Why do you need insurance for your boat or personal watercraft?
You’ll enjoy the water even more when you’re not worried about the safety of yourself, your passengers or your investment. Here are a few things to consider:
-If you’re in an accident or your watercraft is stolen, it costs money, often a lot of money, to fix or replace it.
-If you or any passengers are injured in an accident, medical costs can be extremely expensive.
-If your watercraft is responsible for damage or injury to others, you may be sued for much more than you’re worth.
-Your watercraft also needs protection when it’s on land. Accidents can happen while towing a watercraft.
Here are a few things to consider as you prepare for a discussion with your agent:
- How much can you afford to pay if your boat or personal watercraft is in an accident, damaged or stolen?
- Is my boat or watercraft covered for use year-round?
- What discounts and programs are available?
- How much medical insurance and liability coverage is enough?
- Do I have coverage if I need to have my boat towed in an emergency?
- What’s the process for filing and settling a claim?
- Does the insurance company have a good reputation for customer service? Is it known for paying claims fairly and promptly?
Home and auto insurance policies may provide limited coverage for personal watercraft. Talk to your insurance representative about coverage limits. You may want to consider purchasing a personal watercraft policy to protect yourself and your water vehicle in the event of an accident.
The personal watercraft policy covers:
-guest passenger liability
Liability limits start at $300,000 and go beyond.
Typical policies include deductibles of $250 for property damage, $500 for theft and $1,000 for medical payments.
Additional coverage can also be purchased for trailers and other accessories.
Because everyone’s needs are not the same, it is best to consult your agent to help assess your needs and find the insurance policy that is right for you.