4 Types Of Boat Insurance Coverage You Should Consider

​As a boat owner, it's important to protect your investment and sufficiently insure your boat before taking it for a spin on the sea. If you're considering boat insurance, it's key to know what coverage plans are available and how much they will cost. Here's a quick rundown:

1. Property Coverage
   Property insurance also provides coverage for theft or vandalism if the damage is caused by an accident or inflicted by another person. The cost of repairs can vary depending on where they happen. Some towns require more extensive repairs than others due to their proximity to major highways or bodies of water.
   
   
2. Liability Coverage
   Liability insurance will pay for any resulting legal expenses if your boat damages another person's property or someone is injured on board. This coverage is important because it provides peace of mind that your family and friends are taken care of if something goes wrong.
   
   
3. Uninsured Boater Coverage
   This plan generally helps pay for damages caused by uninsured boaters. If you're in an accident involving an unlicensed driver, this coverage can help ensure that your boat isn't damaged or destroyed.
   
   This policy usually covers the cost to repair or replace your vessel if it's been damaged due to an accident involving an uninsured boater. It may also shoulder medical expenses from injuries sustained by anyone aboard the vessel during such accidents.
   
   
4. Passenger Legal Liability Insurance
   If you have passengers on your boat, it's important to ensure they're covered under legal liability insurance. This type of coverage will help pay for any medical expenses or other costs that result from an injury the passenger sustained while at sea.
   
   What counts as an "injury" for this type of policy? It could be anything from getting hit by a wave or falling off the dock.

Types of Boat Insurance: "Agreed Value" Policy & "Actual Cash Value" Policies
Agreed value policies consider the value of the boat based on its condition when the insurance plan was drawn (i.e., it won't depreciate). 

Actual cash value policies, on the other hand, pay off based on the current state of your vessel, factoring any existing damages into their payout amount. So if your vessel is damaged or has had multiple repairs over the years, it'll affect how much they reimburse!

Boat Insurance Add-Ons
You can also access additional coverage options for accessories to your boats, like trailers, fishing gear, personal property, and ice & freezing coverage.

The crux of these add-ons is that they help protect you from the unexpected costs of owning a vessel. They may also include legal expenses if someone sues you over something that happens on your boat. 

Protect Your Investment 
Boat insurance coverage is a complex topic, and it's easy to get bogged down in the details. But when you understand these four types of boat insurance coverage best, you can start thinking like a smart boat owner instead of just an average one! 

At Arnold Insurance Agency, LLC, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (318) 965-5953 . You can also request a free quote by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!