Whether you own a personal watercraft, small ski boat, fishing boat, or a 26-foot cruiser, knowing that you're covered by Prosper Insurance Group should give you the peace of mind to relax and enjoy every nautical mile.
Why Insure Your Boat or Personal Watercraft?
- In tough economic times some people are tempted to let insurance coverages lapse. Should you ever need to use your watercraft insurance, however, it is one of the best investments you could make. Here are a few things to consider:
- If you're in an accident or your watercraft is stolen, it costs money, often a lot of money, to fix or replace it.
- If you or any passengers are injured in an accident, medical costs can be extremely expensive.
- If your watercraft is responsible for damage or injury to others, you may be sued for much more than you're worth.
- If you are injured by an uninsured boater, uninsured watercraft coverage will provide coverage for you.
Full Coverage policies generally include:
- Navigational Area Know where you are covered in the water. Typically a policy covers you up to 75 miles from the U.S. coastline; into Canadian coastal or inland waters; and into the Pacific coastal waters of Mexico. In California, Florida and Oregon, additional coverage area can be purchased.
- Agreed Value Coverage Watercrafts depreciate just like automobiles. Actual cash value policies can make it difficult to replace a boat that’s been stolen or destroyed. Propser Insurance Group can typically offer a watercraft insurance policy on an agreed value basis for all types of watercraft, no matter how old. This means that if your boat is a total loss you will get the value you insured it for, minus any deductible.
- Liability Like auto insurance, personal liability coverage provides coverage to other boaters and boat owners in the event you are at-fault for an accident on the water. This coverage will pay to repair or replace the property of someone else as well as for their medical care, lost wages and other costs incurred as a result of a boating accident for which you are at-fault. For example, if you purchased $100,000 of liability coverage and were involved in a boating accident, the policy would pay up to $100,000 to repair the other party's boat and any associated injuries for people in that boat.
- Medical Payments Medical payments coverage will pay for the cost of needed care that is the result of a boating accident. This coverage is available from $500 to $10,000 and covers you, your passengers, and even your water skiers/tubers, regardless of who is at-fault. For example, if you purchased $2,000 of coverage and you hit another boat and three people in your boat were injured, each injured person would have $2,000 available to cover associated medical costs.
- Physical Damage Coverage Physical damage coverage pays for the cost to repair or replace your watercraft, its motor, any permanently attached equipment, and your trailer, if it is stolen or damaged.
- Uninsured/Underinsured Watercraft Bodily Injury Since boat coverage is not mandatory, many boaters choose not to get insurance. If you are hit by an uninsured or underinsured boater, and you are injured, this coverage pays for medical treatment, lost wages, and other costs associated with the accident.
- Fuel Spill Liability and Wreckage Removal Should your boat sink or be seriously damaged, there is a chance that it could leak oil or fuel into the water. As the boat's owner you are required by law to have this cleaned up, which can be time consuming and expensive. The good news we can offer a watercraft policy that automatically includes this coverage. We call also provide a policy that will a pay reasonable costs to have your sunken or sinking boat raised and removed when required.
- Personal Effects Many companies provide coverage for many personal effects, including clothing, jewelry, cell phones, scuba/snorkeling and other sporting equipment, and fishing equipment. Basically anything that's use is not limited strictly to a boat or boating is covered. Limits vary by state - check with your agent for information. Personal effects coverage does not include jewelry, watches or furs.
- Unattached Equipment Coverage This pays to repair or replace equipment that isn’t permanently attached to your boat or personal watercraft, but is designed for use primarily on a boat. This includes items like lifesaving equipment, water skis, anchors, oars, fire extinguishers, tarps etc. In most cases, if physical damage coverage is purchased, your policy automatically includes Unattached Equipment coverage up to 10% of the hull value or $100, whichever is greater. Higher limits can be purchased for additional premium.
- Emergency Assistance The Emergency Assistance Package provides coverage for towing, labor and delivery of gas, oil or loaned battery if the watercraft is disabled while on the water.