Not all boat owners have boat insurance. Boat insurance protects a boat and its owner in the event of a loss. The term boat encompasses all motorized water vehicles including, but not limited to, fishing boats, pontoon boats, yachts, and jet skis. Canoes, kayaks, and paddle boats are not covered on boat policies; however, your homeowner's policy may provide some coverage. Boat insurance has your typical coverage plus it has some specialized coverages that you may not be familiar with.
Standard Boat CoveragesAside from the standard set of coverages on boat policies, some companies offer specialized coverages. Specialized coverages can really come in handy at the time of loss. Things you may not think of prior to a claim such as emergency towing and wreckage removal can be costly if you do not have the coverage included.
Specialized Coverages- Total Loss Replacement: Replaces insured's boat with a brand new one of similar quality
- Disappearing Deductibles: Reduces the deductible by 25 percent at each claim free renewal
- Replacement Cost Fishing Equipment: Up to $10,000 for tackle, rods, and reels
- Replacement Cost Personal Effects: Protects the insured's personal items including cameras, clothes, cell phones, etc.
- 24-hour Roadside Assistance: Covers trailer and tow vehicle
- Emergency Towing and Labor: Provides on-water towing service
- Wreckage Removal Coverage
Total loss replacement is usually only available on previously untitled boats up to one model year old. Other boats are insured for agreed value or actual cash value. A claim can be difficult enough, make sure you know how your boat insurance policy reads so you are not surprised at the time of a loss.
Wreckage removal coverage is where the insurance company will pay reasonable costs for attempted or actual raising, removal, or destruction of the wreckage of an insured boat resulting from any loss for which physical damage coverage is provided. The limit of liability varies based on whether or not the insured is legally required to raise, remove, or destroy the boat.
Specialized coverages are just that, specialized. If you are looking for a simple boat policy that covers your boat only, nothing is wrong with that. Make what you want clear to your agent when purchasing the policy so you are not paying extra for all the bells and whistles, although several are often automatically included at no additional charge.
Boat insurance protects your summer fun. An enjoyable fishing trip can turn sour quickly if you find yourself ankle deep in water with no boat insurance. Prepare for the worst and you won't be sorry because accidents aren't planed, that is why they are called accidents!
