There is a notion that boat theft is uncommon, especially if all you’re going to do with your boat is fishing, water skiing, or going on a leisure cruise on a lake. And this is enough motivation for many people not to purchase boat insurance. However, boat insurance covers more than just accidents. It has other important components that make purchasing boat insurance the smartest decision you’ll make as a proud boat owner.
And one of these components is boat theft, which has been a problem for many boat owners for a long time.
Importance Of Location When Your Boat Is Stolen
If you’re not planning on using your boat often, you might be tempted to cancel your insurance to save some extra money. We recommend you maintain your insurance coverage. You might wake up one day and find your boat missing. And what are you going to do then?
If your boat gets stolen while it’s in the dock or the marina, your boat insurance can cover the theft under the property coverage policy. However, if your boat was stolen from a marine storage facility, the insurance purchased by the storage facility owner may be the primary insurance. And your own insurance coverage will provide secondary insurance.
Before you make a claim for a boat that was stolen while on a trailer, you must be aware of what your boat insurance policy states. Some boat insurance policies will offer protection against a boat stolen on a trailer. However, some other insurance providers will require you to invest in extra coverage to cover your boat trailer.
What Happens If Someone Breaks Into My Boat And Steals The Boat’s Accessories?
It is more common for a thief to steal the accessories in your boat instead of taking your entire boat. Luckily, boat insurance policies have got you covered. Aside from covering the boat itself, your insurance policy should also cover all equipment and parts that come permanently attached to the boat. They include the motor, anchor, depth finders, fuel tank, permanently attached navigation systems, and headlamps.
For other important boat parts and equipment vital in operating your boat but are not permanently attached, you may have to purchase additional coverage from your insurance company. However, other insurance companies offer limited protection to equipment such as fishing gear, scuba and diving gear, navigation systems, computers, satellites, and water skiing equipment.
For any personal belongings you bring along with you, your standard boat insurance policy may not cover them. Nevertheless, your home insurance policy might offer protection for your personal belongings provided you insure them.
If My Boat Gets Stolen, How Much Will I Be Reimbursed?
If your boat is stolen, your insurance company may be required to reimburse you either the full value or a certain percentage of your boat’s value as per your insurance agreement. According to the Information Insurance Institute, boat insurance policies offer two types of coverage. Each coverage type has its own premiums and parameters.
1. Agreed Amount Value
This insurance policy requires you and your insurance provider to have agreed on a specific valuation of your vessel. So, in case you don’t recover your boat, your insurer should pay the ‘agreed amount’ in full. And in case only a few accessories are stolen from your boat, this policy will replace the old accessories with new accessories. However, this coverage is usually offered to newer boats, and your premiums will be higher. Nevertheless, you will never have to worry about your insurance provider factoring in the depreciation value of your boat during reimbursement proceedings.
2. Actual Cash Value
This policy will help facilitate the purchase of a new boat; however, the depreciation value of your stolen boat will be deducted from the replacement costs. When you suffer a total loss on your boat, your insurance company will calculate the actual market value of your boat at the time of loss and pay you that amount. In case of partial losses, a certain percentage will be applied to the total amount of the repairs to represent the depreciation value of the pieces of equipment stolen. So, if you want to replace your stolen boat with a newer and more expensive boat, you will be forced to pay the difference from your pocket.
What Other Coverages Does Boat Insurance Offer?
1. Liability Coverage
The likelihood that your boat might cause injuries to other people and destroy the property of other people is high. And that’s because accidents do happen, and it can be difficult to avoid them. So, to avoid paying for the victim’s expenses from your pocket, ensure your boat insurance policy includes this coverage.
2. Medical Payments Coverage
The liability coverage policy will only pay for the medical expenses of the victims of your accidents. It will not help cover your medical expenses if you’re injured. That’s why you’ll need medical payment coverage that will take care of the medical expenses of you and your boat’s passengers in case you suffer injuries from an accident.
3. Property Coverage
This policy is responsible for offering protection against theft. However, it also offers cover against physical damages. Boats are prone to risks such as fires, collisions, and other types of boat accidents. Therefore, it’s important to ensure you’re adequately protected against such accidents. And the best way to do that is through boat insurance property coverage that will cover the repairs to your boat in case an accident does occur.
4. Guest Passenger Liability Coverage
Have you ever allowed someone else to pilot your boat? If your answer is yes, then we recommend you ensure your boat insurance policy covers damages caused by someone else piloting your boat with your permission. However, if your insurance provider doesn’t cover other pilots, ensure you have this coverage or do not allow anyone else to navigate it. The policy covers the legal fees of the pilot and the medical expenses and damages incurred by the accident’s victims.
Boat insurance will give you the peace of mind that you deserve by putting in place safeguards to protect your vessel. So, if you want to learn more about our boat insurance policy, San Angelo Pronto Insurance has got you covered. Visit our website via this link https://prontosanangelo.com/watercraft-boat-insurance/ and get in touch with us.
San Angelo Pronto Insurance
3426 Sherwood Way Suit E
San Angelo Texas 76901
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