Michigan Boat Insurance: Why you need a stand alone boat insurance policy

It is very common for Michigan boaters to simply attach their boat insurance on to a homeowners policy. And sometimes this does save a few bucks. However as you will find out stand alone boat insurance coverage offers much more protection than boat insurance attached to a homeowners policy.

     Boat insurance policies vary from company to company but in general, boat insurance that is attached to a homeowners policy has some serious shortcomings:

• Boats attached to a homeowners policy are usually insured on actual cash value basis rather than agreed value basis, which is available with most stand alone boat insurance policies.

• Many homeowners policies don't cover a boat that is moored in a marina. How crazy is that!

• There are homeowners policies that exclude boaters in poker runs, regattas and fishing tournaments

• Stand-alone boat insurance policies also offer coverages that are not offered when attaching the boat to a homeowners policy. These things include:
  •  emergency assistance
  •  protection from uninsured boats
  •  medical payments coverage
  •  debris removal trailer coverage
  •  coverage on accessories
  •  liability coverage for fuel leakage 
  •   less mileage restrictions
  •  coverage for fishing equipment

     SUMMARY: Not all boat insurance policies are the same. Be sure to take a close look at your policy provisions before you sign on the dotted line.  In most cases, you will be surprised to find out how more more coverage is available for about the same amount of money.


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10 point checklist to see if your Boat Insurance policy has excellent coverage

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