As the weather heats up, you may be gearing up to visit the lake for some summer fun. Whether your boating trip is an action-packed adventure, or a simple relaxing get away, you may want to consider protecting yourself and your family with boating insurance this lake season.
Insurance Policy Based on Type and Size of Boat
Sometimes, if the watercraft is smaller, boating insurance is not necessary to cover property damage. Canoes, sailboats, and smaller powerboats can be covered in your homeowner/renter insurance policy. This coverage is usually limited to property damage and not liability coverage.
However, larger watercraft such as yachts and faster powerboats require boat insurance. Boat insurance typically covers damage to the watercraft, property damage, theft, as well as liability. Jet skis and other personal watercraft also require boat insurance to cover charges that may come with damages or injuries.
Types of Boat Insurance
One type of boat insurance is actual cash value insurance, meaning once there is partial or total damage to the watercraft, the insurance company will cover the repairs and replacement costs. This is in comparison to the agreed amount value policy. With this policy, the insurer and client will agree on an amount that covers the value of the watercraft. When in a boating accident, the insurance company will pay the full amount that was established. This can also help cover partial repairs and replacements if necessary.
Price of Boat Insurance
The price of boating insurance may differ based on what you want covered. Your policy price may be affected by multiple variables that play a part in owning and using a boat. For example, the size, model, and amount of coverage desired for your watercraft all directly impact the price. How you choose to store your boat along with how often you use it may also increase the price of your boat insurance premium.
Are you looking into boating insurance and not sure where to start? Hosto can guide you through the process. A Hosto agent will pull quotes from multiple insurance companies to help you find the best deal that is tailored to your needs. Fill out our request form and get in touch with an agent today!
Hosto wants you to have a safe and enjoyable boat season. The process of getting boating insurance may seem complicated, but at Hosto we walk you through every step. If you have any questions or want to get in touch with an agent, call our office at (618) 779-5808 and we will stay in touch to make sure your insurance needs are met.