Like auto insurance, perhaps the most important part of a watercraft insurance policy is the liability coverage. If you’re cruising around Lake Travis in Austin or Lake Lewisville and you cause injury or death to a person or damage someone else’s property as a result of a boat accident, that person (or their family) will likely sue you. They may be able to take your assets including your home. It is important to have strong liability coverage in your watercraft policy. In addition, here are some other key considerations when reviewing your boat coverage.
- Agreed Value vs. Actual Cash Value
This is an important part of your insurance policy that helps determine how much you are reimbursed for a total loss. Agreed value is the stronger type of policy. It stipulates that the policy will reimburse you a set amount so that you can choose to purchase a replacement boat. Actual cash value stipulates that the policy will reimburse you based on the depreciated value of the boat taking into consideration the age and use of it.
If you take and pass a safe-boating course, you may be eligible for a discount. There are other discounts available if you have a built-in fire extinguisher, burglar alarm system, or other safety devices. You typically will receive an additional discount on your home, auto, and boat policies if you have all three with the same insurance carrier.
Trailers are also something to consider insuring since sometimes the trailer your boat sits on could be several thousand dollars in value all by itself.
We have some VERY competitive companies to insure your toys including: Travelers, Liberty Mutual, Progressive, Chubb, Nationwide and more!
Let the insurance professionals at Ryan Everet Insurance access our network of over 50 insurance companies to find the right policy for you.
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