Boating Season Begins: Do You Have the Right Boat Insurance Coverage?
As the weather warms up, one of the greatest joys is getting out on the water. But before you get into full summer mode, it’s a great idea to make sure that your needs are fully covered with boat insurance and jetski insurance.
Where Can You Get Boat Insurance?
While boat insurance is widely available from a host of Houston insurance companies, it’s paramount that you choose an insurance company that you can trust. One that will find you the right plan, one that provides the right coverage while saving you money, and one that will be there when you need it most. Many people find it invaluable to choose a local Houston insurance company that both understands the specific needs of its customers and provides that extra special personal touch.
What Does Boat Insurance Cover?
Most simply, boat insurance can be broken down into two ways of measuring the coverage for damages.
- Actual Cash Value: The value of the boat is based on the time in which it was damaged. If the boat is not salvageable, the Houston insurance company determines the full amount the boat is worth.
- Agreed Amount Value: For repairs and replacements, the Houston insurance company covers equipment and parts that are new, and does not deduct the cost of depreciation from the covered amount. Additionally, in instances where the boat is completely destroyed, the full amount of the boat is a figure that the insurance company and policyholder have agreed upon beforehand.
To learn more about what is and is not covered by boat insurance, check out this great article from NerdWallet. Here are some additional resources for learning more about the ins-and-outs of boat insurance.
Is Boat Insurance Required?
As opposed to auto insurance, the state of Texas does not require boat owners to have boat insurance. You’re not even required to have a basic liability insurance! And while marinas and banks may have insurance requirements, this means two things. First, legally, you’re not required to have any insurance coverage at all for your boat. And secondly, neither is anyone else, so if your boat is damaged from another boater’s negligence, you may have a hard time collecting the damages. This means that as a boat owner you have extra incentive to purchase insurance. Purchasing a comprehensive plan from the right insurance company guarantees the following:
- Your investment is protected from accidents and surprises.
- If you ever cause damage with your boat or jetski, your liability is covered.
- If another person causes damages to your boat or jetski you’ll be covered, regardless of their ability or willingness to pay.
Is Boat Insurance Expensive? Who Has the Cheapest Boat Insurance?
You may be wondering if the cheapest option for boat insurance is simply to rely on your homeowner’s policy. While this may provide some coverage for boats, this is often quite minimal when viewed in relation to the actual investment you’ve put into your boat, not to mention the potential for high-cost liability. So unless you own an extremely small, inexpensive boat without a motor, you’re best off purchasing boat insurance. However, you can use your homeowner’s policy (and even your auto insurance) as a way to get a really great cheap insurance rate by bundling your plans. To find out more about our Houston insurance company bundling options, check out this blog post.
If you’re ready to purchase insurance, get in touch with the insurance company Houston prefers, Texan Insurance! We’re happy to share our expertise to make certain you’re getting cheapest boat insurance available. We’ll help you choose the right plan for your needs, and if you already have coverage, we’d be glad to review your plan to make sure you’re getting the best deal.