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Going Boating this Summer? Don’t forget your Watercraft/Boat Insurance!

The warm days of summer are here, and it is time to get your boat out of storage and back on the water! Before opening it up full throtle, make sure you are covered for any accidents that may occur.

Think about your pontoon boat, fishing boat, ski boat, Jet Ski, etc. like you would your personal autos or home. You want to make sure you are adequately covered for any liability (or property damage if desired) that could occur as a result of owning that watercraft. Here are some things to think about when considering watercraft/boat insurance:

  1. Why do I need watercraft insurance?
  2. How much is it going to cost me?
    • Watercraft insurance can run anywhere from a couple hundred dollars a year to over a thousand. It all depends on the type of watercraft needing coverage, the coverage requested, and your personal risk characteristics. As you can imagine, a yacht is going to cost a whole lot more than a john boat.
  3. What factors help determine my watercraft premium?
    • The following is a list of characteristics that affect your watercraft premium: (Note: This list is not exclusive and factors differ from company to company.)
      • Type of boat
      • Coverage requested (i.e. liability only, comprehensive & collision, deductible)
      • Limits of coverage
      • Watercraft usage
      • Watercraft claims history
      • Your age & gender
      • Your driving history
      • Watercraft description (i.e. year, make, model, inboard/outboard engine)
      • Horsepower
      • Your personal credit score (this is becoming common with most insurance coverage)
  1. Should I buy the boat or boat insurance first?
    • Insurance is definitely a cost in owning a boat. As such, it should be factored into the cost of purchasing your boat. So you may not need to actually purchase the insurance before buying the boat off the lot, but it’s good to get the coverage quoted through a reputable insurance agent so you know what to realistically expect when you need to make the actual insurance purchase.

Owning a watercraft is a lot of fun, but make sure you are smart and insure yourself before you head out on Lake Murrary or the Intracoastal Waterway! Call your trusted insurance agent or Livingston Insurance Agency at (803) 791-1120 for your watercraft quote today.

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