Boating is a popular way to relax and explore here in the Pacific Northwest. Whether it's the Columbia, Willamette, or Tualatin River, there are plenty of waterways to explore here. The beautiful scenery and plentiful wildlife along these rivers attract residents and tourists alike.
Boat insurance is an important investment for those who own their own watercraft. As enjoyable as boating is, it is also an activity that exposes people to several risks. A good insurance policy will protect against physical damages to the boat, or even a total loss.
Having insurance can also help to insulate boat owners against expensive claims, including personal injury claims. Personal injury cases can be very expensive. Plaintiffs can be awarded monies for considerations including lost wages and emotional damage. Without proper insurance coverage, an injury claim could bankrupt an individual.
Finally, some marinas and inland waterways require all users to carry insurance. It can be hard to find a place to moor or launch without insurance coverage for a boat.
There are several options for boat insurance. The type of insurance boaters purchase depends a lot on the type of craft being insured. For a smaller boat, a rider on the homeowners insurance policy may be perfectly adequate. However, boaters should ask detailed questions about such coverage.
Homeowners riders often have serious limitations. They often only apply to use in inland waterways such as lakes or rivers. For use along a beach, marine insurance is generally required. They are generally not appropriate for larger crafts, but they are a good option for cheap boat insurance.
Marine insurance covers a wide variety of watercraft. Boats, yachts, and personal watercraft such as jet skis are among the items that can be covered.
Boat insurance policies can be written in two ways. An "agreed value" policy is one option. With agreed value, the value of the boat when the policy was written is agreed upon. The alternative is an actual cash value policy. For this option, depreciation is a factor in how much is paid out should the boat be declared a loss. Typically, actual cash value policies are less expensive. They are a good option for cheap boat insurance.
What Coverage is Needed?
The coverage purchased will depend on the size of the boat, its condition, and how it is used. The most comprehensive insurance policies for boats are known as "all risk." This type of policy covers any damages that are not specifically excluded. Examples of typical exclusions are design defects, wear and tear, and damage caused by animals.
Extra coverage can be added to these policies. For example, specialized coverage for an expensive navigation system could be added. Towing and salvage coverage are also extras to consider. Moving a disabled or damaged boat can become very expensive very quickly.
Finally, cruising coverage is an important thing to consider. This is additional temporary coverage for people who are leaving the US for a short time. For users in southern states, this coverage might be needed for a trip to the Bahamas. For clients here in Oregon, it's more likely to be used for a trip to BC.
Where to Buy Marine Insurance
While cheap boat insurance can be tempting, it's also important to ask detailed questions and to know what you are buying before signing anything.
Boat insurance quotes are one of the things we do best here at Fox Insurance. Our agency partners with several insurers, and we can provide boat insurance quotes from different providers.
By representing some of the most reputable insurers, who are able to offer some of the most comprehensive policies. We can present you with options that are priced very competitively. Call today for more information. We would love to discuss your needs.
The information in this article was obtained from various sources and is not all inclusive regarding the subject matter. This content is offered for educational purposes only and does not represent contractual agreements, nor is it intended to replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. The definitions, terms and coverage in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.