So you have a great weekend plan on the water at Lake Tenkiller! It sounds fun – but please be prepared!
One thing you should know is that accidents on the water are more common than you might think.
In 2018, the U.S. Coast Guard counted 4,145 accidents, involving 633 deaths, 2,511 injuries and approximately $46 million dollars of damage to property as a result of recreational boating accidents. You can’t always see an accident coming.
However, you can have a plan for how you’ll manage if something does happen. Part of this plan should be insurance.
Do I Really Need It?
Your home insurance policy covers your boat in some cases, but it doesn’t go far. Homeowners policies typically cap boat coverage at $1,000 or 10% of your home’s insured value. And liability coverage — which pays for damage your boat does to others — typically isn’t included under home insurance. So a home insurance policy might help you only if your boat is small, slow and inexpensive.
AT A GLANCE: DO I NEED BOAT INSURANCE?
| Yes | No |
| Yachts
Large sailboats
Jet boats
Personal watercraft like WaveRunners
Anything that runs faster than 25 mph |
Canoes
Boats with small engines
Any other small, slow, inexpensive boat |
If Something Happens — What Losses are Covered?
Physical damage coverage generally pays for repairs to your boat that are necessary as a result of damage caused by a wide range of perils. The best policies provide “all risk” coverage, which means that if the cause of loss is not specifically excluded, it is covered. Typical causes of loss that are covered include: weather-related perils such as wind, rain, hail, lightning and wave action; fire; loss or damage caused by theft or vandalism; and collisions with docks, submerged or floating objects or other boats. It is wise to select a policy that continues to cover your boat while it is stored on land, or while you transport your boat over land by trailer.
The boat owner has the responsibility to maintain their boat, and so normal wear and tear is often excluded under a boat or yacht policy. The number and type of physical damage exclusions vary from company to company, so take the time to compare to avoid surprises later.
Types Of Policies
WATERCRAFT LIABILITY**
Helps protect you from paying repair or replacement costs, medical costs, loss of income and funeral expenses of other people involved in an accident.
Optional
UNINSURED WATERCRAFT COVERAGE
Helps pay for injuries you, your family or anyone on your boat sustain due to an accident with an uninsured boater.
Optional
WATERCRAFT MEDICAL PAYMENTS COVERAGE**
Can help pay for some of your medical costs or funeral expenses if you or anyone on your boat is injured in an accident.
Optional
YOUR PROPERTY COVERAGE**
Helps pay for damage to your boat if you’re involved in an accident with another boat or something else, such as a pier, buoy, dock or debris, or if someone hits your docked boat.
Optional
PERSONAL EFFECTS COVERAGE
Helps cover your personal belongings, including fishing equipment.
Optional
EMERGENCY SERVICES COVERAGE
Repays up to $100 for the reasonable cost of towing, mechanical labor at the place of breakdown, and delivery of fuel, oil or battery
Optional
ADDITIONAL BOAT EQUIPMENT COVERAGE
Provides coverage for your boat accessories such as anchors, life jackets and navigation gear, up to policy limits.
Optional
BOAT TRAILER COVERAGE**
Covers damages associated with your boat trailer, up to policy limits.
Optional
REPAIR COST ENDORSEMENT COVERAGE
Provides coverage for your boat, motor, boat equipment or trailer, up to policy limits.
Optional
Source: Allstate
Summary
If you have a boat that goes 25+ mph you need boat insurance. Grandview Insurance carries policies from a variety of third parties so you know you’ll always get the best rate! Get started with the form below:
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