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.

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