Boat Insurance | Boizelle Insurance Partnership
What Should My New Year’s Resolution Be With Regard to My Insurance?
The coming new year is always a time when people feel inspired to assess their accomplishments of the previous year and to see how they can make improvements to their moving forward. From traveling more to getting into the best physical shape of your life, the ideas certainly can make up a long list. But, when was the last time you thought about your insurance coverage? Are you sure that you have enough in place? What if something disastrous happens? Will you be covered? Are your current coverages sufficient enough to cover the damages? Now may be a good time to consider giving us a call!
- Review and Update All Policies
- Why: Over time, your life circumstances (new job, home purchase, family changes) may affect your insurance needs.
- Action: Make it a habit to review your auto, home, life, and health insurance policies annually. Ensure that your coverage amounts are still appropriate and that you’re not overpaying for unnecessary coverage.
- Increase Your Deductibles to Save Money
- Why: Higher deductibles generally result in lower monthly premiums.
- Action: If your financial situation allows for it, consider increasing your deductibles to save on premiums. Just make sure you can afford the higher deductible in the event of a claim.
- Add or Review Supplemental Insurance
- Why: Sometimes, basic coverage isn’t enough for certain needs.
- Action: Look into adding supplemental policies like disability insurance, critical illness insurance, or an umbrella policy if you think additional protection is needed.
- Ensure You Have Enough Life Insurance
- Why: Life insurance should reflect the current needs of your family and dependents.
- Action: If you’ve had major life changes (e.g. marriage, children, or a home purchase), review your life insurance policy to ensure it’s adequate.
- Focus on Preventative Health Measures
- Why: Good health insurance can be more affordable and valuable when used for preventative care.
- Action: If you have health insurance, make sure you take advantage of preventative care benefits. Staying healthy can help reduce overall healthcare costs and premiums.
- Set a Goal for Claims-Free Status
- Why: Maintaining a claims-free status can lead to discounts and fewer premium increases.
- Action: Try to minimize accidents or damages, and avoid unnecessary claims to keep your rates low.
- Read and Understand Your Policies More Thoroughly
- Why: Knowing the ins and outs of your coverage will help you make informed decisions.
- Action: Take time to carefully read your policy documents and learn about your coverage limits, exclusions, and claims process.
- Consider an Umbrella Insurance Policy
- Why: It offers extra liability coverage beyond your home and auto insurance, which can be beneficial for unexpected situations.
- Action: Research whether an umbrella policy fits your needs for an extra layer of financial protection.
- Assess Your Auto Insurance Coverage
- Why: Driving habits, the type of car you own, and even the area in which you live can influence how much coverage you need.
- Action: Reevaluate your auto insurance limits, considering factors like commute distance, vehicle value, and driving history.
Making a resolution to stay on top of your insurance ensures you’re both financially protected and not overpaying for your insurance.
Read moreBoating Safety Tips
Wear a life jacket: Make sure everyone on board wears a properly fitted life jacket. In case of an emergency, it can save lives.
Check the weather forecast: Before heading out, check the weather forecast. Avoid going in stormy or rough weather conditions.
Inspect your boat: Regularly inspect your boat for any signs of damage or wear. Ensure that all safety equipment, such as navigation lights, horns and fire extinguishers, are in good working condition.
File a float plan: Let someone know where you are going and when you plan to return. Provide them with a detailed itinerary, including your route and expected return time.
Stay alert and sober: Avoid alcohol and drugs while operating a boat. Stay focused on your surroundings and be aware of other boaters, swimmers, and obstacles in the water.
Follow navigation rules: Familiarize yourself with navigation rules and regulations for the area where you’ll be boating. Pay attention to markers and buoys, and know the right of way.
Use proper lighting: Make sure your boat has the required navigation lights for nighttime boating. Always carry a flashlight with extra batteries onboard.
Keep a safe distance: Maintain a safe distance from other boats, swimmers, and fixed objects like docks and buoys.
Learn basic first aid: Be prepared for emergencies by knowing basic first aid techniques and having a well-stocked first aid kit onboard.
Educate yourself: Take a boating safety course to learn about boating laws, regulations, and best practices. Continuous education can help you become a safer and more responsible boater.
Remember, safety should always be a top priority when enjoying time on the water.
Read moreMust-Know Tips for Boating Safety
The weather’s finally getting warmer and it’s time to enjoy your time out on the water with friends and family. Regardless of whether you’re a seasoned boating expert or a newbie, it’s a good idea to freshen up on boating safety, so that you and those you care about most can have a fun, memorable experience out on the water.
Unfortunately, boating accidents claim lives every single year. To prevent a potential tragedy, follow these safety precautions before taking the boat out:
Have your boat inspected. The Vessel Safety Check is a free public service that is offered by the U.S. Coast Guard Auxiliary and U.S. Power Squadron volunteers. Experts will make sure that your boat meets the minimum safety requirements and also that you have the necessary safety equipment onboard that can save lives and get help in the event of an emergency.
Make sure you have plenty of life jackets on board. The easiest way to keep yourself safe while you’re on a boat is by wearing a life jacket. Eighty-two percent of drowning victims were not wearing a life jacket, according to Coast Guard studies. At minimum, you should have a life jacket readily available for each person on board your boat. Laws do require that you wear a life jacket while on board as well. In states where no children’s life jacket law in in place, a U.S. Coast Guard interim rule states that children under the age of 13 are required to wear a life jacket that is approved by the U.S. Coast Guard.
Develop and communicate a float plan. All important information pertaining to your trip including contact information for your trip leader, the type of boat you’re using, and where you plan to use your boat should be included in the plan.
Remember that consuming alcohol while on a boat is not a good idea. Sixteen percent of all recreational boating deaths have been linked to the consumption of alcohol. Although it’s not illegal to drink while boating, think of the situation the same way as driving a car under the influence of alcohol. Your reaction time is impaired and you could jeopardize the lives of yourself and your loved ones.
Pay attention to the weather. Before taking your boat out on the water, take a look at the weather forecast to make sure no thunderstorms will be on the way. Windy days also present certain hazards while boating. Waves can potentially capsize smaller vessels or passengers could fall overboard.
Keep your boating skills sharp. Operational error accounts for over 70% of boating accidents each year. You can improve your boating skills by enrolling in educational courses.
Know how to swim. If you’re out on the water in any situation, you should know how to swim. Otherwise, like it or not, you are putting yourself at risk. Floatation devices can help, but only so much.
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Why Do I Need Boat Insurance?
Typical boat insurance policies have two basic sections: physical damage and liability. Physical damage pertains to accidental loss or damage to the boat and its machinery. Various parts of the boat would be covered in this section of the policy: the hull and engines, sails, personal property, and any other operating equipment that is essential to the boat’s functionality.
Liability Coverage
The liability section of the policy is where you will find your coverages for your legal obligations to third parties, as well as damage caused to someone else’s property as a direct result of operating your boat. For example, let’s say you’re on your boat with your family and some guests. One of the guests on your boat slips and falls, breaking their ankle. The broken ankle would be considered bodily injury. Your policy would also cover you if someone died while on your boat.
Medical Payments Coverage
Another part of a boat insurance policy that is very important is your coverage for medical payments. If the event of an injury to another party, your Medical Payment coverage would cover the costs for any first aid treatments, an ambulance, hospital bills, and any other costs resulting from an injury on your boat. You’ll want to make sure that you have coverages for in place for when people are either coming aboard your boat or if they’re leaving. Always makes sure you have enough coverage on your policy to cover potential injuries to yourself or members of your family.
Uninsured/Underinsured Boat Coverage
When it comes to legal operation of a boat, liability insurance is not required. Therefore, in some instances, it is not unlikely that someone may not be carrying liability insurance on their boat policy. Uninsured/Underinsured Boat Coverage is meant to cover you for injuries sustained that are caused by an operator of another boat that doesn’t have liability insurance on their boat policy.
How Much Will It Cost to Insure My Boat?
This is not a simple question to answer. There are several factors that go into determining the cost of insurance for a boat. For instance, the value, length, and age of the boat; type of boat, type of engine, where you plan to use your boat, and claims history. Naturally, someone who has a long history of filing insurance claims for their boat is going to pay a higher cost than someone who has a clean slate because they are deemed to be higher risk. As is the case with other types of insurance, there are ways to lower the cost of your premium. The easiest, and perhaps most commonly used way is to select a higher deductible for your policy. This is the money you would pay up front out of pocket before your insurance policy kicks in. It may also be possible to include something called a lay-up period which is a period of time in which your boat is not being used (typically during the winter months). Your insurance underwriter may offer a discount for each month you are not using your boat.
Call our office to discuss your options for boat insurance today! We’re here for you!