Illinois Boat Owners Can Stay Afloat with Proper Boat Insurance
Winter storage, dock fees and general maintenance are just a few examples of expenses associated with boat ownership. While most people do not think about these costs before buying a boat, they quickly learn after making a purchase that they are necessary. One of the most important costs associated with boat ownership that should not be trimmed or skipped is insurance. Since a boat is a big investment, it is important to protect it with proper coverage. Policies are typically based on the size and type of the watercraft. While there is some coverage included in a homeowner's or renter's policy, it is not sufficient for full protection. For people with large or powerful boats, separate insurance is a must.
What Boat Insurance Covers
A separate watercraft insurance policy gives the owner much more protection. This type of policy usually includes damage and losses related to the furnishings, machinery, fittings, hull, navigation system or anything permanently affixed to the boat. There is also liability coverage for damage to another party's property, bodily injury of other people, boat theft, medical care for injuries of the owner or passengers and legal expenses for non-consensual boat operation.
There are several liability limits to choose from when picking a plan. They start at $15,000 and go as high as $300,000. For the property damage provision, owners must pay a deductible of $250 to cover between $500 and $1,000 of medical expenses and theft. Policies can be customized to fit the boat owner's needs, and there are several other coverages and endorsements a boat owner can add to the existing policy. Some of the additional insurance options extend coverage to the trailer, fishing gear or other accessories owners keep on their boats. Another issue to pay attention to is whether the policy covers the boat during towing.
Boat Insurance Discounts
The good news about buying boat insurance is that there are discounts available. Since diesel fuel is more stable, boat owners who have watercraft requiring this type of fuel may receive a discount they would not otherwise receive if they owned a boat requiring regular gasoline. There are also discounts for safety equipment such as fire extinguishers. Completing a boating safety course or having an approved radio system may also qualify a boat owner for a discount.
Keeping a solid boating record is as important as keeping a clean driving record. For every two years a boat owner goes without any claims or citations, there is often an insurance premium discount. A good way to save even more money on insurance is to bundle a boat policy with homeowner's insurance or an auto policy. Having a good insurance policy is the best way to enjoy peace of mind when it is time to go on a boating excursion. Knowing the boat and its accessories are covered is always the best way to enjoy total relaxation. To learn more about this type of coverage and available options, give me a call.