Hello! I’m Dan Lyles with Lyles Insurance. This video is going to go over 10 additional coverages offered on a good boat insurance policy.
While many boaters just want basic liability coverage on their boat, and maybe physical damage coverage on their boat, that’s fine. But there are other people who may want a little more coverage than just the basics. And that’s what we’re going to cover here. And I also want to point out there are some lousy boat insurance policies out there. But there’s also some very good ones, and we’re going to go through that.
There are two major ways that most people buy boat insurance. One is to simply attach the boat onto their homeowners insurance policy. And while this is a pretty easy and convenient way to do things, attached boat insurance policies tend to not have all the great coverages. And can be very limited in even basic coverages. That’s why a standalone boat insurance policy is usually better 9 times out of 10.
Before we get into the 10 additional coverages, it’s important that you have a firm knowledge about the five basic coverages: liability, uninsured motorist, medical payments, comprehensive and collision. Those are the same five basic coverages that you will see on an auto insurance policy, a motorcycle insurance policy or any other motor vehicle. I’m not going to go over them here because I’ve already wrote dozens of articles about all of them. So visit my blog if you’d like to learn more about them. But it’s important that you understand them before we move on into the 10 additional coverages.
OK, so let’s get started on the 10 additional options. And # 1, we’ll start off with accessory coverage. This is anything that is permanently attached to your boat, such as stereo or navigation equipment. And most companies will offer that free up to a certain dollar amount, usually around $3000 (give or take $500). But they also offer you the option of purchasing more if you need it. Also #2, personal property coverage. This includes things like lifejackets, fishing equipment, skis and inner tubes. We all know how expensive those can be. And so it’s really good coverage to have, and it’s usually for a very low price depending on what level of coverage you choose. #3, trailer coverage. Almost any boat gets hauled with a trailer. And if you want coverage on the trailer itself, it’s usually very inexpensive in comparison to the value of the trailer.
#4, Agreed value coverage. If you can get this on your boat insurance policy, it is great to have. Basically, if you totaled your boat, it tells you the exact amount that your boat is covered for in the event of a total loss. And most boat insurance policies only go by actual cash value basis, which only pays up to the market value of the boat. So if this is offered, the extra cost is very little and well worth it. #5, Increased mileage coverage. Some of you may want to go farther than what your policy allows you to. A good policy will give you the option to increase that radius for a very reasonable price. #6, roadside assistance coverage. This is usually good coverage to have, although they vary a lot between one boat insurance company and the next. So make sure you know exactly what is covered and for how much.
#7, Total loss coverage or GAP coverage. Boat insurance companies will offer one or the other, and they’re very similar to one another. This only applies if you bought a brand-new boat or have a boat that’s almost brand-new. And what it does is help prevent you from being underwater on a loan in case of a total loss. If this applies to you, this is a no-brainer to add this coverage. You’d get paid a lot more if you happen to total your boat. #8, Hurricane haul out coverage. Now in the six states that I sell boat insurance in, this probably only applies to those of you in Virginia and some of you in Eastern Pennsylvania. But it reimburses you for half the cost of having to move your boat out of the water when a hurricane is on the way.
#9, liability coverage for fuel spillage and debris removal. This kind of thing can get expensive if you cause an accident. So make sure that it’s either included with your liability coverage, or if not, check to see if it’s offered as an additional optional coverage. And finally #10, propulsion plus coverage. This is for lower units of outboard motors and upper and lower units of inboard/outboard motors in case you have a mechanical breakdown. Also great coverage to have for a low price. So that’s it! Those are the 10 additional options that you should look into before you buy a boat insurance policy.
For those of you who live in Ohio, Indiana, Michigan, Pennsylvania, Virginia or West Virginia, if you would like for me to personally run you a boat insurance quote, I’ll be very happy to do so. I’ve posted a quote page on my website that you can click on. I’ll also leave this in the description below and get an online quote. Or if you’d rather get a quote by phone, I’ve also posted my phone number. Thank you for watching and have a great day!
Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..