Not All Auto Insurance Policies are Created EqualNot All Auto Insurance Policies are Created Equal

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Not All Auto Insurance Policies are Created Equal

It is important to understand exactly what your auto insurance policy entails, especially if you own an older vehicle and you don’t carry comprehensive coverage. While most insurance policies have general similarities, there can be serious differences between one policy and another, even if you’re only comparing policies offered by the same company. For example, some policies cover things like car rentals if you’re ever in an accident while others won’t even cover the towing costs to get your vehicle to a repair shop. This blog is designed to provide you with some insight into what you should expect from typical policies, and what to look for when comparing your different options to ensure that you’re getting the most bang for your buck.

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Boat Insurance Options To Keep You Afloat

Owning a boat can be a substantial investment, which is why some boat owners joke that boat really stands for "Break-Out-Another-Thousand." If you're a boat owner looking to protect your prized water craft, boating insurance is a necessity. However, there are several options you might want to consider to protect your type of boat and your style of boating.

Standard Coverage

Standard boat insurance typically covers the following parts of your watercraft.

  • Hull
  • Sails
  • Furnishings
  • Motor
  • Trailer

Additionally, the following come standard with most boat insurance policies:

  1. New Boat Replacement: If you're purchasing a new boat, you should make sure that your boat insurance policy will replace your new boat if it is rendered inoperable. This is important because boats substantially depreciate once they enter water for the first time.
  2. Liability: Although you should always check the amount of liability your policy covers, this component of your boat insurance covers any accidents that might occur on your boat. This includes injuries sustained by passengers aboard your watercraft.
  3. Salvage or Wreck Removal: Many jurisdictions levy heavy penalties for boat owners who aren't able to remove their boats from waterways. For instance, if your boat sinks, removing it can be expensive, dangerous, and time consuming. Boat insurance should cover the cost of removing, transporting, and scrapping your watercraft if it sinks.

Options to Consider

Adding the following options might be well worth the investment for your particular boating style and needs.

  1. Towing: If your boat breaks down in the middle of a lake, river, or ocean, you can't simply call a tow truck to haul you out. Boat towing is not only expensive, but it's also potentially life-saving depending on your boating needs. If you boat in remote locations, adding boat towing to your insurance policy can easily pay for itself the first time you use it. It's important to read the fine print before you add this policy. If you boat in international waters, some boat towing policies may not apply. Contacting the boat towing service in your area to make sure that they will accept your boat towing insurance policy is an easy way to ensure that your insurance will deliver if the need arises.
  2. Fishing Equipment: If you're a fishing guide or charter captain, adding this policy is a no-brainer. However, if you're an avid fisherman, this policy might make sense for you too. For instance, if you kayak or fish on smaller vessels, your insurance policy might apply to all of the watercraft you own. Double-check the deductibles and limitations of these policies; if the deductible is less than the standard rod and reel on your boat, then the insurance policy can be well worth the investment.
  3. Hurricane Haul Out: If you happen to boat in a tropical zone, you're likely in the path of potential hurricanes. Regardless how well you secure your boat during these types of storms, they are likely to cause significant damage to your boat. Some insurance policies offer optional coverage to cover the cost of hauling your boat to a safe location when a hurricane threatens your boat.
  4. Ice/Freeze Out: Similar to the aforementioned towing services, ice and freeze-out coverage helps you manage the risks associated with boating on waterways that experience ice. If ice traps your boat or prevents you from safely reaching a harbor, ice and freeze-out coverage will defray the cost of sending an icebreaking vessel out to rescue you. If the vessel can't reach you, the policy normally covers the cost of replacing the boat if it can't be rescued from the icy location.

These boat insurance types can help keep your boat and your family safer this summer boating season. To learn more about your options, contact an insurance company like Veronica's Auto Insurance.