Why Boat Insurance?

If you’re a boat owner, you may be asking yourself: why should I insure my boat year-round, especially when I only get to use it for a few months? It’s a good question, and one that all boat owners ask at some point. The main reason boat owners cancel their boat insurance after every season is to save money. The truth is, it can actually be more expensive in the long run. If you’re considering only getting boat insurance during the boating season, here are five reasons to carry boat insurance year-round.

  1. It’s most likely required.

    Boats are expensive investments. Chances are you’ve financed your boat instead of paying cash outright. If that’s the case, boat owners are usually required by lenders to carry insurance all year round. It makes sense since the lenders are making an investment as well. They need to protect that investment all year, not just during the boating season. Besides lenders, marinas may also require you to have boat insurance in order to dock at their facility.

  2. There’s risk out of the water too!

    At a minimum, boat insurance should protect you from fire, theft and vandalism, which unfortunately, happen all year round. Moreover, these unforeseen events are more likely to occur in the winter months, when boatyards are typically unattended.

  3. Mother nature doesn’t have an off-season.

    While your boat is in storage, it’s still vulnerable to damage from natural disasters like fire, hurricanes, flooding or even the unanticipated inclement weather. Having the proper boat insurance can prevent you from losing tens of thousands of dollars.

  4. Homeowners insurance offers limited boat coverage.

    You may think you would automatically be covered under your homeowner’s insurance policy. The truth is a homeowner’s policy will only cover damage to your boat while it’s on your property. The amount of coverage offered is significantly less than what you would get with a boat insurance policy. Here’s what boat insurance normally covers:

    • Collision damage – Covers repair or replacement of your boat in the event of a collision.
    • Property damage liability – Covers damage caused to someone else’s boat, dock or other related property or structures.
    • Bodily injury liability – Covers you in the event that you are sued for injuring another person in a boat accident.
    • Comprehensive – Covers you in the event your boat is damaged, stolen or vandalized in an incident other than a collision.
  5. It’s more cost effective to carry boat insurance year-round.

    No one wants to spend more money than they have to. The thing is, cancelling your boat policy for the winter months and then starting it up again in the spring can be more costly in the long run than carrying it all year round. Here’s why: Most insurance companies, DVA included, will reward you with a reduced deductible each claim-free year. If you cancel your boat insurance policy after each season, you’ll end up paying the full amount on your deductible if you need to make a claim. Loyalty discounts are also often given for maintaining coverage and renewing annual policies.

Quick Tips for buying a boat.

We’ve mapped out an overview of how to buy a used boat, and in conclusion, let’s go through a few tips to keep in mind if you’re planning a purchase soon.

  1. While you can indeed find value in the used boat market…more

     

LET NATIONWIDE PROTECT YOUR FISHING BOAT, SAILBOAT, PONTOON BOAT, SKI SURF BOAT OR OTHER RECREATIONAL BOAT VALUED UP TO $350,000.

What does boat insurance cover?

Bodily injury liability. If you cause an accident with your boat and someone is injured, this coverage can help pay their medical bills and loss of income. 

Property damage liability. This coverage helps pay for damages to another person’s vehicle or property, if you cause an accident with your boat. Pollution liability coverage and wreckage removal are included.

Collision. Collision pays for damage to your boat, motor, trolling motor, trailer, and permanent and portable boating equipment if you’re in a covered accident with another boat or object..

Comprehensive. This coverage can help pay for damage to your boat, motor, trolling motor, trailer, and permanent and portable boating equipment from losses other than collision. This includes damage from fire, theft or storms.

Comprehensive. This coverage can help pay for damage to your boat, motor, trolling motor, trailer, and permanent and portable boating equipment from losses other than collision. This includes damage from fire, theft or storms.

Medical payments coverage. Med pay can help cover medical bills if you or others are injured while operating or occupying your boat.

Uninsured motorist. Helps pay for bodily injury damages if you or someone on your boat is injured in a covered accident with an uninsured or hit-and-run boater.

Optional boat insurance covers.

On-water boat towing & labor. Covers towing expenses and other emergency services, up to selected limits, if your boat becomes disabled on the water.. 

Roadside Assistance for boats. May pay for on-site labor for your tow vehicle or boat trailer, or towing to the nearest qualified repair facility.

Fishing equipment insurance. Helps cover damage to fishing equipment while on an insured boat or while being carried on or off an insured boat.

Boat insurance packages. Save money on your insurance when you buy a boat insurance package. We have a wide-range of packages available for different types of boaters:

Weekenders. If you take gear onto your boat and remove it when you’re done, you can get coverage up to $1,000 for fishing equipment, $3,000 for personal effects and $500 for towing..

Overnighters. If you spend the weekend or take short boating trips, you can get coverage up to $2,500 for fishing equipment, $5,000 for personal effects and $2,500 for towing.

Light Tackle Anglers. If you own a bass boat or smaller fishing boat, you can get coverage up to $5,000 for fishing equipment, $2,000 for personal effects and $2,500 for towing..

Deep Water Pros. If you fish big waters, gulfs, bays and oceans, you can get coverage up to $10,000 for fishing equipment, $5,000 for personal effects and $2,500 for towing.

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Are BOATVALUE® Values Accurate?

BOATVALUE® uses Nada, J.D. Power and in house data to determine the best value for your boat. N.A.D.A was established in 1917 and has been collecting boat data almost as long. BOATVALUE® is the industries only consumer facing INSTANT boat valuator. Our values reflect both wholesale and retail transactions to provide a 360 degree view of the market. The data is updated daily to reflect the market so we are always at the forefront of the market so we can give dealers and consumers the most up-to-date pricing uses Nada, J.D. Power and in house data to determine the best value for your boat. N.A.D.A was established in 1917 and has been collecting boat data almost as long. BOATVALUE® is the industries only consumer facing INSTANT boat valuator. Our values reflect both wholesale and retail transactions to provide a 360 degree view of the market. The data is updated daily to reflect the market so we are always at the forefront of the market so we can give dealers and consumers the most up-to-date pricing.

About BOATVALUE® Values

BOATVALUE® is dedicated to being a trusted, true, and transparent partner for boaters and industry professionals to rely on. We always choose the boater first, we are committed to providing a simple and quick valuation experience. We are focused on providing intuitive resources for boaters to assist in buying, selling and owning a boat. BOATVALUE® uses NADA and J.D.Power data to ensure the values we provide are accurate.

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BOATVALUE® is America’s #1 Boat Valuator. We are the industries only cunsomer facing boat evaluation tool. We use NADA and J.D.Power data to ensure the values we provide are accurate.

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