Boat And Watercraft Insurance
A boat insurance policy contains many of the same coverage sections as an auto or motorcycle policy. The most important coverage on a boat policy just like an auto policy is the liability coverage. This coverage is included within a boat insurance policy to protect your assets, and to help return third parties back to normal for personal injury and/or property damage as a result of a covered loss. In the state of Oklahoma you are not required to carry and maintain liability insurance in order to own and operate a motorized boat. The requirement to maintain boat insurance is oftentimes required by a lien holder.
In addition to the liability coverage of a boat insurance policy you can also add coverage to protect you and physical damage coverage for the boat in the event damages are sustained to your boat as a result of a covered accident.
TYPES OF ADDITIONAL COVERAGES FOR YOU
Medical Payments:
Medical payments coverage is no fault coverage that will help pay a portion of your out of pocket medical expenses after a covered loss in which you are your passengers sustain bodily injury. Many companies allow you to choose the level of medical payments you would like to have included on your policy. These limits can range from $10,000 to $100,000 in medical payments. In the same way other coverages apply, the more coverage you want to maintain the more expensive that portion of the coverage becomes.
Physical Damage:
The physical damage portion of your boat insurance policy helps to repair or replace your boat in the event of a covered accident in which damages are sustained to the boat itself. This could be as a result of an accident on the water, or as a result of an accident while the boat is being towed behind a vehicle on the way to a lake or river. Oftentimes and depending on the carrier you may have the option to choose between a replacement cost policy or an actual cash value policy. Just like a motor vehicle over time your boat will depreciate or lose value. The difference between replacement cost and actual cash value is most prevalent within the first 10 years of the boat’s life span when the depreciation amount on the boat may exceed the amount of money owed on the boat if financed. An actual cash value policy may not pay out enough in the event of a total loss to pay off the full loan amount, while a replacement cost policy may provide for a higher settlement value.
Please note your personal auto policy will not work to repair or replace your boat as a result of an accident in which the boat is being towed behind a personal vehicle. You must maintain physical damage coverage on your boat for those damages to be covered.
Inboard and Outboard Motor Coverage:
The motor coverage on your boat insurance policy is specific to repair or replace the motor as a result of a covered loss. Coverage for the motor is not included in the boat physical damage because the motor oftentimes is not permanently attached. The motors can be replaced and changed and all have their own serial number. During the quoting process it is very important to have the VIN for both the boat and the motor as they are listed individually on the policy.
Liability Coverage:
The liability coverage portion of your boat insurance policy is just like the liability coverage on any other type of insurance. The coverage is designed to protect your assets and return the damaged party back to a normal state of living. Some carriers also allow for guest and passenger liability for anyone you may have traveling with you at the time of a covered accident.
Fuel Spills Coverage:
The Fuel Spills Coverage on your boat insurance policy works to clean up the land and/or body of water as a result of your boat leaking fuel and/or oil from the motor as a result of a coverage accident. Pollution clean up can be extensive and costly. The cleaning of the oil out of a body of water should be done as soon as possible to prevent any damage to fish, wildlife and habitat.
Wreckage Removal:
The wreckage removal coverage on a boat insurance policy works to raise or float a boat that has sank. This is an important coverage as a boat could sink as a result of a repairable accident. A small hole in the hull of a boat could cause the boat to sink. By floating the boat and getting it out of the water you may be able to repair and continue to use the boat. Water will more than likely cause irreparable damages to and boat electronics.
Emergency Assistance:
The emergency Assistance coverage portion of your boat insurance policy works to assist you in the event of a breakdown and or you run out of fuel while on the lake. The coverage is oftentimes a reimbursement coverage. In the event of a breakdown or you run out of fuel, your best option is to contact a local recovery company to help. Keep the receipts so they can be submitted to the carrier for reimbursement.
Personal Property and Fishing Equipment:
The personal property and fishing equipment coverage on your boat insurance policy works to replace your lost or damaged personal property and fishing gear. On many policies there is a specific limit for your fishing gear such as: fishing rods, fishing reels, tackle boxes and tackle. This limit is often set for a maximum of $10,000.
Why should I choose Insure918 to insure my boat and/or watercraft?
You should contact Insure918 for all of your insurance needs especially for your boat insurance needs. By maintaining your boat insurance with the same company in which you maintain your home and auto insurance you will oftentimes receive an additional discount of your boat insurance policy. A boat insurance policy rarely provides much of a discount to your home or auto policy.