Boat Insurance: Keeping Your Assets
‘Afloat’ on Choppy Seas
No responsible, civic-minded driver anywhere would consider getting behind the wheel of a car without proper auto insurance. If you’re a boat owner, taking to the water without adequate coverage is no less risky.
Owning a boat or watercraft is loads of fun—water and sun, memories and fun—but boat ownership comes with serious responsibilities—serious risks and liabilities. If you own a boat, you need to secure proper coverage to protect not only yourself, but also your family, your property and investments, too.
Boat Insurance: Coverage for Everyone on the Water
You’ve also got an obligation to others sharing the water with you. Suppose you were in an accident out on the water for which you’re judged legally liable for damages and/or injury to others. What would happen if you didn’t have proper boat insurance? Financial ruin is a real possibility. Don’t let it happen!
What Does Boat and Watercraft Insurance Cover?
Typically, boat insurance policies cover the most common perils related to physical damage to the boat:
- Sinking
- Fire
- Storms
- Theft
- Collision
Standard boat and watercraft policies also provide reimbursement for damage to numerous items related to boating. Such items include the boat itself, of course, and the motor too. Coverage also extends to the trailer deployed to tow the vessel to water. The list of covered items also includes equipment permanently attached to the boat, along with anchors, oars, trolling motors, extra fuel tanks, tools, removable canopies, seat cushions, life jackets and preservers, skis and tow ropes, dinghies, and more.
Many watercraft insurance policies also cover labor costs for repairing and/or replacing the boat and any related equipment. Most standard boat insurance provide basic liability coverage, too. Texas law doesn’t require boat coverage, but going without some degree of coverage isn’t worth it.
How Much Does Boat and Watercraft Insurance Cost?
Premium costs for a boat and watercraft policy will depend on the agreed-upon values of the policy, chosen deductibles, insurability, and other factors. In this way, boat insurance is quite similar to other policy types.
Does Texas Require Boat Insurance?
Technically, no. However, Texas law isn’t the only factor. If you purchase your boat on loan, for example, the creditor will likely stipulate that you maintain boat coverage. Many boat owners store their vessels at marinas or boatyards, which routinely require owners to carry a certain degree of boat insurance.
Need another reason to carry boat insurance? How about this: It just makes sense. Protecting your passengers and property, and looking out for the wellbeing of your neighbors is, quite simply, the right thing to do. And what about the financial aspect of boat ownership? If your boat were totaled in an accident, do you have the liquid assets to simply replace it without insurance?
For a Free Quote on Texas Boat Insurance, Contact Texan’s Choice Insurance Agency®
Got a question about boat insurance? At Texan’s Choice®, we’ve got the answers you need to make informed decisions about coverage! If you’re shopping for boat and watercraft insurance in San Antonio, or anywhere else in South Texas and surrounding counties, give Texan’s Choice® a call today at 210-492-7000. For a free online boat insurance quote, click here.