The highly anticipated Greenwich Boat Show is this weekend and if you live in Fairfield or Westchester County, you know that this event has become the unofficial start of the boating season. Whether you are an old salt or looking to buy your first boat, the excitement of getting out on the water is intoxicating. While your friends at Daigle & Travers Insurance Agency share in your elation, we would be remiss not to remind you of the necessity of securing comprehensive boat insurance.
Watercraft Insurance is admittedly the least exciting part of boat ownership. We know that right now you would rather be plotting your maiden voyage to Port Jefferson or choosing an aquatic pun as the namesake of your boat so we’ll keep this short.
Find out about types of coverage and factors that determine boat insurance price.
Watercraft Insurance is not a one size fits all product. Therefore what exposures are covered and how much you get paid in a claim scenario is determined by the specific language used in your policy. Many options look the same but don’t actually offer the same protection. Don’t get overwhelmed, get a reputable agent that will educate and advise you on which of these coverages are best suited to your needs:
- Physical Damage Coverage
- Fishing Equipment Coverage
- Property Damage Liability
- Bodily Injury Liability
- Water Sports Coverage
- Fuel Spill/Accident Cleanup
- Medical Payments Coverage
- Personal Property Coverage
- Roadside Assistance
- Uninsured/Underinsured Boaters
- Towing and Emergency
- Hull Coverage
- Trailer Coverage
- Tender Coverage
- Personal Effects Coverage
- Salvage Charge Coverage
- Wreck Removal
- Commercial Hauler Coverage
- Charter Boat Policy
- Hurricane Haul-Out
- Total Replacement/Agreed Value/Actual Cash Value
As mentioned above, Watercraft Insurance comes in many variants and consequently the price varies as well. For the sake of reference, you can expect the average recreation boat will cost between $300 and $1,000 annually to insure with the following as the major determining factors:
- Type of boat
- Type of engines
- Value of boat and engines
- Age of watercraft and motors
- Safety equipment and enhancements
- Purpose of boat use
- Length of boating season
- Berth location
- Navigation area
- Age of operators
- Boating education and safety courses
- Claims history and driving record
- Credit score
- Size of deductible(s)
- Policy bundling
- Payout method chosen – total replacement, agreed value, actual cash value
LEGAL OBLIGATION FOR BOAT INSURANCE
Not all states require boat owners to insure their vessels – Connecticut and New York are two of those states. Don’t start celebrating just yet. You can be sure that if it is not required by law, there will be some boaters out on the water who are not insured. If an uninsured boater damages your boat or injures your passenger, you may be left digging yourself out of a financial and legal catastrophe. Fortunately, most marinas DO require insurance as do banks who are financing boat purchases, so it is not a complete free-for-all out on the open waters.
We hope you have a great time at the Greenwich Boat Show this weekend. Note that it will be running April 7-8, 2018 from 10am – 4pm at 49 River Road in Cos Cob, CT.
If you go home with the keys to a new boat, don’t forget to secure your watercraft insurance before you get on the water. Also note that there is a lot to learn about boating so stop back to read more about boating insurance and boating safety.
Daigle and Travers is based in beautiful Darien, nestled between Stamford, Norwalk, and New Canaan. We serve all of Fairfield County, including Cos Cob, Weston, Greenwich, Westport, Wilton, Black Rock, Redding, Easton, Fairfield, Southport, and Trumbull as well as Westchester County and Long Island.
Here at Daigle & Travers Insurance, we will provide you with the right coverage to make sure your investments are safe during a disaster. When partnering with us, we will give you all the necessary information and options you need to make the best choice of insurance company and policy. Give us a call today at (203)-655-6974.