Boat & Watercraft Insurance
Own a boat or other watercraft? Douglas & Associates can help find you a comprehensive protection plan that will cover you, your friends and family, your watercraft and equipment.
Boat insurance varies greatly by type. For example, insurance for a runabout is much like an auto policy, whereas insurance for a yacht will end up looking more like home insurance.
Just like a home policy, boat insurance will cover any liability claims in the event someone injures themselves on your boat and can be provided with replacement cost or actual cash value in the event of a total loss.
Similarly to auto coverage, boat insurance typically includes bodily injury for others on the water, property damage to docks and boats and physical damage to your boat. Comprehensive coverage is also available to protect you from theft, vandalism, fire and flood, as well as personal property coverage for your boating equipment. There’s even roadside assistance if you are in need of a tow.
And since it’s typically used during special occasions, you may be able to suspend coverage for when you’re not using it. This is commonly called the lay-up period.
Agreed Value means that your provider will pay the full amount that was agreed upon between you and the insurance company in the event of a covered loss. If you own a newer boat, this is probably the preferred option, as you won’t see the depreciation of your watercraft reflected in the event of a total loss. Actual cash value refers to physical depreciation of the vehicle, so if you are just trying to get the cheapest rate, this will be your ticket. However, let’s say you purchase a boat in 2010 and have a claim five years later; your boat is no longer worth what you paid for it five years ago, so you won’t be getting a new boat.
Another factor that plays into this type of insurance is where on the water you will be covered. An insurance company may offer protection for up to 75 miles off the U.S. coastline, which can extend into Canadian coastal or inland waters, as well as Pacific coastal waters of Mexico.
Every need is unique – contact us today to find out how to get the best boat insurance coverage for you.