We’re headed into boating season, which is the perfect time to reevaluate your boat insurance. Before you hit the waters, it’s important to have the right coverage for your unique nautical needs. Do you have enough coverage? Did you add any new bells and whistles to your boat? Have any other circumstances changed that should be considered in your policy? Let’s dive into some things to consider when renewing your boat insurance.
1. How Much Is Your Boat Worth?
Whether you’ve purchased a new boat or have had the same vessel for a long time, it’s important to value your boat. The value of your boat determines the amount of coverage you need. If you made modifications or upgrades, you need to include those in the total value of your boat. You don’t want an accident to occur then realize your additions aren’t covered.
2. Review Coverage Options
Boat insurance can be tailored to your unique needs. It’s important to consider your boating habits to help determine the types of coverage needed. Some common options include:
- Bodily injury liability
- Property damage liability
- Towing and emergency assistance
- Uninsured or underinsured boater coverage
- Medical payments
If you own a commercial vessel there are many additional options to consider based on the type of business you operate. Some examples include:
- Crew coverage
- Business interruption insurance
- Premises liability coverage
- Cargo insurance
- Pollution liability coverage
3. Who is Driving the Boat?
It’s important to speak with your insurance agent about the terms of your policy, including who is insured to drive your boat. Some policies cover incidents no matter who is driving the boat as long as they have the owner’s permission to drive. Other policies only include individuals named in the policy. Be sure you have the right fine print for your needs. Another aspect to consider is whether the person operating the boat has a license. Your coverage may not extend to those driving the boat without a license.
4. Where is Your Boat Stored in the Winter?
When boating season is over and it’s time to winterize your boat, where do you store it? Is it indoors or outdoors? Evaluate your policy terms to see what protection is provided when your boat is out of the water. Consider including comprehensive coverage to your policy to protect against:
- Weather damage from hail, storms and floods
- Theft
- Vandalism
- Fire
5. Do You Have Plans in Place to Avoid Accidents?
While you’re renewing your policy, don’t forget to reevaluate your safety plans. Do you have a pre-boating checklist and float plan? Are you prepared for a fire on your boat? Check out our boat safety tips as part of the start of your boating season.
Review Your Boat Insurance with Ianniello Agency
Ready to renew your boat insurance policy? Let’s sit down and review your current policy. We’ll work together to discover any changes or additions to create a well-rounded policy tailored to your needs. You can learn more about the boat policies we offer here. Request a quote online here or contact us for more information.
