What you Need to Know about Boat Insurance

When you buy a boat in Twinsburg, OH one of the many costs you face is boating insurance. Before you sink any money into a policy, talk to the experts at Quest Financial and Insurance Services. Here are some of the basic facts you’ll need to know to get started: 

Collision damage: This covers the cost to replace or repair your craft, but typically excludes wreckage clean-up.
Property damage liability: Pays for damage you cause to another craft, dock or property while operating your boat.
Bodily injury liability: Covers injuries you incur when someone else operates your boat, including medical bills, legal costs and lost income.
Comprehensive: Covers situations where your boat is stolen, vandalized or damaged other than in a collision.
Additional options cover oil spills, personal property, and roadside assistance while you transport the craft. You can also get coverage for injuries and damage caused by uninsured boaters.

Specific Boat Insurance Coverage

The specific coverage you need depends on the type of boat you have and the requirements of the lender. However, here is a listing of the more typical coverage types to consider. 

  • Specialized Coverage pays for specific items listed in the policy, such as expensive propellor or navigation system.
  • Salvage Coverage ensures the cost to move your boat when it’s been substantially damaged.
  • Consequential Damage is for loss resulting from regular wear and tear rather than a collision and includes mold, rot, and corrosion.
  • Towing to safety can cost $400 per hour, so be sure to include this if your boat frequently.
  • Cruising Extension pays for additional coverage on extended cruises outside US waters.

Talk to your agent at Quest Financial and Insurance Services in Twinsburg, OH regarding the best coverage for your boat.