Watercraft & Boat Insurance
Watercraft & Boat Insurance Quote Forms
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Watercraft & Boat Insurance Information
If you own or operate a boat, you should take time to understand and acquire adequate insurance. Like any vehicle or financial investment, boats include significant risks and exposures. Whether you’re sailing a smaller vessel or enjoying the luxuries of a large yacht, boat insurance should be highly prioritized.
How Does Boat Insurance Work?
As its name suggests, boat insurance provides financial protection for your vessel following incidents that result in losses and damages. While your coverage can often be customized to suit your circumstances, needs and budget, an adequate boat insurance policy should generally consist of the following:
- Liability coverage—This coverage can provide financial assistance if you are at fault for an incident that results in third-party losses, such as bodily injuries and property damage.
- Collision coverage—This coverage can help pay to repair or replace your boat if it is damaged in a collision with another vessel or stationary object.
- Comprehensive coverage—This coverage can provide financial aid if your boat is damaged by noncollision incidents, such as fires, criminal activity or severe weather.
- Medical payments—This coverage can help pay for the resulting medical bills if you or your passengers are injured while using your boat.
- Contents—This coverage can help provide compensation for losses involving personal property stored onboard.
- Uninsured/underinsured watercraft—This coverage can compensate for their deficiency if your boat is involved in an accident and the at-fault party lacks enough insurance to pay for your losses.
How Much Does Boat Insurance Cost?
The cost of suitable boat insurance may vary significantly, even among those who appear to have much in common. That’s because insurance companies must thoroughly analyze many factors before accurately assessing your coverage needs and providing you with a quote. In most cases, this analysis may include consideration of the following:
- Vessel details (e.g., type, size and age)
- Owner/operator boating experience
- Specifications (e.g., make, number of engines and horsepower)
- Use habits (e.g., recreational, business or racing)
- Policy details (e.g., types of coverage, policy limits and deductibles)
How Much Boat Insurance Do I Need?
When determining the amount of boat insurance you need, it’s essential to consider all potential risks and exposures and then adjust your coverage accordingly. For example, you may require higher coverage limits if you frequently host guests or participate in high-risk activities, such as water sports or fishing in remote areas. The details of your vessel, including its mechanical specifications, size and assessed value, may also impact your boat insurance needs. It’s important to consult with a qualified insurance professional to discuss your coverage.
We’re Here to Help
With nearly 50 years of experience serving individuals, families and businesses in western North Carolina, the dedicated staff at General Insurance Services of Asheville are well-equipped to help you assess your boat insurance needs and address them with optimal coverage. Contact us today to get started.
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