Boat Insurance… What does your policy cover?

boat insurance

Boat Insurance… What does your policy cover?

If you own a boat, kayak, canoe, jet-ski, pontoon, ski-boat, or any other type of watercraft you should be aware of how boat/watercraft insurance works. Having the proper coverage to provide peace of mind for your boat is important. Our carriers allow us to create customized Good/Better/Best style policy packages to best suite your needs. Additionally, our policies are tailored to your style of boat. We understand that each boat/watercraft has different features which lead to different underwriting for insurance.

Where do you boat? Did you know that some carriers place different ratings based on the waterways? Examples, boating on inland lakes versus the ocean typically afford better rates. Our carriers look at rivers, waterways, inland, coastal etc.

How much aftermarket equipment do you have? Many avid fishermen have expensive fish-finders. Many boaters in general have expensive/valuable ship-to-shore radios and GPS devices. How about the fishing gear? Tackle? Rods/reels? Even water toys – like tubing, wakeboarding, skiing, etc.…. All of these accessories that are stored on your boat need to be covered properly. Did you know our agency can put custom amounts of coverage onto your boat insurance policy to ensure full replacement of all your gear, equipment, and accessories?

Where do you store your boat? Where do you work on your boat? Many boaters keep their boats at their home – either in the garage or a driveway, side of the house. Many boaters rent a dock for the season, or even keep them in marinas – some indoor some outdoor. Did you know that each company has different restrictions on WHERE the boat is stored or WHEN the insurance is in force? Meaning… some carriers will NOT cover a claim under boat insurance if the boat is OUT of water. You read that correct…. If the boat is not in water and has something happen, like a fire, there potentially could be no coverage. Very important to understand how your policy works and where it works. Our carriers cover the boats/watercraft wherever it is. On a trailer, in a marina, at home, at a dock…. We provide insurance coverage. Additionally – where the boat is stored can provide discounts. Make sure to ask your agent.

A couple other features to our boat insurance…. We factor into our policy rating how many months out of the year you are boating versus storing the boat. This enables you to get the best rate without having to mark your boat as storage over the offseason and worry about remembering to tell your agent that you are done for the season or brining the boat back out. Our policy packages have optional endorsements, like towing – up to a few thousand dollars – to assist when you are far from land and need brought back in. How about in the horrible event of an accident, or fire, and your boat sinks? Well we can include salvage / recovery along with cleanup charges, example gas/oil spills.

Boat insurance can cover much more than you realize. Make sure to review your policy in detail before you hit the water. If you are not sure ask your agent, or ask us. We are happy to review any boat policy and answer questions.

Stay tuned for a future video covering liability insurance for boats, and potential exposures you may have!



Video Transcript for the Hearing Impaired (Closed Captioning is embedded in the video):

Hey everybody! Do any of you own a boat? Kayak? Canoe? Jet-ski? Anything like that? Stay tuned we got some good information for you. Hey guys, Ronald Hyre here. Farmers Insurance – Hyre Insurance Agency. Got my beautiful daughter Kenzie. Say hi – “Hi”. {chuckling} Wave. {chuckling} So we’re out here on a boat. I actually got my partner in crime, Mike Shephard, with me. I can’t figure out how to turn the camera around so I’m on his boat. So we’re good team effort here. First day of the season, beautiful sunny day in April. Who would’ve thought one week ago from today the ground was covered in snow! Can you believe that?!? Covered in SNOW one week ago! So is your boat, canoe, jet-ski, any of that – properly covered? Do you know what’s covered? As an example one of the big things with boat insurance is when and where is your boat covered? Example many of our competitors boat insurance products only cover the boat while you’re out on the lake in the water. Well if you’re like Mike, he trailers it. He keeps it at home in his drive. Or a storage unit. Well – many of our competitors don’t cover the boat there. So if you’re working on it, your mechanics working on it, you’re detailing it (Mike details his all the time) if you’re doing that and something happens you’re not covered. Where with us – you are. So definitely pretty important. We also rate your boat based off of where you boat. Do you boat in fresh water? Salt water? Inland lakes? Coastal lakes? (Like Lake Erie, things like that) We also include towing so if your boat breaks down, and I have a friend of mine I was out with that we killed the battery listening to the radio – we needed a tow – so that happens and we cover that. And we can actually increase the towing up to a couple thousand dollars per tow where ultimately one tow saves you how much your boat premium would cost for the year. Our boat insurance rates start at a hundred bucks ($100) a year – very very very reasonable. {laughing} We also can include salvage so if your boat sinks we’ll actually help recover that out of the insurance policy along with any fees you might have from the EPA for cleaning up gas and oil spills. Lot of coverages go into our boat insurance guys, and gals. So please make sure you’re properly covered. Feel free to reach out to us. We can help you out if you have questions. We love boats! We got a ton of boat clients – we’re always looking for more of course! And, Hey, if you want to take us out for the day – I’m sure we’ll go. Kenzie, you want to go on a boat ride? Yes. Here look at the camera. Say yes… “YES” YES take us guys! We love going out on boats, we’ll bring the drinks! Make it a great day everybody, enjoy your summer!

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