Boat Insurance

The Guide to Boat Insurance You Need

Beacon Point Boat Insurance

Many people dream of owning a boat. Whether you want to go fishing or just get out on the water, boating makes freedom and adventure possible.

Unfortunately, being a boat owner isn't all fun and games. Aside from things like maintenance and storage, you should be thinking about boat insurance.

It may not be exciting, but boat insurance is crucial. A policy will protect your precious investment. And, it'll give you protection from liability and peace of mind so that you can enjoy yourself on the water.

The good news? Beacon Point has some of the most affordable boat insurance policies available.

Our experienced agents build a coverage plan based on your unique needs. By reviewing prices from different insurers, we make sure you get the best deal.

For a free boat insurance quote, contact us today!

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Do You Need to Have Insurance for a Boat?

Many boaters might be wondering if they even need watercraft insurance.

Legally, you don't need it. No state requires you to have a policy.

However, it's a good idea to get boat insurance. You'll be protecting your precious runabouts or ski boat by taking preemptive measures.

A boating policy also will make your life much easier.

Many marinas, for instance, require you to have boat insurance. Your bank may also have insurance requirements if you have a loan on your watercraft.

Is My Home Insurance Policy Enough?

Some think that their home insurance policy is enough to cover their cruisers, sail boat, etc.

In some cases, you can get by with just your home insurance policy. This possibility is available if you own a canoe, kayak, a boat with a small, slow engine, etc. Some home insurance policies may provide adequate coverage for these smaller, inexpensive boats.

However, most home insurance policies don't provide adequate coverage for larger, more expensive boats. Common limitations include:

  • The policy caps at around $1,000 (or 10% of the home's insured value)
  • The policy doesn't include liability coverage
  • The policy only covers damage that happens on your property

If you own something like a yacht or WaveRunner, a home insurance policy won't be very helpful. Getting a separate policy will give the coverage you need in the event your boat gets damaged or stolen.

Not sure if boat insurance is right for you? Contact Beacon Point today! An expert agent will go over your coverage options and help you find the best deal.

What You Should Know About Boat Insurance

If you're not familiar with it, boat insurance can seem confusing. Below, we discuss some essential things you should know about getting a policy.

There Are Different Types of Damage Coverage

Most providers offer two main types of boat damage coverage options.

  • Agreed Amount Value. With this type of coverage, you and your provider decide on an amount when you first sign up with them. If your boat gets damaged beyond repair, your provider will pay you the predetermined amount. If your vehicle needs repairs, they will cover the cost of replacing old parts without deducting for depreciation.
  • Actual Cash Value. Let's say your runabout or jetski gets damaged. At the time of damage, your provider will determine how much it's worth and payout its market value.

Choosing the right type of damage coverage is critical. It will protect your boat and give you the peace of mind you deserve.

The best option for you will depend on your unique situation. Beacon Point can help you with your decision; contact us today to talk to one of our professionals!

Marine Inspections

With older or antique boats, insurance companies may require a marine inspection. Consider a marine inspection regardless as this will ensure your safety and accurately value your boat.

Take Advantage of Discounts

Many providers offer significant discounts. Expect to get a discount if:

  • You own a diesel-powered boat
  • You've taken safety courses
  • You have other policies with the same insurer (homeowners, auto, etc.)
  • You haven't made previous boat insurance claims

Contact Beacon Point for a quote to see how much you can save.

What Is Covered Under Boat Insurance?

So, what exactly will your policy cover?

Plans may vary, but a standard policy will cover:

  • Physical damage or destruction from a collision, lightning, fire, vandalism, or theft (Note: Coverage usually only includes the hull and permanently attached equipment, such as anchors, excluding defective machinery.)
  • Bodily injury liability (this liability coverage pays for medical payments and other expenses if someone gets injured on your personal watercraft)
  • Property damage liability (this pays for damage your personal watercraft does to someone else's property)

Aside from these factors, your policy may include additional coverage. It all depends on your provider.

Some other factors your policy may cover include:

  • Gadgets. Do you have expensive fishing poles, a high-end trailer, or top-of-the-line fishfinder? Your insurance company may not automatically cover these items. To protect them, you will need to add personal property coverage. This protection will cover lost or stolen equipment not permanently attached to your boat.
  • Salvage. Let's say your yacht becomes disabled, from being stranded at sea. If a basic towing service won't help, you may need to call a salvage company. Your insurance company may not cover this expense. Keep in mind that a salvage company's services aren't cheap.
  • Mechanical breakdown coverage. Policies with this type of coverage will pay to replace or repair your outboard motor. That is, they will pay out as long as the damage isn't due to normal wear and tear.

If you need additional factors such as these included in your policy, we can help! Beacon Point works with you to come up with a plan that best fits your needs. Call today for a free quote.

What Isn't Covered?

Knowing what a policy doesn't cover is just as crucial as knowing what it does. You deserve to know exactly how your policy protects you.

Most plans do not include:

  • Normal wear and tear
  • Damage from insects, mold, etc.
  • Damage from sharks and other sea creatures
  • Damaged/defective machinery

Keep in mind that how you use your boat may affect whether or not you will be eligible to make a claim. For instance, if you let an underage/unlicensed person operate your boat, you may

Does My Boat Insurance Policy Cover Those Who Borrow My Boat?

Boaters often lend their vessels to family and friends. The question is, does your policy cover borrowers?

Most don't. They only cover operators listed on your policy or those in your immediate family.

Some providers include coverage for those whom you haven't registered on your plan but who occasionally borrow your boat. In these cases, they must have licensing and your permission to drive your personal watercraft.

Before lending boats, you should check your policy. Make sure that it covers the borrower. Otherwise, you may be responsible for their actions.

How Much Does It Cost to Insure a Boat?

Too many boaters neglect insurance. They don't realize how important it is, or they think it's too expensive.

The cost is well worth the protection and peace of mind you get.

Rates vary to person and person and from one zip code to another because they depend on many factors. For an accurate boat insurance quote, contact Beacon Point today!

What Factors Affect the Cost of Boat Insurance?

Some factors that affect rates include:

  • Your boat's size, type, value, horsepower, etc.
  • The level of coverage you want
  • Your zip code
  • Layup periods. Many people choose to participate in layup periods, meaning they take their boats out of the water when they aren't using them. This layup can help you save as many insurance companies will issue you a credit. Know that if you go boating during a layup period, your boat insurance may not be valid.
  • Navigational limits. If you have a yacht or other large boat, your policy will have navigational limits. These limits entail that you can't drive outside of the zip code you agreed on in the policy. If you do, your insurance won't be valid. The larger the navigational zip code, the higher your rate will be.

What Is the Best Company for Boat Insurance?

Wondering who has the best boat insurance?

Different boat insurance providers have different selling points. The one that's right for you will depend on your unique needs.

For instance, Progressive is excellent for those who are mainly concerned about value. The company offers lots of top-notch discounts. Nationwide, on the other hand, is ideal if you are looking for bundles. The provider has boat insurance packages that you can customize to your boating lifestyle.

Here at Beacon Point, we save you the trouble of comparing providers and having to shop around and get a different quote from each one. We look at different coverages and help you find the one that's best for you!

Contact Beacon Point to Save

Save on boat insurance by contacting Beacon Point. We help you find the best insurance company by comparing rates and considering your unique needs. And we'll answer any questions you have. Get in touch for a quote today!

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