What Does Boat Insurance Cover?

Most Boats are Not Covered under Your Home Insurance.

You love your boat. Even more so, you love the fun, relaxation, and memories your boat offers. Think of that perfect Sunday looking for that ever-evasive fish, teaching your kids to water ski, or simply skimming the waters in your sleek sailing vessel. Ahh. However, with the pleasures, so come the responsibilities: maintenance, restoration, storm preparedness, winterization, and, yes, insurance.

Why do you need boat insurance?

Simply, second to your home, your boat is most likely your largest investment. What would happen if you lost it in an accident or storm? What would happen if someone broke in while you were on land? How would you handle the situation if you didn’t have enough coverage?

Most Boats Are Not Covered Under Your Home Insurance

Some believe boats are covered under their standard Homeowners policy. This may be true for smaller boats, but there are limitations. Obtaining a separate boat policy is always a good idea.

Boat Insurance Varies

Boat protection, like all types of insurance, varies widely between companies. This is true even between companies that specialize in marine insurance. When considering and comparing boat policies, contact your local independent insurance agent to help you determine the best coverage for the right price.

Main Components of Boat Insurance

Like your car insurance, boat insurance covers:

•Bodily Injury Liability – This coverage pays for expenses relating to injuries to others from an accident you caused. Medical bills, pain and suffering, defense costs and lost wages may all be covered.
•Property Damage Liability – This coverage can pay costs from damage to other property from an accident you caused. This could be damage to another boat, dock or other structure.
• Physical Damage- This covers damage to your own boat and its trailer. For example, if you hit a dock and your boat was damaged, the cost of repairing it would be covered. There are three ways this can be paid out:
• Actual Cash Value – The market value of your boat and/or its parts
• Agreed Value – You determine the amount of coverage when the policy is first written
• Replacement Cost – Your boat will be replaced with the same type of new boat. However, it is usually only available for boats less than two years old.

What Property is Usually Covered?

www.nh.gov/insurance/consumers/documents/pboatfc.pdf

Again, boat coverage varies between companies and states. For this article, we will use a list prepared by the New Hampshire state government.

• Anchors
• Batteries
• Bilge pumps
• Boat furniture
• Boat and motor covers
• Cook stoves
• Deck chairs
• Depth finders
• Detachable canopies
• Emergency signaling devices
• Fire extinguishers
• Fittings
• Fuel tanks
• Horns
• Life preservers
• Lights
• Masts
• Mooring cleat & lines
• Motors
• Oars
• Refrigerators
• Seat cushions
• Spars
• Tarpaulins

What Property is Usually Not Covered?

Using the New Hampshire guidelines, Pleasure Boat Policies or Endorsements usually exclude the following property:
• Beverages and other perishables
• Cameras or video recorders
• Cellular phones
• Clothing
• Food
• Jewelry and other personal articles,
• Para-sails, hang gliders or other devices designed for flight
• Portable televisions
• Stereos, tape decks or other instruments for recording or reproducing sound
• Scuba and other diving equipment
• Sail, masts, or spars while boat is operating in an official race or speed contest
• Watches
• Water skiing equipment

Boat Insurance Costs

Actual insurance costs vary according to the value of your boat, its length, the type (sail or power), mooring location, intended area of navigation and how high a deductible you choose. Like your homeowners and car insurance, you can decrease the rate of your boat insurance by increasing the deductible.

“The information on this site is general in nature. Any description of coverage is necessarily simplified. Whether a particular loss is covered depends on the facts and the provisions, exclusions and limits of the actual policy. Nothing on this site alters the terms or conditions of any policies, nor does it provide any guarantees. You should read your specific policy for a complete description of coverage.”

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Sleep better knowing an Independent Insurance Agent is on your side

First off, what is an Independent Insurance Agent?

There are two kinds of insurance agents, Captive Agents and Non-Captive, or Independent Insurance Agents. There is a big difference!

Captive Agents are committed to one insurance carrier, like AllState or State Farm, and are restricted to selling that one company’s product line. They cannot shop around for other opportunities that may better suit consumer needs. To a captive agent, the parent company comes first.

On the other hand, Independent Insurance Agents are open to offering their customers multiple product lines, which may include The Hartford, Safeco, or Travelers. This broader selection offers more resources to find coverage that best suits your personal situation. To an independent agent, the customer comes first.

Consumer Light Bulb Goes On!
Do you trust your finances with someone who is more concerned about their company than with you? Of course not! You will sleep better knowing an Independent Insurance Agent is on your side.
Keep your rates low. You can do a number of things to save money on your ATV insurance, including maintaining a clean driving record, staying free of claims or choosing a less “sporty” ATV. In addition, most insurers offer a discount if you insure more than one vehicle on your policy, or have more than one policy with the company. This could mean additional savings on your car, motorcycle, boat or RV insurance.
An Independent Agent:

1. Is a value hunter – they look for the best combination of price, coverage, and service.

2. Offers one-stop shopping. With one call or visit, you have access to multiple lines of coverage for all your needs. Independent agents vary, but most offer a full range of auto, home, rental, business, life, and flood products.

3. Is committed to customer satisfaction – their livelihood depends on it.

4. Treats you as a person – not a number.

5. Becomes your consultant/advisor for the present and future – helping you to protect your valuable assets.

6. Provides personalized claims service. No need to navigate a phone chain – Your independent agent can contact your insurance carrier directly to help smooth out the claims process.

7. Listens. How better to help determine your needs?

8. Has strong community ties. Look around you – PTA, Rotary, and Chamber of Commerce. Chances are your local insurance agent is right beside you building a stronger community.

How do you locate an Independent Insurance Agent? InsuranceDeals4U.com can connect you to an SIAA Certified Agent within or close to your zip code anywhere in the continental United States.

“The information on this site is general in nature. Any description of coverage is necessarily simplified. Whether a particular loss is covered depends on the specific facts and the provisions, exclusions and limits of the actual policy. Nothing on this site alters the terms or conditions of any policies, nor does it provide any guarantees. You should read your specific policy for a complete description of coverage.”

Insurance Matters: Tips To Ensure Your ATV Is Properly Covered

(NAPS)—When it comes to your all-terrain vehicle (ATV), it pays to keep your feet on the ground when it comes to insuring it. You may think it’s covered by your home-owners policy, but are you really protected? Your “toy” wasn’t cheap, and lacking the right type of insurance coverage could lead to a sticky financial situation.

“Owners should think of ATVs the same way they think of motor-cycles,” said Rick Stern, product manager, The Progressive Group of Insurance Companies. “You’d never consider getting on a motor-cycle without the proper insurance, and you shouldn’t ride an ATV without the right coverage either.”

If you’re not sure what to do about your ATV insurance needs, here are a few things to consider:

Your homeowners policy might not be enough. Most likely, your homeowners policy only covers your ATV if trouble occurs on your property. Anywhere else and you’ll be exposed. Look for an affordable ATV insurance policy that offers coverage no mat-ter where you are. Trail riders should be aware that many states require ATV insurance for vehicles operated on state-owned land.

What about theft? ATVs are portable and can be easy targets for thieves. You should consider ATV insurance that provides cover-age for things such as theft, fire and vandalism—just like the kind you can get for a motorcycle. Theft, fire and vandalism are covered by Comprehensive coverage, an optional physical damage coverage.

Consider uninsured and underinsured coverage. You never know what can happen in the great outdoors. This relatively inexpensive coverage protects you if another rider causes damage to you and he or she lacks adequate coverage.

Keep your rates low. You can do a number of things to save money on your ATV insurance, including maintaining a clean driving record, staying free of claims or choosing a less “sporty” ATV. In addition, most insurers offer a discount if you insure more than one vehicle on your policy, or have more than one policy with the company. This could mean additional savings on your car, motorcycle, boat or RV insurance.

For more information about ATV insurance or to find an independent agent, visit the Web site at progressiveagent.com.

Better Boating: Tips For Smooth Sailing This Season

(NAPS)—Before you take that first pleasure cruise or fishing trip of the season, make sure your boat insurance is shipshape.

Insuring a boat is different than insuring a car or home. Boats require specialized cover-ages. To avoid a sinking feeling about your boat insurance, consider these tips from the experts at The Progressive Group of Insurance Companies:

Evaluate your specific needs. Some insurance companies provide no-frills boat coverage that is simply added to an existing auto or homeowners policy. While this sounds good in theory, the reality is that your boat may be best covered if you seek out a specialized policy just for boats, not an add-on to your car or house policy. A knowledgeable, independent insurance agent will review all options with you. A specialized boat policy can cover things not likely covered by a homeowners policy, like the cost to replace lost or damaged fishing gear and costly services, such as emergency on-water towing and fuel-spill cleanup.

Consult an agent or broker who provides the most options. Unlike “captive” agents who represent only one company, independent agents and brokers represent several. They can offer a variety of coverages, review and evaluate your policies, answer your questions and suggest new coverage options that meet your changing needs. They guide you to the policy that provides you with the best combination of specialized coverage, service and price.

Look for a company that offers specialized boat policies. When there’s a claim, you will appreciate a company that provides specialized coverage and specialized claims handling. Ask other boaters what company they recommend or find an independent insurance agent who under-stands boat policies.

Once you choose a policy, make sure you understand what you’re buying. Your agent should be able to explain, in layman’s terms, what the different options mean. If you are unclear about something, be sure to ask for an explanation.

Tips For Protecting Boats And Motorcycles

Before you take your motorcycle on the road or put your boat on the water, it may pay to be certain your insurance is ship-shape.

Motorcycles and boats are often significant investments, and the right insurance policy can help protect them. Here are a few tips, courtesy of Insurance Cleveland Agency:

• Evaluate your specific needs. Insuring a boat or a motorcycle is different than insuring your car or home. A specialized motorcycle policy, for instance, can provide coverage for custom paint jobs and aftermarket equipment that might not be covered if the bike were just added to a generic auto policy.

• Similarly, a specialized boat policy could cover things like the cost to replace lost or damaged fishing gear and costly services such as emergency on-water towing and fuel-spill cleanup. You probably wouldn’t get this coverage by adding a boat to a homeowner’s policy.

• Consult with an independent agency – like Insurance Cleveland Agency. Unlike “captive” agents who represent only one company, independent insurance agents and brokers are licensed insurance professionals who represent several companies. They can offer you a variety of coverages, review and evaluate your policies, suggest new coverage options that meet your changing needs and answer your questions.

“An independent insurance agent or broker can make sure you have the specialized coverage you need to protect your boat or bike,” said Jim Lloyd, of the Progressive Group of Insurance Companies. “Some insurance companies provide only bare-bones protection for your boat or motorcycle by simply adding it onto your existing auto or homeowner’s policy, but independent agents and brokers can review and evaluate your needs to help match you with the company that will provide you with the combination of specialized coverage, service and price that’s best for you.”

Sinking boat insurance myths

You don’t believe in the Loch Ness Monster. You don’t believe your friend caught Jaws fishing off the Florida coast. So why do most boaters believe boat insurance covers them wherever they go?

Progressive surveyed more than 1,000 boat owners. It uncovered a few insurance myths floating around. Here’s a sample of the findings and the facts behind each:

Myth: Everyone pays more for insurance because of the hurricanes from a couple of years ago.

Reality: Even though it’s believed by 74 percent of respondents, it isn’t true. Boat insurers generally price policies based on claims in each state. For example, Ohio customers won’t pay more for insurance because of hurricanes in Florida.

Myth: Boat insurance covers me anywhere I decide to go boating.

Reality: Seventy-six percent of respondents believed this one. The reality is some insurers only provide coverage where the boat is used most. Insurers may limit coverage to 100 nautical miles of your home port. Progressive provides coverage virtually anywhere you decide to go in the continental U.S. and Canada.

Myth: I’ll get a better insurance rate if I buy from the same company that insures my home or car.

Reality: Buying more than one product from the same insurance company doesn’t mean you get the best rate – even though 45 percent of respondents thought so. Boaters can save by shopping around and combining specialized policies from different companies.

“It’s important to understand what’s available,” said Dominic Mediate of Progressive. “You want to be properly protected in case your boat is stolen, you get into an accident or contents are damaged. We’re separating fact from fiction so boaters can make the best insurance decisions possible.”

RV insurance

If you bought a tractor trailer, you wouldn’t add it to your car insurance policy. It’s a specialized vehicle and needs special coverages and claims handling.
So why do more than half of RVers surveyed by The Progressive Group of Insurance Companies add their RV to their car insurance policy?

“We don’t know why, but we know why they shouldn’t,” says Cathy Pelfrey, RV product manager with Progressive.

For example, what if …

… your RV breaks down on a trip?
While a lot of car insurance policies offer roadside assistance, many may not include coverage for your RV. Even if your policy covers some roadside expenses, it may not cover them all. For example, it may pay for towing only up to the amount it costs to tow a car. RV tows can cost three times more. That means out-of-pocket expenses you’re responsible for paying.

… your RV is involved in a crash?
Auto insurers typically have someone who normally handles car insurance claims inspect your RV. Specialty RV insurers train claims rep to look for damage and write estimates specific to RVs. They also work with repair facilities that know how to repair an RV and guarantee the work.

… the stuff in your RV is stolen?
You may keep things inside your RV that you never keep in your car like jewelry, laptops and camcorders. Your auto policy won’t pay to replace these items if they’re lost, stolen or damaged. Specialty insurers offer “personal effects” coverage that will pay to replace them if they’re used with your RV.

Golf carts insurance

Once reserved for getting from one green to the next, many people now “putt” around retirement parks and condo complexes in golf carts.

Golf carts are quickly joining the ranks of ATVs, snowmobiles and personal watercraft as a favorite toy for grown-ups.

But what happens if these items get stolen or damaged? Make sure you’ve got the right combination of coverage and service to get you back on the trails and waterways quickly.

“One of the biggest benefits of specialized ‘toy’ insurance is that it covers you just about anywhere you want to go,” says Marcy Gray of Progressive.

When it comes to big-kid toys, you can’t afford not to insure them. While fun to own, they can be costly to repair. If you add one of these to a homeowners policy and trouble occurs off your property, you could be on the hook.

“Specialized coverages go well beyond the bare-bones coverage you get with a homeowners endorsement,” says Gray. “Stand-alone policies cover you for things like towing and accessory theft. Companies that sell specialized policies also generally have claims reps trained to get you back on the ‘playground’ fast.”

Motorcycle Insurance 101:The Essentials

“Just as riding a motorcycle is much different than driving a car, riders should know that their motorcycle insurance needs are different, too,” said Rick Stern, motorcycle product manager, The Progressive Group of Insurance Companies.

Here are some tips:

Update your policy. First, verify that all your coverages are still in force. Be aware that some companies have a winter layaway period during which some cover-ages are restricted. Check with your insurance company to see if you currently have any type of limited coverage. Next, note any changes such as additional riders or a new garaging address. A quick call to your independent agent or insurance company will ensure coverage that reflects your current needs.

Consider additional liability coverage. If you have significant assets, it may be to your benefit to carry a higher limit just in case you are involved in an accident that causes injury to some-one else or damage to property.

Look into medical payments coverage. Medical payments coverage pays your medical bills as well as your passenger’s and is available in limits up to $25,000 in most states.

Make sure custom parts and equipment are covered. Additional parts such as chrome plating, a custom paint job, saddlebags or special rims usually increase the value of your motor-cycle and may not be covered. If you’ve added any custom parts or equipment, you’ll want to check your policy or call your independent agent to make sure they’re covered.

Know your options. Rates can vary, so shop around to see if another company offers you a better rate or if you qualify for any discounts. If you have comprehensive and collision coverage, consider raising your deductibles. Doing so can help to lower the cost of your policy.

Choose a company that specializes in motorcycle insurance. For example, Progressive is America’s largest motorcycle insurer. Progressive agents and brokers understand the special needs of motorcycle owners and offer specialized coverages that are designed for them and their bikes.

Did You Know?

Riding a motorcycle is different from driving a car. Motorcycle insurance needs are different, too. That’s why it’s important to choose a company that specializes in motorcycle insurance. For example, Progressive is America’s largest motorcycle insurer.