Helping You To Better Understand
And Even Save On Boat Insurance
There’s a reason why 75 million Americans enjoy recreational boating and why nearly 12 million boats and personal watercraft are registered. Whether it’s skiing behind a runabout, tubing with a pontoon or jumping wakes with jet skis, spring and summer days are made for getting out on the water. And your boat or personal watercraft is the perfect vehicle to bring your family and friends together and create lifelong memories.
You’ve probably been informed about how to be a responsible boat owner. You follow the rules of navigating on the water, you must meet all safety and equipment requirements, tow it on the road responsibly and ensure your boat is both licensed and registered. Getting the RIGHT boat insurance to protect your assets is also a critical component to being a responsible boat owner.
Connect with us today, and we can help take the financial risk out of boat ownership.
So, let’s start with some typical questions people have about boat owners insurance:
Question #1: Will my homeowners insurance cover my boat?
A: You may have been told that your homeowners insurance will stretch to cover your boat. In most cases, homeowners insurance offers very minimal coverage and ONLY for small boats with no engine, like a kayak, canoe or some sailboats. If you have a pontoon, ski boat, house boat, personal watercraft or any boat with an engine, you will need boat insurance.
A: Boat insurance coverage is a lot like auto insurance coverage where it can cover damage to your boat, damage to other boats as well as personal property damage (docks, marinas, etc.). Boat coverage also typically protects you from the high costs of any bodily injury to yourself, passengers or other boaters. We suggest you also consider comprehensive boaters insurance against fire, theft, vandalism and flooding as those risks are more common than you may think. Finally, if you have fishing gear, pull-behind tubes or other toys you would like to cover, personal property coverage may be right for you.
Question #2: What can be covered under boat owners insurance?
Question #3: What is the difference between Agreed Value and Actual Cash Value?
A: Boat owners insurance comes in two flavors: Agreed Value and Actual Cash Value. Under agreed value, in the case of a total loss, Murfreesboro Insurance Solutions will gladly cover the current market value of not only your boat, but also the motor, boating equipment, marine electronics and trailer. You would receive the agreed amount on your policy with no depreciation. With an actual cash value policy, we take into account depreciation as well as wear and tear of the boat and boating equipment to determine a total loss payout.
A: Most watercraft policies restrict your coverage to 75 miles off both U.S. and Canadian coasts. If you are considering piloting your vessel in the ocean beyond 75 miles from land, a standard boat insurance policy will not protect you. You should look into what’s called “coastline coverage.”
Of course, your boat or personal watercraft and your situation are unique to you. Rather than getting an online insurance quote from a computer that doesn’t know what you need, we invite you to talk to our boat insurance specialists at 615-987-0067 or contact us here now.
Question #4: I will be open ocean boating. How can I be covered?
Ready To SAVE On Your Boat Owners Insurance?
Those answers should help give you a basic understanding of boat owners insurance and what it covers. As always, Murfreesboro Insurance Solutions wants to help you get the most coverage protection available for the absolute lowest price. And when it comes to insuring your boat or watercraft, there are several ways you can pocket savings, including:
- An abundance of safety features — At MIS, we often offer policy discounts for onboard boating technology and equipment that promote safety, including GPS systems, EPIRBs, radar and more.
- Taking a boating class — It’s proven that boaters who take a safety course are more responsible on the water. Just one class can save you a small percentage off of your boat owners policy.
- A clean driving record — Yes, how well you drive your car often means bigger discounts for your boat insurance policy.
- Your boating experience — If you have hundreds of hours of experience on the water, you are likely to save on your boat insurance policy over a beginner boater.
- A multi-policy discount — At Murfreesboro Insurance Solutions, we reward customers who have more than one policy with us. If you already have homeowners insurance, car insurance and/or another policy with us, you could be paying less for your boat owners insurance.
You should enjoy the lake, river and ocean without a care in the world — including being fully protected with the boat owners insurance that’s right for you.