Boat insurance can give you the peace of mind to make the most of your days on the water. While most boat insurance policies cover physical damage to your boat, liabilities, and medical payments, add-ons may be worthwhile.
Depending on your situation, boat insurance extra coverage can fill in gaps and offer additional protection. Let's dive deeper into the most common types of boat insurance add-ons.
Essential Boat Insurance Add-Ons
As you shop around, you'll notice a variety of boat insurance add-ons. Here's a look at several of the most valuable options.
1. Towing & Emergency Assistance
There's no denying that towing is expensive. If your current boat insurance doesn't include it, a towing and emergency assistance add-on should be on your radar. If you get stranded on the water, you can get reimbursed for towing, fuel, oil, battery delivery, and mechanical labor.
2. Hurricane Haulout & Storm Coverage
Hurricane and storm coverage can help pay for transporting your boat to a safer location whenever there's a hurricane or storm warning from the National Weather Service.
3. Personal Effects & Fishing Equipment Coverage
You most likely bring personal belongings, such as fishing rods, bait boxes, cameras, clothing, cell phones, and portable speakers on your boat. With personal effects and fishing equipment coverage, you can protect these items from loss and avoid high out-of-pocket costs for replacements.
4. Trailer Coverage
As a boat owner, you know that safely transporting your boat is paramount. A trailer trip interruption add-on can cover expenses if your trailer breaks down a certain distance from home. You can use this coverage to save on related food, accommodations, and transportation expenses.
5. Uninsured/Underinsured Boater Coverage
Since boat insurance isn't always required, some boat owners choose to forgo it. If you get into an accident with an uninsured or underinsured vessel, uninsured/underinsured boater coverage can be a real lifesaver. It can help pay for the injuries you or your passengers may face up to your policy's limits.
Read Next: How Does the Boat Insurance Claim Process Work?
Specialty Coverage Options
While these boat insurance coverages are less common, they might be worth it in some situations.
1. Disappearing Deductible
Also known as a vanishing deductible, some boat insurance companies offer a disappearing deductible to reward safe boaters.
2. Agreed Value Coverage
With agreed value coverage, your boat insurance company agrees to honor your boat's value when you buy or renew your policy. Since it doesn't consider depreciation, agreed value coverage can provide greater financial protection.
3. Total Loss Replacement
Total loss replacement is usually an optional add-on if you're the original owner of your boat and it's no more than one model year old. If your boat is totaled within five model years, this type of coverage can cover the cost of a new one or reimburse you for the amount you originally paid for it, regardless of its current value. As the policyholder, you can choose which option you prefer.
How to Choose the Right Add-Ons for Your Boat
These tips can help you determine the ideal boat insurance add-ons for your situation.
- Consider Where You Boat: Your boating locations will impact the types of boat insurance you need. Boat insurance typically covers accidents, liability, and theft, which may suffice if you're a coastal boater.
- Evaluate Your Risk Tolerance: Look closely at your financial situation to determine the impact of potential boating-related accidents, repairs, or injuries. Add-ons might be a wise investment if you know you won't be able to cover high out-of-pocket costs associated with unforeseen incidents.
- Compare Costs & Benefits: A cost-benefit analysis can help you understand which boat insurance add-ons offer the best value.
Extra coverage in your boat insurance policy can offer broader protection. Add-ons like trailer coverage, total loss replacement, hurricane haulout, or towing and emergency assistance help tailor your policy to your unique needs and can provide additional compensation if damage occurs. Remember that it's a good idea to review your coverage and update it regularly to meet your ever-evolving circumstances.
This article and video are sponsored by Progressive Insurance®
