Boat insurance covers you in the event of a loss or damage to your boat. It covers most watercraft with motors, including fishing boats, pontoon boats, paddle boats, leisure crafts and yachts. A boat insurance policy may provide physical damage on an actual cash value or an agreed amount value basis.
- Actual Cash Value – this pays for the replacement costs less depreciation at the time of the loss.
- Agreed Amount Value – this means that the insurance company and the policyholder agreed on the value of the vessel you will be paid in the event of a total loss.
Physical Damage makes sure that the insurer pays you for the repairs or the replacement of your boat in the event of: storm damage, lightning, fire, theft, and vandalism. This coverage should cover the boat, the motors, engines and the boat trailer. When you purchase boat insurance, you should be sure that your coverage includes the following:
This type of insurance protects you if you are legally responsible for damages to property or injuring someone other than yourself or a family member on your vessel because of negligence. This is usually offered in increments of $100,000 up to 1 million.
This covers medical expenses of people who get injured while on your boat.
Uninsured Boat Owners Coverage
This covers your boat's repairs or replacement in the event that there is a collision with a boat that is uninsured or whose insurance may have expired.
With this coverage, you will get reimbursed for costs incurred if you require emergency assistance. For example, if your boat breaks down and you have to be towed into port, or if you paid for someone to repair your engine, etc.
We at Wahoo Insurance would be glad to explain and educate you on the different types of coverage available to you, so you not only get the best value, but most importantly, know what you are insured for should you ever need to use it. Call us today at (866) 275-9797 or visit our office. Get a free quote from us by clicking here.