Boating is a popular pastime on the Gulf Coast, and with the right insurance coverage, boat owners can test the waters knowing they’re protected in the event of property damage or injury.
Multiple risks come with owning or operating a boat, and various coverages are available to protect against theft, collision, damage that causes sinking, injury to others or damage to other vessels.
A range of policies is available to cover your investment and protect you financially in the event of an accident. These are the types of coverages offered that you may want to discuss with your agent:
- Agreed Value Coverage – Covers the total loss amount for the value you insured it for, minus any deductible.
- Liability – Pays for damaged property or medical care, lost wages and other costs incurred by other boaters or boat owners for an accident in which you are at fault.
- Medical Payments – Provides coverage for needed care that is the result of a boating accident. You, your passengers, water skiers and tubers are covered regardless of who is at fault.
- Physical Damage Coverage – Pays for repairs or replacement to the craft, motor or other permanently attached equipment, or the trailer if stolen or damaged.
- Underinsured/Uninsured Coverage – Provides coverage for medical treatment, lost wages, the costs of repairs or other expenses if other boaters involved have no insurance or don’t have adequate protection.
- Personal Property – Covers swimsuits, wet suits, fishing gear, safety gear and other personal items in the event damage results in a loss of property.
- Toxic Waste Liability – Protects against accident-related pollution that may come from spilling oil or fuel from your vessel.
- Wreckage Removal – Pays for the removal of the boat or any wreckage caused by an accident.
- Trailer Coverage – Provides protection if something happens to damage the trailer you use to transport your boat.
- Emergency Assistance – Covers towing, labor, and delivery of gas or other necessary supplies if the boat becomes disabled on the water.