Boating season is upon us, and you’re ready to get out on the water. Each boat owner’s circumstances are unique, so ask a Mel Foster Insurance agent to compare options from several national companies to find you the best policy to fit your needs.
What Factors Are Involved In Determining Coverage?
Your agent will gather various details to decide what insurance coverage is appropriate for each boat owner. Some key factors considered are:
- How long you’ve owned your boat
- Age and value of the boat
- Speed/horsepower of the boat
- Type of boat (inboard, outboard, utility, cruiser, bass, performance)
- Driving record and boat safety education certifications
How And Where Will The Boat Be Used?
It’s essential to know how and where the boat will be used when determining proper insurance coverage. A boat operated for recreation on the lake has different policy specifications than a boat utilized by a commercial fisherman heading to work on the river each day.
Why Is Coverage Important?
Having a boat insurance policy in place can protect you in a variety of situations. Not only will proper coverage help if the boat is stolen or damaged by collision with rocks or logs, but insurance can also help if you accidentally injure someone or damage their property with your boat. Most states don’t require boaters to purchase insurance, but many marinas require some form of insurance if you wish to use a slip on their property. Additionally, your bank will require insurance if you are financing the boat purchase.
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