Come Sail Away: Why You Need Boat Insurance
There is an old sailor’s adage: “The two best days of your life are the day when you buy a boat, and the day when you sell it!”
For sailors, and people who love to get out on the water, whether it be in a sailboat or motorboat, you understand that saying well, and also know the need for boat insurance in order to protect you. Partners Direct Insurance mines the insurance field to find the right solution for you to get you out on the water!
We have a lot of clients in the areas of Newport Beach and Corona Del Mar, who own a variety of sailboats and powerboats. They look to us to find the best solutions to keep them covered while on the water, or covered while transporting their boats from one place to the other.
Why Do I Need Boat Insurance?
If you are financing the purchase of your boat, your bank will require you to provide proof of insurance for your vessel. The policy will need to cover the full value of your boat. You will need to list the bank as a lienholder on the policy, so it will be included as a co-payee on any compensation resulting from a claim.
Also, if you are a member of a boat club, many require liability insurance, which means being covered for anything that could cause damage to your boat or to others. It may be a torrential thunderstorm and hail storm, where your roller furling on your sailboat is damaged and the boat’s mast is cracked in two. You may be in a situation where another uninsured boat owner runs into your vessel, causing damage that is expensive to repair. Unfortunately, sometimes theft (both of the vessel and its contents) can occur, or you might hit unforeseen objects in the water. You may have a traffic accident transporting your boat from one place to the other, damaging your boat and/or your boat’s trailer. Perhaps you run aground, causing significant damage to the hull. Maybe you have a group on your boat and someone slips and falls and is injured. The worst case scenario is someone drowns while on your boat.
Do we have your attention? While only two states in the nation (Arkansas and Utah) require you to have boaters insurance, at Partners Direct, our experience has shown that If you are not covered with boaters insurance, you are opening yourself up to problems on down the road.
Won’t it Be Covered Under My Homeowner’s Policy?
In most cases, the simple answer is ‘No.’ Under a typical homeowners policy, there are limitations on the size and value of boats that are covered under the policy. In most cases, the value of the boat cannot exceed $2000. This may work if you own a canoe or kayak, but that’s pretty much it. Also, many homeowners’ policies will only cover a boat if it is physically damaged on your property, not on the water.
So with a boatowners policy, just like a homeowner’s policy, you can choose between the actual cash value or replacement cost if your boat is a total loss. You will also be covered by the policy if someone is hurt on your boat. Like an automobile policy, you can buy comprehensive and collision coverage, which is commonly called ‘hull insurance’ along with bodily injury and property damage.
You can get add ons to your boat insurance, which can include:
- Roadside assistance and on-water towing
- Mechanical breakdown coverage
- Trailer trip interruption
- Coverage for personal property, including fishing equipment and skis
How Can Partners Direct Insurance Help?
At Partners Direct Insurance, we know that heading out on the water is intended to be a relaxing, enjoyable experience. Let us take your mind off the worry of liability. We have tremendous partners with whom we connect who will help us tailor-make a policy perfect for you. Contact us and we’ll get you out on the water today!
