Many boat owners make the mistake of thinking their vessels are entirely covered by their home or auto insurance in Vista. However, when this coverage is available through one of these policies, the full range of potential damages and unexpected events is not usually included. Following are a few things you need to look for when searching for and binding a boat insurance policy.
Agreed Amount or Actual Value Coverage
In the event of a covered peril such as a windstorm, fire, theft, or collision, boat insurance pays for the resulting damages. How much you get paid depends on the type of coverage you choose. With an agreed amount policy, your coverage reflects a value both you and your provider have agreed on, but actual value coverage reimburses you for the true value of your boat, less any calculated depreciation. Physical damage usually requires you to pay a deductible, and the deductibles for both policy types cost about the same, but the payout for an agreed amount plan is often the highest.
Protection Against Uninsured Boat Owners
You can’t assume every other boat owner is as prudent as you are when it comes to protecting his or her vessel. Hit-and-run boat accidents can and do occur. Whether protection against uninsured boat owners is built into your policy or offered as a special addition, it is vital to have it.
Boat Liability Coverage
When taking your boat out on the open water, it is important to have sufficient boat liability coverage. This pays for property damages you cause while navigating your boat. Typically offered in increments ranging from $100,000 to $1,000,000, boat liability coverage prevents you from paying large out-of-pocket costs in the event of a boating accident.
Coverage for Medical Expenses
This portion of a boat insurance policy covers reasonable medical expenses incurred during a boating accident. It can also cover the costs of medical care for people who sustain injuries while on your boat or while boarding or exiting the vessel. Make sure to obtain a sufficient amount of coverage to protect the number of passengers you intend to carry.
As an added measure, make sure your plan includes commercial towing assistance. The costs of incorporating this feature are usually far lower than the cost of a single tow. If you use your boat often, this plan addition can easily pay for itself.
Though these are some of the most important inclusions in a boat insurance policy, there are others you can add. To learn more about the essentials of boat insurance, get in touch with American Tri-Star Insurance, a trusted provider of homeowners, auto, motorbike, and RV insurance in Vista. Call 760-758-1600 today and one of our knowledgeable agents would be happy to assist you.