How Emergencies Impact Your Boat Insurance
Boating is a popular hobby for people who are seeking to relax and perhaps spend time with loved ones. Purchasing boat insurance adds a layer of protection while you’re out on the water. Operating a boat comes with significant risks. Potential collisions, mechanical issues, and inclement weather could cause an emergency while you’re out on the water. Here’s a closer look at how boat insurance may cover you during an emergency.
Coverages Provided by Boat Insurance
- Handling Damages
One of the most important parts of your boat insurance policy is figuring out how potential damages are covered. Agreed value policies include an amount that both you and your insurer are comfortable with in the event of a severe loss. Actual Cash Value covers your boat’s repair costs minus depreciation. Replacement cost policies have language that states your insurer will replace your boat with a similar one if it is totaled within the first three years. It’s recommended that you look over the guidelines in your policy to learn about potential exclusions and policy limits.
- Mechanical Failures
Boat insurance for blown engines is generally included in the policy. However, it’s recommended that you look over your policy carefully to see if depreciation is factored into your claim. This is very important if you have an older boat. Be aware that your policy may contain exclusions regarding mechanical failures. Common exclusions found in boat insurance policies include gradual wear and tear, poor engine maintenance, defective machinery, and mold or termite damage.
- Liability Coverage
Accidents happen sometimes. Liability coverage protects you if your boat damages property or injures someone. Liability coverage takes care of the associated repair costs. The policy also covers any potential damage to the environment, such as an oil or fuel leak. Liability coverage covers potential wreckage costs if you are involved in a serious accident.
- Potential Layup Periods
It’s expected that you will put your boat in storage during cold seasons. You may receive a credit from your insurer since you will not be using your boat for an extended period of time. If there is a uniquely warm day, be advised you’ll be left uncovered if something happens to your boat. You aren’t expected to use your boat again until your layup period ends.
- Following Navigational Limits
Your boat insurance policy will outline navigational limits. If you go outside of the navigational limits, you are not covered if something happens to your boat. Some insurers will allow you to adjust the navigational limits, though extending them will likely cause your premiums to rise.
- Potential Inspection
If you have an older model, your watercraft may be inspected by a surveyor to ensure that it is still in good condition. If you have an older watercraft with a lot of wear and tear, that could impact your boat insurance premiums.
Consult with Remland Insurance Services to Cover Your Boat
Boats are unique assets. Boat insurance primarily covers you in the event of an emergency, such as a blown engine. However, it’s recommended that you look over your policy for potential exclusions. If you’re searching for coverage, contact the team here at Remland Insurance Services, and we will help you find the policy you need.