Determine if you could benefit from boat insurance coverage.

Many boat owners take excellent care of their investment from scrubbing it annually, to christening it with the best name. Despite this, many are lacking proper coverage for their boat insurance. We don’t think twice about getting auto insurance, why hesitate on boat coverage?

Here’s what you need to know about boat insurance:

Do I need boat insurance?

Many boat owners are under the impression that homeowners insurance covers the boat. Sadly, in most cases, it doesn’t. This means that if your boat suffers damage or you cause damage to someone or someone’s property, you are on the hook for all associated expenses. In addition, your boat may not be covered by your auto or home insurance when on your trailer. For all accidents and liability issues, boat insurance is a safety net that you can fall back on.

What should a boat insurance policy include?

Coverage for the boat, engine, equipment, and trailer. Medical payments coverage for onboard injuries, liability coverage for any property damage or bodily injury that you’re legally responsible for.

Agreed Value or Market Value?

Policies are written as either agreed cash value or agreed value.

  • Agreed cash value:

For total losses, your payout is based on the current market of your boat. You’ll receive the value of the loss minus depreciation and the deductible for partial losses.

  • Agreed value:

An agreed policy value means that you know exactly how much you’ll be reimbursed in the event of a total loss. For partial losses, they are subject to the deductible and depreciation.

There are additional coverages such as personal effects coverage, ice and freeze damage, and depreciation waivers for those who desire to fully protect their investment.

Are you ready to insure your boat? Visit Tompkins Insurance Agencies for help securing boat insurance to suit your needs.