As the weather begins to thaw, for many boat owners, preparation for the season has already begun. Getting new oil into the motor, wiping down surfaces, checking the batteries and electronics are all part of the process. Frequently overlooked is the policy held to insure the investment and the individuals who board as guests.
Pressure to shop boat insurance based on COST alone isn’t a driving factor for most boat owners. It is a nominal cost compared to maintenance and usage. However, challenges in our economy have pushed Carriers to be more restrictive with risk acceptance and limits offered. QUALITY of COVERAGE should be reviewed by the owner each year.
Boat Insurance from Wes Connor Insurance:
Our agency has taken the time to take classes and get up and personal with boats. We will look at how your boat policy functions with your other policies, as well as the explicit coverage for the vessel and activity.
The Boat Insurance Policy:
On a high level, boat insurance can be critical in protecting your homeowner’s rate. Without a separate policy, should damage occur to guests on your boat, the claim would be filed against the homeowner’s policy and would have a large impact over time. The damage to the boat would go uncovered. Plus, the additional policy can get you a discount on both/all other policies. (#1 claim on boats are broken wrists from guests without balance)
Key Boat Coverages:
Basic boat policies will typically cover damage to the vessel at an agreed amount and the liability for 3rd party damage. This leaves some gaps of coverage for someone who is looking for peace of mind. Fortunately, adding coverage is minimal in cost impact but can add significant confidence to the boat owner. A few key aspects that are available:
- Perpetual Agreed Value and Replacement
- Policies that have this will retain the same payout value (no depreciation) of the boat for as long as the customer pays the premium
- On-Water Towing
- Works just like roadside assistance for your vehicle
- Mechanical Breakdown
- Coverage for mechanical failure of the lower unit of an outboard motor. This is including normal wear and tear, owner must comply with maintenance for coverage
- Accessories and Gear
- Sonars, radios, fishing gear, etc. should be included in coverage.
When to Buy Boat Insurance:
The newer the boat, the lower the annual premium for the life of the policy. Therefore, the sooner the better. Outside of grabbing a good premium and locking it in, the next best move would be to shop a month ahead of your homeowners or auto renewal. This way you can synch up your renewal dates and simplify your financial calendar.
Call us at 704-665-5340 or email info@wesconnor.com for a quote.
