Boating offers an escape from reality and the cares of life. A boat can be quite a significant investment and protecting that investment is paramount to protecting your financial situation. Boating insurance, like that is offered by Carroll & Stone Insurance, can protect your investment in case of damage, complete loss, or theft. Whether you own a smaller boat or a huge yacht, you have spent your hard earned money on this fun vehicle and don’t want to lose the investment.
On the water, many things can happen, including accidents with other boats, sinking, etc. However, your boat can also be damaged in your driveway and on the way to the water. All of these opportunities for damage or loss mean that you are open to a great deal of risk. By purchasing a boat insurance policy, you can help reduce your risk and ensure that you are able to replace or repair your boat if there is an incident.
- Personal Liability Coverage : If you have a boating accident and are at fault, you may be liable for financial claims and judgements. A personal liability policy can help to cover some of those costs and help prevent major financial loss to you.
- Boat Coverage : Covering boat repairs or loss, if involved in an accident, helps to protect your investment. This coverage protects the boat itself, which means that any special options that you have added may need additional coverage.
- Trailer Coverage : If you have an accident on the road while getting to the water, it is possible that your trailer may have damage. This coverage will help you repair it or replace it if it is found to be a total loss.
- Medical Coverage : An injury to you or your passengers can mean medical bills. This type of coverage helps to pay those medical bills to prevent the financial burden that they can add to your life.
Additional insurance coverage may be very important if your boat has special options or if you need additional coverage over the minimum limits of your basic policy. Some add-ons to consider are:
- New Boat Replacement : This is an essential policy if you have just purchased a new boat, as you want to be sure that you can replace it completely if it is a total loss.
- Agreed Hull Value : Another policy to consider is an agreed hull value. This policy will allow you to ensure that your boat’s hull is covered at a rate that will allow you to replace it if needed.
- Liability Coverage : If you want the minimum in coverage, liability coverage is what you want to purchase to protect you financially.
- Coverage Downgrade : During the months that you are not taking the boat out on the water, you can downgrade your coverage to cover it solely where it is being stored. This can save money.
Buying a boat can offer you a fun way to spend weekends, evenings, or vacations. It is important, however, that you take that responsibility seriously and purchase boat insurance that will cover your boat and your particular needs. Give Carroll & Stone Insurance a call today to learn more.