Do you have dreams about cruising around the bay on the jet-ski, chasing fish in your center console, or taking a spin on the lake in your vintage Chris Craft? Are you considering buying a new boat this season?
Then you and your personal watercraft will need the right coverage that keeps risk back on the shore.
Boat insurance covers your watercraft for liability and physical damage. In addition, you can also purchase coverage for medical payments, personal property (including fishing equipment), towing, trailer, and uninsured boater coverage. If you have significant assets then more coverage may be desirable.
There are two basic types of watercraft insurance:
- Agreed Value: You can cruise with the knowledge that your vessel is protected. In the event of a total loss, most carriers will pay the Agreed Value listed on your policy without a deductible, and for most smaller losses, they’ll pay for repairs without subtracting depreciation.
- Comprehensive Coverage: Your boat isn’t the only thing worth protecting. Personal effects, liability protection—including legal defense costs, Jones Act for paid crew, wreck removal and pollution clean-up—as well as medical payments for passengers and coverage for injuries caused by an uninsured vessel is also included.
The best way to navigate the fine print of your policy is with an experienced agent who has your best interest in mind. Call Rand if you have any questions.