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What is Boat Insurance?
Boat insurance is a broad type of insurance plan that covers personal watercraft, sailboats, motorboats, and many other types of water vehicles. Your plan will protect you against losses incurred as a result of your boat. The property, medical, and liability coverage boat insurance provides are similar to those offered by many auto insurance policies.
An auto insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, but not all, of these coverages. If you’re financing a car, your lender may also have requirements. Most auto policies are for six months to a year. Your insurance company should notify you by mail when it’s time to renew the policy and to pay your premium.
What Is Covered By A Boat Insurance Policy?
A boat insurance policy may include any or all of the following 6 types of coverage, though this list is not exhaustive.
Bodily Injury Liability
When others are injured or killed as a result of an accident involving your boat, bodily injury liability will apply.
Medical Payments or Personal Injury Protection (PIP)
When you or your passengers sustain injuries on your boat, medical payments protection can help to cover some of the associated medical costs. Medical payments protection applies to injuries you or your passengers sustain in an accident involving your RV. Limits to this coverage will be specified in your policy.
Property Damage Liability
As its name implies, property damage liability covers property damage to other vehicles, boats, and structures as a result of an incident involving your boat.
Collision
Collision coverage helps to pay for repairs to your boat after an accident, regardless of who was at fault.
Comprehensive
Comprehensive coverage helps to pay for damage your boat sustains in a non-accident-related incident. Examples can include natural disasters, theft, hail, vandalism, and flooding.
Uninsured and Underinsured Motorist Coverage
This coverage applies when your boat is damaged by someone who does not have enough insurance to pay for the related losses. It may also cover medical expenses.
Frequently Asked Questions
Learn more about boat insurance by exploring the answers to common questions, and then contact us for additional information.
- Does Texas require me to have boat insurance?
Boat insurance is not required in the state of Texas. However, this type of policy can provide valuable protection in case you are ever involved in an accident or other event with your boat. Speak to your agent about whether boat insurance is right for you.
- How much does boat insurance cost?
Boat insurance prices depend upon a number of factors. Some of these factors may include the age and type of boat you own, where the boat is used and stored, and the specific coverages and policy limits you select.
- Will my insurance policy limit where I can take my boat?
Most boat insurance policies include navigation limits beyond which your policy will not apply. Your agent can help you get the navigation limits that work for your circumstances.
- Is my personal watercraft covered by boat insurance?
Yes, your personal watercraft may be covered by boat insurance. However, you should speak with your agent about the pros and cons of getting boat insurance vs. personal watercraft (PWC) insurance. SafeGuard Insurance Agency can help you obtain either type of policy.
- Will I need to pay a deductible when I submit a claim?
Yes, most boat insurance policies have a deductible. This is the amount of money you will pay for the claim before the insurance pays the rest of the claim. When you purchase boat insurance, you will be able to choose your deductible. The higher the deductible, the less expensive your premiums will be.
- How can I save money on my boat insurance in Texas?
There are a number of discounts that you may be able to use to lower your boat insurance premiums in Texas. These can include the following: Passing specific boat safety courses, having certain equipment on board, bundling your insurance, having a certain amount of boating experience, and more. Your agent can help you understand which discounts may apply to you.
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