Benefits of specialized boat or personal watercraft insurance

Coverage that isn’t available when a boat or personal watercraft is added to a homeowner’s policy is what can be offered, along with competitive rates, widespread adoption, and specialized coverage for boat and personal watercraft (PWC) owners.

This policy may include:

• Continued sinking, explosion, burning or collision caused by wear, concealed failure or mechanical failure.

• Subject to local custom as long as the boat is winterized according to the manufacturer’s specifications, frost damage to the boat and engine(s).

• No costs for improvement or depreciation. For example, a six-year-old bimini top is torn off in a storm; it will be replaced with a new one instead of paying a small percentage of its original value.

Policy features:

Negotiated Value – Available on any boat eligible for physical damage coverage. In the event of a total loss, this pays the rating base regardless of the actual cash value. Optional for full coverage policies. Protects against depreciation.

Total Loss Replacement – Available on newly purchased boats up to one model year old. Replaces the insured boat with a new boat in case of total loss. For the boats older than five model years. They pay the purchase price. Protects against depreciation and inflation.

Navigation – Coverage applies to all inland waterways and all waters within 75 miles of the US and Canada; 125=mile navigation limit note.

Environmental Damage – Cover for fuel spillage and wreckage clean-up is included in all policies.

Roadside Coverage – Covers breakdown while the boat is in tow, even if the towing vehicle is not insured by the insurance company.

Water Sports Activities, Water Skiing, Wake Boarding – Included in Liability and Med Pay Covers.

Replacement costs for the items on board -Provides primary coverage for personal effects and fishing equipment.

Emergency Water Towing – Pays for water towing and labor costs when the boat becomes unusable on the water.

Propulsion Plus – Provides coverage for the lower unit of an outboard motor and the upper and lower units of a sterndrive motor in the event of a mechanical failure, including failures caused by wear and tear.

Disappearing Deductibles – Deductibles are reduced by 25 percent for each no-claims policy period. After four claim-free policy periods, the deductible is zero.

Small Claims Forgiveness – Premium will not be increased if a customer has one or more claims that require a payout of $500.00 or less.

Did you know that in the United States, one in eight households with a car owns a boat.

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The median for PWC owners is 41 and for boat owners 45 to 49.

The median income for PWC owners is $95,000.00 and for boat owners $50,000 to $75,000.

Purchase of used boats makes up 70 percent of the new boat policy.