Do I Need Boat Insurance? (Spoiler Alert: Yes!)
They say March come in like a lion and goes out like a lamb. Here on the coast, we mark the arrival of spring a little differently. It begins the first time we put our boats in the water.
While the appeal of boat ownership is understandable—access to secluded beaches, sunset cruises, and fishing expeditions are all welcome perks—this lifestyle comes with its own set of responsibilities and expenses. One of those expenses is boat insurance.
It’s important to make sure you have adequate and reasonable boat insurance before you take your boat out on the water. Boat insurance covers motorboats, sailboats, and watercrafts if they’re stolen, damaged, or wrecked, personal injuries related to your boat, and damages inflicted with your boat on the property of others. Bonus: knowing your prized possession is protected will allow you to enjoy your weekend outings that much more.
At Sheally Insurance Group, we provide boat insurance that offers basic protection against physical damage, including the boat itself as well as machinery and equipment. If it’s necessary for the operation and maintenance of your boat, you can and should insure it, and Sheally Insurance Group will help. Not only that, we offer affordable boat insurance policies from a variety of trusted leaders in the industry, guaranteeing the most bang for your buck as well as a policy that fits your unique needs and individual lifestyle.
Speaking of unique, here are three things to consider when it comes to boat insurance:
Agreed Value vs. Actual Value
You know how a new car loses value the second it leaves the lot? The same is true for boats. When it comes to boat insurance, you have the option of getting a policy for the amount the boat originally cost (the “agreed value”) or the amount the boat is worth at the time of the accident or loss (the “actual value”). If your boat was a huge investment, then Agreed Value is a better deal, while Actual Value should be sufficient for smaller, less expensive boats. Choose accordingly!
What can you salvage?
If the worst-case scenario occurs—your boat wrecks or sinks to the bottom of the sea—you’d better hope you signed up for a policy that covers salvage costs. A good policy will cover 100% of the boat’s insured value—any less, and you’ll be paying out of pocket. Depending on where you live, you might also want to consider a hurricane deductible, which is more expensive but offers more protection. For many people along the coast, this extra cost is worth every penny.
Accidents happen. Be prepared.
It doesn’t matter if you own a 500-foot yacht or a small Sunfish—accidents can happen in boats of any size, and the best way to protect yourself from a financial headache is by getting liability insurance. This policy will cover you if someone is seriously hurt or if you somehow cause damage to another boat or facility. While we all pray that something like this never happens, it’s better to be safe than sorry.
Start the season with a splash and contact us to learn more about our boat insurance options. By doing your research now, you’ll be able to set sail that much sooner. See you on the water!