes on insurance.

2240 Long Pond Road, Rochester, New York, USA, 14606

michaelbrunoagency.com

I have several boat insurance companies to shop for your best rate. Please call 585-247-4283

Telephone585-247-4283
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