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Watercraft Coverage & Values

2015-07-31 15:13:00

Being on the water is relaxing. Watching kids enjoy the water toys makes us smile. Make sure you have piece of mind with the right coverage for your watercraft of all kinds. Depending on if you have a fishing boat, pontoon or jet ski the coverage might be different.

Sometimes you can add the boat onto your homeowners policy while other times it's best to have a separate policy. That is a good conversation to have with your agent.

 

Coverages to Consider:

  • Property Damage Liability – $500,000 limit or more; ask about coverage for fuel spill cleanup
  • Medical Payments – $10,000 limit or more; ask about coverage for water-skiers and tubers
  • Uninsured and Underinsured Motorist Coverage – because you can’t control what limits other people buy and they could damage your boat or injure your passengers
  • Total Loss Replacement – replaces your boat with a brand new one of similar make and quality
  • Agreed Value Coverage – replaces your boat for the amount stated on the policy if a total loss
  • Disappearing Deductibles – reduces the deductible by a specified amount at each claim-free renewal
  • Replacement Cost Personal Effects & Fishing Equipment – protects your personal items in the boat
  • 24-hour Roadside Assistance – covers towing of boat and vehicle to nearby shop if you get stranded
  • Emergency Towing and Labor – provides on-water towing service
  • Wreckage Removal Coverage – coverage for a boat that sinks or need to be recovered from the water

What is my boat worth?

Watercraft value depends on many different factors such as age, condition, motor size, and area of the country. The best place to start is NADA Guides (http://www.nadaguides.com/Boats) and put as much information into the system as possible. This website will give you a number to gauge the value if it's been more than two years since you purchased it. If you bought the boat within two years, a purchase receipt would work for a value. However, I still recommend checking NADA’s value in case you got a smokin’ deal that you couldn’t get again, and we need to insure it for a higher amount.

Have a question about your boat coverage? Wondering about who can drive it? Want to know if your accident or speeding ticket will affect the price? We should talk.

Call Jessica Ebeling, an agent at Warner and Company Insurance, at 701-237-6414 or email jebeling@warnerandcompany.com.