Our Company Blog

What You Need to Know About Boat Insurance

Spring has arrived, and warmer temperatures are well on their way. For those who have a boat, warm weather means it is time to go out on the lake and enjoy the sunshine on the water. Although boat insurance is only required by the states of Arkansas and Utah, boat owners should strongly consider shopping for a boat insurance policy. Unfortunately, boating accidents do happen, and having the peace of mind knowing that you, your family, and your friends are protected by a boat insurance policy will allow you to not have to worry about liability and medical incidents. If you own a boat, Elite Insurance Solutions recommends you have a current boat insurance policy in place before you take your boat out on the water this year. Our agents have experience and knowledge to help you find the best coverage available. We would like to share with you some information from DMV.ORG about boat insurance policies.

boat-insurance-facts-image-nashville-tn-elite-insurance-solutions

Can boat insurance be required even if I do not live in Arkansas or Utah?

Yes, a couple of situations could require you to have a boat insurance policy no matter where you live. If you ever must use your boat as a type of collateral for a loan, the bank could require the boat to be insured. Also, certain marinas and harbors can require you to have a boat insurance policy in order to dock your boat at their facilities.

I thought my boat was covered in my home insurance policy. Is this not true?

Although you may receive limited coverage to smaller boats on your property within your home insurance policy, most large items, including boats, that have their own specific type of insurance available can only be covered by that specific insurance.

What are the categories for boat insurance policies?

Like vehicle insurance policies, boat insurance coverage can be customized to suit your needs by choosing specific categories, which include:

Liability

When an accident happens on your boat, you can be held financially responsible for certain costs related with that accident. With boat liability coverage, the insurance will cover any costs associated with bodily injury and property damage suffered by others in a boating accident that is your fault.

Uninsured

Since our area does not require boat insurance, you run the risk of being in a boating accident caused by an uninsured boater. Uninsured boat coverage will help you cover costs related from an incident caused by a boater with no insurance.

Boat Repair

To help you pay for any repairs needed to your boat, you can choose from different types of boat coverage. Collision coverage can financially assist with any repairs to your boat if it is damaged in a collision. Comprehensive coverage can help pay for boat repairs that are not caused by a collision. Another option is towing coverage.

Medical

This type of coverage assists with any medical bills you may have if you are injured on your boat. Your health insurance may already cover this situation, and our agents can find out if you need to add medical insurance to your boat policy.

Need to purchase or renew your boat insurance policy? Contact Elite Insurance Solutions to consult with our agents on what is best for you and your boat this summer.

By Randy Hulett on April 7th, 2015 | Tagged with: Tags: , , , , , , , | Leave a Comment

Is Your Boat Insured?

There’s nothing quite as exhilarating as boating: the wind in your hair, the thrum of the wake against the hull, the snap of the mainsail and the buzz of an outbound fishing line.  It’s no wonder 88 million people in the U.S. participate in recreational boating, according to 2013 data from the National Marine Manufacturers Association.  Where there are boaters, there is also a glaring need for boat insurance.  It’s easy to understand how one could feel in over his or her head when it comes to obtaining the proper boat insurance.  This is where the insurance professionals at Elite Insurance Solutions come into play.

Should I Buy Boat Insurance?

If you’re new to boating, you may be under the impression that your homeowners insurance will magically stretch to cover your boat as well.  Unfortunately, in most cases it won’t.  If you’re buying a really small boat with either no engine or a very small engine (e.g., a sailboat), you may be covered.  However, if you’re buying a more expensive boat—one ranging from $10,000-$20,000—your homeowners policy isn’t going to provide the necessary coverage.

If you have a question about whether or not your boat needs separate coverage? Call us and lets see what keeps you covered.

If you have a question about whether or not your boat needs separate coverage? Call us and lets see what keeps you covered.

How does Boat Insurance Differ from your Home or Auto Insurance?

In some ways, boat insurance is a conglomeration of home and auto insurance.  Like your homeowner’s insurance, a boat policy covers you for liability in the event that someone is injured on your boat and gives you the choice between replacement cost or cash value in the event of a total loss.

Like your auto insurance, boat coverage typically includes coverage for bodily injury that your boat inflicts on others, property damage your boat inflicts on docks and other boats, and physical damage to your boat in the event that you hit something or run aground.  You can also purchase comprehensive coverage against theft, vandalism, fire and flood, personal property coverage for your fishing gear, uninsured boater insurance and even roadside assistance in the event you need a tow.

If you’ve been boating, you may have fallen in love with the thrill of the waves slapping the boat and the roar of the motor as you speed down the lake.  Summer is a peak selling season for recreational boats, accessories and services throughout the U.S. as people look for ways to disconnect from the daily grind and enjoy fun times on the water.  Recreational boating participation has steadily increased since 2006.  If you’re gearing up for boating season, you will need to insure your boat properly.  There are plenty of options available for people looking to purchase watercraft coverage.  Call us today to see how we can help