Insurance and Boating
As anyone who enjoys water-related sports and activities knows, owning and frequently using a boat of any kind puts you at risk for personal injury and liability for damages. Watercraft insurance can give boat owners peace of mind regarding those risks. As with insurance for any other type of recreational equipment, there are many factors involved in choosing what kind of policy a boat owner should purchase.
The best way to get a policy that meets your needs for a reasonable price is to consider exactly what type of watercraft you have and how you use it. If you are using your boat in inland lakes and rivers, it will cost less to insure than it would for use on coastal waters. If you are using your boat only during part of the year, it will cost even less. A good automobile driving record can help you, because insurance providers will see you as less of a risk behind the wheel of a boat, and completing approved boat safety courses can lower your rates as well. Your liability limit will make a big difference in your rates; the more protection you would like, the more it will cost.
While you are not required by law to have insurance for your boat or personal watercraft, it is never a bad idea if you do not want to be faced with sudden large expenses in the event of an unexpected accident or loss. Also, if you have a loan using your boat as collateral, the bank will require you to have insurance coverage and list the bank as loss beneficiary to cover their interest in the boat. If you keep your boat at a marina, you may also be required by the marina to carry insurance in order to use their facility.
Choosing a Provider
If you are looking for boat insurance, many factors can be important when comparing providers. While price may be the first thing you think about, it is not actually the most important factor in comparing boat insurance companies and policies. When making your choice, you should consider the types of losses covered, how much you would collect in the event of a loss, what assistance is available in an emergency, and what level of service you would receive.
You will also want to make sure the insurance provider you choose is experienced in the industry and that you work with an agent who is easily accessible and willing to assist you to get the coverage you need without getting a bad deal. In many cases, you can get a boat or watercraft insurance policy from the same provider your automobile, home or other insurance is through.
Progressive
One well known insurance company that provides boat insurance is Progressive. Progressive boat insurance makes a number of specialized coverage options available to boat owners. Bodily injury and property damage liability coverage can be purchased for $15,000 per person, a maximum of $30,000 per accident, or a maximum of $10,000 per accident for property damage. Uninsured boater coverage pays for the damages you received from the person who caused the accident, if that person is uninsured. Medical payments coverage pays for any medical bills you have as a result of a boating accident, no matter who is at fault.
Progressive boat insurance policies can also be set up for comprehensive and collision coverage. This coverage will pay for repairs or replacement of your boat if it is stolen or damaged in an accident, no matter who is at fault. Collision insurance covers collisions with other boats or objects, and comprehensive insurance covers other damaging events such as fire, theft, or vandalism.
An agreed value Progressive boat insurance policy will pay the rating base as determined by an appraisal guide in the event of total loss. Total loss replacement is available for boats up to one model year old-- this coverage will replace the boat with a new boat that is as close as possible to the same make and model with comparable equipment. Actual cash value coverage will pay according to the market value, age, and condition of the boat at the time of the claim. Replacement cost personal effects coverage will pay for damage to or loss of personal effects while on a boat.
A variety of additional services are also available with Progressive boat insurance, including towing and labor, roadside assistance for the tow vehicle or trailer, fishing equipment coverage, fuel spill liability, wreckage removal, water sports coverage, and navigational area for outside of a boat’s home waters.
Progressive has an extensive Web site, and also makes printed information available. Helpful and experienced agents are available at all times for your questions and concerns, and coverage can be obtained quickly and easily by phone.
By Kristin Cleveland