Ahoy there! 😉 As an insurance agent, let me tell you that boat insurance is a MUST-HAVE for any watercraft owner. Not only will it protect your investment, but it can also cover damages, injuries, and even salvage costs.

Now that the sun is out and the lake is calling your name, I’m here to answer some of the most common questions about boat insurance. Check out the details here, and then give me a call to see what kind of options we have for you!

Are You Required to Have Boat Insurance?

Insuring your boat in Missouri isn’t a legal requirement, but it’s an important step to take if you plan on taking it out onto the water. 

Without insurance, you could be stuck with a big financial loss if something goes wrong while you’re out for a ride – so make sure to have a policy in place before heading out! 🛥️

What Does Boat Insurance Cover?

Property Damage

In 2021, the total cost of property damage caused by recreational boating hit a whopping $67.5 Million in the US. Yikes! Think of all the stuff you have on your boat–especially if you have some nice fishing gear. So if you hit a log that sends your gear flying into the water and get a hole or dent in the boat, that bill’s probably going to add up really quickly.

Collision Damage

This one is a little self-explanatory 🙂 Collision damage will help cover the cost of repairs if you’re found to be at-fault in a collision or you’re hit by an uninsured boater. 

Bodily Injury Liability

Likewise, so do medical bills! Accidents happen, even when you’re careful. If someone gets hurt and needs medical attention, you can give your insurance agent a call to see if your insurance policy will cover the costs. It often depends on how the injury happened and who’s at fault for the accident, but many people appreciate the peace of mind just knowing that they have coverage if something goes wrong.

Hull Coverage

The ‘hull’ is the main body of the boat, and its main job is to prevent flooding or damage from impacts. Unfortunately, hulls can be expensive to repair if they sustain too much damage. In some cases, your insurance company may opt to pay out the total value of your boat instead of repairing it. 

 

How Do You Get a Better Deal on Insurance?

1. Customize Your Policy

One of the biggest benefits of working with an independent agent is that we customize every policy. 

When you apply for insurance online, you’re usually getting a “cookie cutter” policy and paying for things that you don’t actually need. Or even worse, not getting coverage for things that you do need.

2. Decide What Kind of Coverage You Want

Actual Cash Value

• This policy is a little more costly because your insurance will pay out the total value of your boat per the date of the claim. So as the value of your boat and the cost of repairs increases, so does your maximum insurance payout. 

Stated Cash Value 

• As a more cost-effective option, this endorsement will issue payouts based on the value of your boat per the date you created the policy. You’ll save more each month with a smaller payout if you do file a claim.

3. Bundle Your Other Insurance Policies

I’m sure you’ve heard a thousand advertisements from insurance companies wanting you to “bundle” your policies. That’s because you can usually save a decent amount of money each year in discounts! 

Chat with The Resource Center | Independent Insurance Agency

At The Resource Center, we’re an independent insurance agency. That means we don’t work for an insurance provider like Progressive, Auto-Owners, or Travelers–we work for YOU! Our agents will shop your rates in the market so we can find the best deal for your budget. 

Catch John Schaeffer’s show Dollars & $ense Tuesdays at 3 pm on KOLR’s Ozarks Live. This radio show is a paid placement.

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Insurance products are offered through the insurance business The Resource Center Insurance Services, LLC. The insurance products offered by The Resource Center Insurance Services, LLC are not subject to investment advisory requirements. 1798390-5/23