Things to Consider when Getting Boat Insurance

​If you want to get a boat, it would be best to have that boat insured. Although the law does not require it, it would be wise to get boat insurance to save you from the hassles. You want to make sure that you have coverage on your property and legal liability responsibilities in any event of a boating accident. In 2018, there have been more than 2500 incidents where people got injured, and 633 died as a result of boating accidents. Although the numbers kept decreasing through the years, it is still best to keep yourself safe and secure.

What are the things to consider when getting boat insurance?

Here are some of the things to consider when getting boat insurance:

• Costs
  Newer boat models cost more to insure, but usually, it takes 1-2% of your boat’s current market value to pay for your insurance premiums. Boats located at hurricane-prone zones should consider these factors that may add to cost:
    - Location of operation (lakes, rivers, bays, oceans, etc.)
    - Boat Type (Fishing boat, inboard, outboard, cruiser, utility boats, etc.)
    - Condition of the boat
    - Value of the boat
    - Length of the boat
    - Age of the boat
    - 0Primary residence (Do you live on the boat?)
    - Speed/Horsepower
  
  
• Agreed upon vs. Actual Market Value of the boat
  The value of a boat depreciates through time. Once you put it on the water, its value also starts to decline. 
  
  
• Discounts
  Reduce the cost of your boat insurance by getting discounts. If you have your boat inspected by the Coast Guard Auxiliary, you may qualify for a discount. Having a boating license or keeping your boat under a roofed structure will draw many companies to offer you added discounts. 
  
  
• Auto and homeowners' insurance policy doesn’t cover your boat.
  You may think that your auto and homeowners insurance covers your boat, well, it’s not that simple. Homeowner insurance covers your boat for the damages done while it’s in your property. Your auto insurance will cover your boat when you are traveling with it on land on a boat trailer. These are the limitations. 

Why get boat insurance? 
It is basically for financial security. It will also give you coverage on salvage works, wreck exclusion, and environmental damage, if stated on the policy you made with your agent. 

Imagine yourself in a situation where your boat got into an accident, and you are either uninsured or underinsured. Having boat insurance gives you peace of mind wherever you take your boat: on land, out in the waters, or into storage.

At Rick Case Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (405) 722-5556 or Click Here to request a free quote.