Engaging in boating activities is a popular pastime in North Carolina. However, like automobile insurance, boat insurance is vital for safeguarding your financial well-being in the face of unforeseen accidents and liabilities.
Contact The Peterson Agency in Burlington, North Carolina, to learn more about your boat insurance options.
Understanding Boat Insurance
Boat insurance helps provide a financial safety net for watercraft owners in the event of accidents, theft, damage or personal injury while operating their boats. Coverage options cater to various watercraft types, including motorboats, sailboats, fishing boats, yachts and personal watercraft such as jet skis.
Like auto insurance, boat insurance typically includes liability coverage, which may help cover claims if you are responsible for causing injuries or property damage to others while boating. Many marinas and lenders require boat owners to carry insurance.
Options for Boat Insurance Coverage
While specific policies may differ, boat insurance coverage typically includes the following:
- Physical damage coverage may help pay for repairs or replacement if your boat sustains damage due to collisions, accidents, theft, vandalism or natural disasters. This coverage may require a deductible.
- Liability coverage may help pay for injuries to others or property damage while operating your boat, up to the policy’s limits.
Your agent might recommend the following additional coverage to enhance your policy:
- Towing and assistance—This coverage aids in paying for the expenses associated with emergency towing, fuel delivery and other assistance services if your boat becomes disabled on the water.
- Salvage coverage—In the unfortunate event that your boat incurs damage while on the water, salvage coverage may help cover the costs of its removal.
- Cruising extension coverage—If you plan to leave the United States by boat, this coverage may provide additional insurance to accommodate your travels.
Factors Influencing Boat Insurance Premiums
Several factors contribute to the cost of boat insurance premiums, including the following:
- Boat type, horsepower, size, age and value
- Owner's boating experience
- Intended use
- Navigational area
- Policy limits and deductible
- Proximity to theft-prone areas
- Safety equipment
Boat insurance is highly customizable, so working with an experienced agent who understands boating insurance requirements is crucial to get appropriate coverage.
How to Get Boat Insurance
Contact The Peterson Agency to compare boat insurance quotes. Our team can help you get the insurance coverage you need to help you relax and enjoy your time on the water.