Boat & Watercraft Insurance: What’s Covered?

by Administrator 20. February 2017 06:39

Boat insurance is imperative to provide coverage in case of a loss or damage to your boat. Although it covers most types of watercrafts, canoes and kayaks are generally not included in the insurance policy. It is essential to get an adequate amount of boat and watercraft insurance so that you get paid for any kind of loss.

The cost of boat insurance that you need to incur depends on several factors such as: the state you reside in, the type and size of your boat, size of motor and whether you have opted for additional coverage or not. You can save a lot of money on boat insurance by becoming eligible for certain type of discounts given by insurance companies. For instance, you can get discount on boat insurance premiums if you don’t use the boat throughout the year or boat only in fresh water instead of salt water, etc.

A standard boat insurance policy provides the following types of coverage options:

  • Property damage liability: Under this type of coverage, you will be provided protection for damage caused by you to someone else’s boat, passengers or property. The insurance company will also pay for legal expenses in case you are sued by the other party.
  • Collision damage: You will be paid for all the expenses if your boat gets damaged or is stolen. However, wreckage removal may not be included in this category and you will have to opt for additional coverage in case you require it.
  • Comprehensive coverage: The insurance company will pay in case your boat gets stolen, damaged or sabotaged. Some insurance companies also provide for free pet injury coverage (certain pets) under comprehensive and collision coverage.
  • Uninsured/underinsured boater (UB/UIB): If another boater who does not possess boat insurance damages your boat and injures you, he may or may not pay for the harm caused. In case the other boater does not possess valid insurance, you may have to pay for the damages. UB/UIB will provide you coverage for the injuries occurred, medical bills and even pay for the wages lost in case you are unable to go to your workplace due to the accident.
  • Bodily injury liability: You will be paid for the expenses by the insurance company if you cause injury to someone else while using your boat. The insurance company will pay for the medical bills, lost wages and even the legal expenses.
  • Additional coverage options: For more protection, you will require additional coverage so that you and your watercraft are fully protected. Extra coverage options include:
  1. Total loss replacement
  2. Coverage for fishing equipment or personal items on the boat
  3. Water towing
  4. Mechanical breakdown coverage

For affordable and comprehensive boat insurance in Killeen, TX, consult Shawn Camp Insurance Agency, Inc.  We can help you to compare various boat insurance plans and choose the most suitable one according to your requirements. For details, feel free to call us at (254) 526 - 0535.

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Watercraft Insurance In Killeen, TX

by Administrator 20. May 2016 12:54

If you own a boat, it is imperative that you invest in a comprehensive insurance policy to protect yourself from financial losses in case of a theft or accident. Though watercraft insurance is not a legal requirement in all states, you must buy a policy that covers any sort of damage to your boat. Researching a good number of insurance plans offered by insurance carriers in Killeen, TX and comparing the coverage options can help you make an informed decision. 

Listed below are some common watercraft insurance coverage options:

  • Bodily Injury Liability: It covers any injuries incurred in a boat accident caused due to your fault. The policy will pay for the medical bills, lost wages and other financial losses of the other party as well as your fellow passengers.
  • Property Damage Liability: This coverage provides protection in case your boat causes damage to others’ watercrafts or boating equipment. Depending upon the coverage limits of your policy, it will recompense the total cost of damages.
  • Physical Damage Coverage: It  covers the repair cost of the boat’s machinery, furnishing, sails and other attached structures in case of an accident, weather damage, vandalism etc.
  • Uninsured/Underinsured Boater: If you are involved in an accident with a boater who is not insured or does not have sufficient coverage, your watercraft insurance will pay for the damages. These may include your medical bills, lost wages, boat repair costs and other expenses incurred due to the accident.
  • On-Water Towing: Under this coverage, you can avail towing services in case your boat breaks down or gets stuck in the middle of the water due to insufficient fuel, mechanical failure or a collision. 
  • Fishing Equipment: The insurance policy will also cover any loss or damage to your fishing rods, scuba gear, reels, tackle boxes, mobile phones and other personal belongings on the boat.
  • Fuel Spill And Wreckage Removal Coverage: This includes the cost of cleaning up a fuel spill if your boat sinks or gets damaged in water. The coverage also pays for the removal of debris of a sunk watercraft.
  • Total Loss Replacement: If your boat is completely damaged, the insurance policy will cover the cost to buy a new boat. The coverage amount will be provided according to the current market value of the same make and model.

If you are looking for a comprehensive watercraft insurance in Killeen, contact Shawn Camp Insurance Agency, Inc. For details about the coverage options, call us at (254) 526 – 0535 or visit 2705 E. Stan Schlueter Loop, Suite 101, Killeen, Texas 76542.

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