Insuring Your Boat This Summer: Things to Consider

Boating season is here!  Cruising the lakes and seas is a favorite weekend pastime, but there are things to consider to ensure you are covered for any liabilities that may arise. The considerations are plentiful, including the type of boat and whether you carry passengers.  Where are you cruising and where will it be moored?  Let’s take a look at some of these factors.

Medical Payment Coverage

There are numerous policy options you can purchase for liability.  An important one is medical payment coverage.  This will cover costs for yourself and your passengers such as first aid, ambulance or hospital expenses.  Ensure that coverage applies if you will be towing water skiers or any other type of towing for recreational purposes.  If you are involved in competitions, then you will need a different type of coverage. 

Pollution and Towing Coverage

If your vessel becomes a hazard in the waterway and a leakage occurs, you will be responsible for cleanup, which could end up costing thousands of dollars.  Towing coverage should also be considered if the boat has become disabled.

Agreed Value or Replacement-Cost Coverage

An  agreed value policy will cost more up front, but you will be insured for the agreed value between you and your insurer.  If the boat is a total write-off, there will be no depreciation, although a partial loss may be depreciated.  A replacement cost policy will cost less and will pay up to the cash value of the boat at the time of the incident, taking into consideration depreciation.

Coverage While Boat Is in Transit

Check your auto insurance to see if your coverage will apply if people or automobiles are damaged as the result of your negligence.  Ensure your Florida boat insurance covers your boat and trailer if they get damaged while in transit.  If your vehicle has never towed a boat before, you may want to consider having the marina tow the boat to its destination.

Storage Coverage

Regardless of whether you are storing your boat at a marina during the summer season or year-round, you will need liability insurance.  If the marina or nearby boats get damaged because of your negligence, there will be liabilities.  You will need to show proof of insurance to the marina.

Discounts

There may be discounts you can take advantage of to reduce your premium.  Here are some:

• Choose a boat for safety reasons rather than performance.  A high-performance boat will have higher premiums.
• You may want to consider a used boat.  The higher the value of the boat, the higher the premium.
• A clean driver’s record may reduce your premiums.
• If you have a claim-free insurance record, you may qualify for discounts.
• Navigation waters and location of mooring need to be taken into consideration.  If you will be cruising or sailing during hurricane season in hurricane waters, your premiums will be higher.
• A boating safety course may reduce your premiums.

Use this information to help you in your discussions with your broker to determine your insurance coverage.  Call Casey Insurance Group at 888-537-1412, and we will be happy to answer all of your questions. Be sure to get all your coverage in place before you hit the water this summer.