Practical Insurance Solutions offers watercraft insurance from dozens of leading insurance companies. Because we are an independent agency we work for you “the customer” to help you find the best carrier and protection for your needs. We can insure your John Boat or Yacht, cover your Jet ski or your Speed Boat. We have you covered if you boat in the pond behind your house, down the mighty Mississippi, or out in the open ocean. Here is what you need to know about boat insurance…
Your Home Insurance Policy and Watercrafts:
Your home insurance policy may provide you with some basic coverage for small boats. However, we always recommend insuring these types of toys separately. There are three main reason for this… First, if you file a claim for a boat under your home policy it may have a significant impact on your home premiums for the next five years. Second, protection under a separate watercraft insurance policy is going to be substantially more inclusive then under a home policy. Finally, boat insurance policies tend to be fairly inexpensive for the amount protection you receive. In summary, not having a separate watercraft policy for your boat, might save you a little up front, but can end up costing you big down the river.
Coverage For Your Boat
There are different ways to insure your watercraft, with the two major categories being Actual Cash Value or Agreed Value. However, some companies offer Total Replacement Cost Coverage on newer boats. Coverage can vary depending on your carrier and type of watercraft, so please review your policy and talk to your agent about what type of coverage is best for you.
Actual Cash Value
These policies pay for replacement costs minus depreciation at the time of the loss. In the event of a total loss, used boat pricing guides and other resources are used to determine the vessel’s approximate market value. It is important to understand that on these types of policies, partial losses are settled by taking the total cost of the repair less a percentage for depreciation.
Agreed Amount Value
This type of policy means that you and your insurer have agreed on the value of your vessel and in the event of a total loss you will be paid that amount. Agreed Amount Value policies tend to cost a little more, but they also replace old items for new in the event of a partial loss, without any deduction for depreciation.
Total Loss Replacement (aka: purchase price coverage):
Your boat will be replaced with a new one of the same make, class, size, and type, and that comes with comparable equipment. Often if the boat is more than 5 years old or you choose not to replace it, your insurance carrier will pay you the amount of the original purchase price.
Boat insurance can cover:
- Bodily injury—for injuries caused to another person
- Property damage—for damage caused to someone else’s property
- Other driver liability—for any legal expenses incurred by someone using the boat with the owner’s permission
- Medical payments—for injuries to the boat owner and other passengers
- Theft—For the watercraft or your equipment coverage kept on the boat
- Towing— If you boat breaks down towing coverage can save you big
Practical Insurance Solutions has coverage for all your watercraft needs:
- Bass Boats
- Fishing Boats
- Cabin Cruisers
- Jet Boats
- Ski Boats
- Jon Boats
- Personal Watercraft
- If it floats… we can probably insure it!
How to Save on Watercraft Insurance
Like insurance on any other vehicle having a good driving record, credit, and prior coverage can save you on your watercraft. Here are some other discounts to look for:
- Safety education courses, such as those offered by the Coast Guard Auxiliary, U.S. Power Squadrons, or the American Red Cross.
- Claims Free discount
- Diesel powered craft (they are deemed less hazardous than gasoline powered boats)
- Coast Guard approved fire extinguishers
- Ship-to-shore radios
- Multi-policies with the same insurer, such as a car, home or umbrella policy
Contact Us today for a free policy review and quote. We currently service the states of Missouri, Illinois, Florida. Call us at (888) 539-7520 or feel free to email or fax us your current policies for a comprehensive review and comparison. Fax: (636-352-2878); Email: email@example.com