Watercraft and Boat Insurance
Most people, especially new boat owners don’t know what to look for in an Oklahoma watercraft insurance policy, insureUoklahoma can help you determine the right amount of coverage to meet your specific needs. insureUoklahoma’s professional insurance agents have been insuring boats and other watercraft for over a quarter of a century so they know what to look for and how to shop the best policy for you and your family. Just insureUoklahoma today at 918.322.7100 to get started.
Here are some things you and your professional insurance agent need to consider when shopping for Oklahoma watercraft insurance.
- Navigational Area
Know where you are covered in the water. Some insurance companies offer protection that covers you up to 75 miles from the U.S. coastline, into Canadian coastal or inland waters, and into the Pacific coastal waters of Mexico. In California, Florida and Oregon, coverage for additional areas can be purchased. If you and your boat will only be using the inland lakes of Oklahoma this shouldn’t be a concern.
- Agreed Value Coverage
Boats and watercrafts depreciate just like cars and sometimes even faster so you and your professional insurance agent will want to make sure that the boat, trailer, and equipment are properly covered. Actual cash value policies can make it difficult to replace a boat that has been stolen or destroyed. This means that if your boat is a total loss you will get the value you insured it for, minus any deductible.
Like car insurance, personal liability coverage provides coverage to other boaters and boat owners in the event you are at-fault for an accident on the water. This coverage will pay to repair or replace the property of others boats as well as for their medical care, lost wages, legal defense and other costs incurred as a result of a boating accident for which you are at-fault.
- Medical Payments
Medical payments coverage will pay for the cost of needed care that is the result of a boating accident. This coverage is available from $500 to $10,000 and covers you, your passengers, and even your water skiers/tubers, regardless of who is at-fault. Medical coverages is often a secondary coverage to one’s health insurance but can come in handy with deductibles and copayment amounts. Often clients don’t think that they need medical coverage for themselves because they have health insurance but unless you are going to check all of your guests health insurance policies before they boat with you it is highly recommended that you provide medical coverage.
- Physical Damage Coverage
Physical damage coverage pays for the cost to repair or replace your watercraft, its motor, any permanently attached equipment, and your trailer if it is stolen or damaged.
- Uninsured/Underinsured Watercraft Bodily Injury
Since boat and watercraft insurance is not always mandatory, many boaters choose not to get insurance. If you are hit by an uninsured or underinsured boater and you are injured, this type of coverage pays for medical treatment, lost wages, and other costs associated with the accident.
- Fuel Spill Liability and Wreckage Removal
If your boat or watercraft should sink or be seriously damaged, there is a chance that it could leak oil or fuel into the water. As the boat’s owner, you are required by law to salvage the boat or watercraft and have the fuel spill cleaned up, which can be time consuming and expensive.
- Personal Effects
Your policy can provide coverage for many personal effects, including scuba/snorkeling, other sporting equipment, fishing equipment, and other personal effects that are most commonly used on a boat or a watercraft. Limits vary by state, so check with us for what’s covered in Oklahoma. Personal effects coverage does not include jewelry, watches, furs or other personal property that would be covered on your homeowner’s policy. A general rule of thumb is that personal property is covered on your homeowner’s policy regardless of where it is.
- Unattached Equipment Coverage
This pays to repair or replace equipment that isn’t permanently attached to your boat or personal watercraft but is designed for use primarily on a boat. This includes items like lifesaving equipment, radios, water skis, wakeboards, anchors, oars, fire extinguishers, tarps, etc.
- Emergency Assistance
The Emergency Assistance Package provides coverage for towing, labor and delivery of gas, oil or loaned battery if the watercraft is disabled while on the water.
- Policy Deductible
Choose the highest deductible you can afford, because a higher deductible will significantly lower your premium. You’re seeking coverage for major damages to your boat or watercraft, not for every little thing that can go wrong. It’s better to spend $500 of your own money on minor repairs every so often than pay an extra $50 a month whether you need repairs or not. Save physical damage insurance for when you have boat or watercraft repairs that cost thousands, not hundreds. Remember, if you submit a claim for every little thing, your premium will sky rocket or you could be cancelled.
We’ve given you a lot of information here, probably more than you had thought about when buying your boat or watercraft but not to worry we’re ready to help. Get your boat or watercraft insurance quote today from the best independent insurance agency in Oklahoma. We’ll help protect your boat or watercraft now and in the future.
Have more questions regarding your boat or watercraft insurance? Call your professional insurance agent at insureUoklahoma at 918.322.7100 or send us an email at info@insureUoklahoma.com.