On a hot day, there may be nothing better than going out on your boat, yacht, or jet ski. Regardless of the type of watercraft you have, you will want to enjoy it for years to come. But, owning one of course comes with risks, like many other forms of recreation.
If you plan to purchase a boat or personal watercraft, or already have one, you will want to protect your investment, as well as your wallet, especially if an unfortunate event occurs. While no one wants to think about accidents, it’s better to be prepared and covered than to be hit with a bill you can’t afford, should something unexpected happen. Buying boat insurance can help you maintain and protect your watercraft.
Boat insurance can cover medical costs if you or another person involved in an accident is injured. While injuries may be the most serious accident, a responsible boater understands that there are additional dangers. Accidents can involve your watercraft, personal property, or another persons’ watercraft or property too.
We’ve provided information to help you learn about what type of watercraft coverage may benefit you most.
What is covered under a boat insurance policy?
While coverage may vary slightly depending on the insurance company you choose, most companies carry the same basic boat insurance options. These policies include boat insurance property coverage, liability coverage, medical payments coverage, and uninsured watercraft coverage.
Boat Insurance Property Coverage
Whether your boat or watercraft is in the water or on land, if it is insured, it will be protected. If your boat is damaged in an accident or stolen, property coverage can help you pay for repair or a replacement.
Liability coverage is the most common reason banks and lenders want you to obtain a boat insurance policy.
If you are involved in an accident that resulted in the damage of another person’s property, you may be held liable but can receive help with those expenses from your boat insurance policy.
Medical Payments Coverage
If you, your passenger, or another boater is injured, medical coverage can help pay some of the high hospital bills, such as x-rays, a hospital stay, additional treatments, or medications.
Uninsured Watercraft Coverage
While you are responsible for buying a boat insurance policy, not all boaters will. If an uninsured boater collides with you, your insurance policy will help you pay for expenses where their coverage may be lacking.
Other Types of Protection
Towing assistance and fuel delivery are two other types of protection that may be included in your policy. At Frost and Remer, we would never want you to worry about getting stranded, whether it be in the water or land. To give you peace of mind, we provide these special services.
Most insurance companies offer additional add-ons that may apply to you and your specific watercraft to provide all of the coverage you need. You just have to ask.
Does the state of Michigan require boat insurance?
It is not required to purchase boat insurance in Michigan, yet some lenders or banks require it until you have finished paying the loan for your boat or watercraft. Even though it is not a law, it is still a wise and responsible decision. Who wants to lose out on thousands of dollars if their watercraft is damaged or someone is injured?
Living in Michigan near the Great Lakes means there are many opportunities to go out on the water. However, the water levels are at the highest they have been in 30 years. This makes them slightly more dangerous, and boaters should be cautious.
Higher water levels make swimming and boating riskier hobbies. Your property may also be at risk, as water conditions are unpredictable and more robust. Faster and deeper currents can also stir up debris that you will not always see. This debris has the potential to harm you, your passenger, or your property.
When is boat insurance a good idea?
If you recently purchased your boat or other watercraft, you will want to obtain boat insurance. A watercraft is expensive and can be considered an investment. You may not want to pay more money to insure it. However, boat insurance is always a good idea. It provides you, your passengers, your property, and other boaters with protection. Protection is essential; while it doesn’t prevent an accident from happening, it does protect you during the aftermath.
When accidents occur, there is usually a list full of things to worry about. How you will afford your medical bills or pay to repair your watercraft damage should not be one of them. You should be able to focus on the health and safety of yourself and others involved, as well as getting back to enjoying your investment.
What types of watercraft can be covered?
Most types of watercraft are covered with boat insurance policies. Still, it is always best to check with your insurance company and ask them exactly which ones they cover.
Commonly covered watercrafts
- Personal watercraft, such as Jet Ski, WaveRunner, and Sea-Doo
- Motorboats, also known as powerboats
- Fishing boats (think Bass boats)
If you need help determining what specific coverage you want, Frost and Remer are now scheduling virtual appointments to answer any of your boat insurance questions. We would be glad to let you know what types of watercraft we cover and how much coverage we provide for each type.
Frost & Remer, here to help you prepare for summer’s adventures
Whether you like to leisurely fish, or you’re an adventurous jet-skier, we can help to protect you and your watercraft. We want you to enjoy your summer by easing your mind. With the right type of coverage, you won’t have to worry about property damage, accidents, or theft.
While we already offer fair and low boat insurance rates, we are always looking to find you more deals. To find out about the discounts we offer, boat safety courses, and other great benefits, contact us today!