As the weather gets warmer many people are taking their watercrafts out on the water and it is essential to make sure you have the appropriate insurance coverages in place to protect you, your passengers, and your watercraft, as well as other people and their property. There are many types of watercrafts you can purchase from sailboats, powerboats, to inboard or outboard motorboats and even personal watercrafts such as jet skis. The type of insurance coverage that you need for your watercraft will depend on a number of factors, such as the size, type, age, and value. Below are key insurance coverages for insuring a watercraft.
Types of coverages: Physical Damage: Physical damage provides coverage to your watercraft or boat and may apply to your trailer or outboard motor for boat, as long as it is listed on your policy. For instance, if your watercraft is vandalized or it hits another watercraft, a rock, a log or a marine obstacle, insurance can help cover the physical damages. Often, when there is a loan on a watercraft, the lender would require physical damage coverage and may require to be listed as an additional insured or lienholder on the watercraft insurance. If a watercraft or boat is older, you may choose to exclude physical damage coverage on your policy. Yet, it is still important to purchase liability coverage because you could be responsible for damage to someone else’s property or injury or harm to another person and the financial expenses can be detrimental to handle alone. Make sure to review and choose a comfortable deductible. Keep in mind with a higher deductible, you assume more risk which means you will pay more out of pocket if there is a loss. At the same time, however, a higher deductible will reduce your premium.
Liability: Liability insurance provides coverage for injuries to other people or harm to property.
Medical Costs: This coverage applies coverage to you, your family members, and others for injuries.
In addition, many insurance companies may provide additional endorsements or riders that can be added to the watercraft insurance such as:
- Emergency services: towing the watercraft to the nearest marina if the boat motor breaks down.
- Increased personal effects in or on the watercraft: clothing and fishing equipment.
- Fuel Spills
- Wreck Removal Coverage
Contact Paroubek Insurance to help you understand your options when it comes to insuring your watercraft today! Source: Erie Insurance West Bend Mutual Insurance
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