TUESDAY, JUNE 2, 2015
 With summer's arrival, many people are preparing to fire up the barbecue, inflate the pool floaties and launch the family boat for months of fun and recreation. According to the National Marine Manufacturers Association, approximately 88 million people in the United States participate in recreational boating. If you are one of them, now is the time to review your insurance policies and ensure that your summer fun is protected in case of a mishap.
The Importance Of Boat Insurance
While some home insurance policies have minimal coverage for small watercraft, such as a dinghy without a motor, most vessels require separate coverage, primarily because of a boat's mobility. Your home insurance may cover small losses that occur on your property, such as minor cosmetic damage while parked in the driveway. Yet, your boat is mobile, and boat insurance covers your vessel during transit, launching and out on the water. Moreover, boat insurance covers liability for injury that may occur while water skiing, damage to other boats or other such instances. Bundling boat insurance with other policies will also likely save you money.
How Does Boat Insurance Differ From Auto Or Home Insurance Policies?
In many ways, boat insurance is a combination of features from auto and home policies:
- Similar to auto insurance, a policy for your vessel generally includes coverage for bodily injury, damage to others' property and physical damage to your watercraft.
- Similar to homeowners insurance, a policy for your boat generally covers liability for injury to an individual caused by your boat and a choice between cash value or replacement cost in cases of total loss.
In addition, you can acquire comprehensive coverage against vandalism, theft, flood or fire, uninsured boater insurance, personal property coverage for gear, roadside assistance and, in many instances, you may have the option to add coverage add-ons for salvage, consequential damage and towing/cruising extensions for outside the U.S.
How Do Market Value and Agreed Value Policies Differ?
Boats depreciate just as cars do, perhaps even more so. Thus, the age and condition of a boat will determine which policy to purchase. Agreed value, akin to sticker price, will pay the owner the stated value in case of total loss, while market value will pay the depreciated value. With market value, if the vessel is destroyed, you only receive the current value. Thus, if you bought the boat in 2006, you will not receive enough compensation to buy a 2015 model.
We'll help protect your watercraft. Call Raymond Longoria Insurance at (888) 296-0345 for more information on Laredo boat insurance.
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