If you’re like most boat owners, you want to do everything you can to protect your investment. That’s why it’s important to understand the basics of it. Here are some of the most frequently asked questions about boat insurance:
What is it?
Boat insurance is a type of insurance that helps protect boat owners from financial losses. Marine insurance can cover damage to your boat, as well as liability for any injuries or property damage that you or your boat may cause.
How much does it cost?
The cost of it will vary depending on several factors, including the type and size of boat you have, where you live, and how often you use your boat.
What happens if I don’t have it?
If you don’t have boat insurance and something happens to your boat, you may be responsible for paying for the damage out of your own pocket. Additionally, if you cause an accident without insurance, you could be sued for damages. Therefore, it’s important to make sure you’re properly insured before taking your boat out on the water.
What does it cover?
Boat insurance can cover a variety of things, including damage to your boat, liability, medical payments, and more. Be sure to talk to your agent about what coverage is right for you.
Do I really need it?
Most boat owners will need some form of it. However, the amount of coverage you need will vary depending on several factors. Talk to your agent to determine how much coverage you need.
Boat insurance is a type of insurance that helps protect boat owners from financial losses. It can cover damage to your boat, as well as liability for any injuries or property damage that you or your boat may cause.
Can a boat be insured for more than purchase price?
Yes. The boat’s value may have increased since you bought it, or you may have made improvements to it. You’ll need to insure your boat for its replacement value, which is the amount it would cost to replace it with a similar boat.
What discounts are available?
There are a few discounts that may be available, including multi-boat, boat safety course, and claims-free discounts. Be sure to ask your agent about what discounts are available.
What if I only use my boat occasionally?
If you only use your boat occasionally, you may be able to get a seasonal policy. A seasonal policy typically covers the months when you’re most likely to use your boat.
What if I want to insure my boat for its full value?
You can get an agreed value policy, which insures your boat of its full value. With this type of policy, you and the insurance company agree on a set amount that will be paid out if your boat is totaled.
I’m financing my boat. Do I need insurance?
If you’re financing your boat, your lender will require you to have marine insurance. Be sure to check with your lender to see what their requirements are.
Do I need special coverage if I take my boat out of the country?
If you plan to take your boat out of the country, you’ll need to get a insurance policy that covers you while you’re abroad. Be sure to talk to your agent about getting the coverage you need.
Now that you know the basics of insurance, be sure to talk to your boat agent to get the coverage that’s right for you. With marine insurance, you can enjoy peace of mind knowing that your boat is properly protected.
If you want to discuss options for boat insurance, please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:00 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.