Boats have their own peculiar risks. Unless you've financed your boat, insurance isn't required, but it's highly recommended for purposes of protecting both that investment and your other assets should something happen while you're using it. Here are some important issues regarding boat insurance that we want you to be aware of before purchasing or renewing your boat insurance.
DON'T RELY ON YOUR HOMEOWNERS INSURANCE
Most homeowners policies will only provide very minimal coverage for very small boats like a canoe or small sailboat. They won't cover physical damage, liability, theft or vandalism when a larger boat with an engine is in the water. A new 26 foot boat will probably cost over $50,000. You'll want coverage for that investment alone.
BE AWARE OF COVERAGE DATES
Most Minnesota policies don't insure boats for on water activity after October 31. A nice fall day in November with nobody else on the water might be inviting. If somebody gets hurt when you've abruptly grounded your boat on rocks, you're probably not covered for liability, damage to your boat or removal of the boat from the rocks.
Boat policies have navigational limits. For boats of 26 feet in length or under, navigational limits usually consist of the inland or coastal waters of the United States and Canada. Be sure your boat insurance covers where you're going. If you'll be in international waters, make sure you're covered.
COVERAGE ON LAND
If you're towing your boat on a trailer with a car or truck, you're probably covered for liability purposes under your auto policy. Boat insurance won't cover liability when boats are being transported on land. Talk with an agent at Value Plus Insurance to cover your auto, boat and home with a single insurer. Then have them place an umbrella policy over those for complete coverage.
SAVE SOME MONEY
Completing a boater safety class during the winter months, and addition of additional safety features should get you premium discounts. Extend time out of the water. Haul out at the end of September rather than the end of October. Advise your Value Plus agent of the safety class and features along with the haul out date, and they can save you dollars. The Land of 10,000 Lakes was made for boaters. Contact Value Plus Insurance for boat insurance.