Boating is a refreshing, yet expensive, hobby.
Boat insurance is not an obligation in New Jersey; however, even though it is not required, it is well worth it to protect the money you have invested in your boat and to cover you for any liability.
Here is a quick overview of boat insurance options.
Your homeowners policy is not enough
Many homeowners insurance policies offer limited coverage for boats. They can work for small boats but these policies may not cover some risks that are specific to marine issues, such as wreck removal, environmental damage, pollution, and salvage work. Therefore when dealing with any sizable boats, boat insurance is the best option.
Factors influencing the cost of your policy
There are several factors that insurers use when deciding what to charge for your boat insurance and whether they will cover you, including:
- The overall value of the boat
- The overall condition
- The type of boat
- The boat’s age
- Where the boat will mainly operate, i.e. primarily in lakes, rivers or the ocean
- The length of the policy
Most boat owners will require more than a “bare bones” policy. Additional elements that may be required are listed below.
Specialized Coverage
Specialized coverage covers some of the additions your boat may have, such as high-end props and navigation equipment.
Salvage
Salvage coverage pays for removal of the boat when it becomes damaged and usually covers all types of damage from minor to substantial.
Towing
Towing coverage lowers your out of pocket expenses A single tow can be upwards of $400 for each hour your boat is being towed.
Consequential Damage
Consequential damage covers wear and tear. It will cover corrosion, rot, and mold.
Boat insurance is best customized to your unique needs. The best way to do this is to talk to an experienced boat insurance agent. John B Wright has been working with boaters for over 50 years so we’ve pretty much seen it all! You can request a quote here to get started.
Leave a Reply