Winnie and Phinn explained some coverages for motorcycles, but now that spring is here, there is another coverage that many people should have, and that is for their boats!
Many people are unaware that they need insurance on their boats and personal watercraft, and don’t have any. Winnie and Phinn would like to explain boat coverage to you and help you understand what is covered and where you can get coverage.
On a standard homeowner policy, there is typically between $1,000 and $1,500 for physical damage to the boat, motor and trailer. Liability is not included, but can be endorsed to the policy.
Often times, it is easier and relatively inexpensive to purchase a personal watercraft policy. This combines liability for property damage and bodily injury, as well as liability for your guests using your boat, medical expense payments to you and your passengers, and physical damage and theft coverage. Like automobile policies, valuation for the property is often on an actual cash value, meaning depreciation is taken into account, and the approximate market value is used in the event of a total loss. Agreed amount value can be used as well, meaning you and the company determines an agreed value for the boat. This is often times used in collector car policies as well.
If you visit the Insurance Information Institute (iii.org) you can find some safety tips, as well as tips to protecting and caring for your vessel.
We hope you have a nice Easter! Winnie and Phinn sure did!!
Until next time…
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