Buy a boat? Congratulations! There’s nothing quite like spending time on the water with the wind in your hair, the sun on your face and a decent sized fish on your hook. (Okay, I admit, the cold water can run down your back, the waves can rip through the edges, and you can end up with an empty net… but that’s all part of the fun, right?)
A boat is arguably one of the most expensive investments in life after a house and/or car. So, although boat insurance is not mandatory, it is important to get the ducks in a row before launching.
Calling or hanging up with a colleague from Bancorp® Insurance before drowning in rough seas will be a happy voyage (and peace of mind). Here are some things to consider when buying a new or used vessel:
- Don’t rely on your landlord’s insurance to keep your boat afloat.
- Guarantee for the boat in transit
- Guarantee for those on board
- Storing your boat at home or in the marina
- boat insurance discount
Don’t rely on your landlord’s insurance to keep your boat safe
Your new 20ft boat is parked right next to your house and she is your pride and joy. Unfortunately, you will have to do it behind the door, behind the door, as there is no space to park her in the garage. You only bought her a few months ago, but you’ve already taken her out at least 24 times. Be sure to remove the gear and motor each time you return from fishing. But last night it rained sideways late at night and I’m glad you and the boat got out of the water and made your way home safely. You decide to clean her up later…after work the next day.
So, you come home from work and go out to wash the salt off the motor, but… Open the door to the backyard and there are boats… but no motors! no kicker! No bars! no net! No fish finder! Hmm… maybe my wife took care of putting it all in the garage? (Oddly enough, she doesn’t usually go near boats.)
However! I wake you up slowly. Someone walked into your backyard and stole your motor and gear. You can’t believe it! Of course it’s insurance, right? But… you never have boat insurance.
Some boat owners may assume that their boat is covered by homeowners insurance. But in fact, homeowners’ insurance only has limited coverage for boat damage ($1,000-$1,500 depending on the insurance company). And in general, losses must occur at home.
Boat damage that occurs while launching the boat or while it is on the water is not covered by the landlord’s insurance. And more importantly, the homeowner’s policy does not cover liability protection in case someone is injured or some property is damaged as a result of the boat’s careless operation (except for small boats with an external motor of 25 horsepower or less).
The solution is a boat insurance policy.
Boat insurance not only covers damage to your boat on and off the water, but also provides liability protection if you are responsible for injuring swimmers, water skiers or other boaters, or for damage to other boats, piers or the environment. fuel leak). Boat insurance also provides zero-fault medical coverage for accidental injuries to passengers on board the boat.
Call Bancorp® Insurance at 800-452-6826 for a hassle-free boat insurance quote. It’s quick and easy and you’ll have peace of mind knowing that you and your boat are properly covered.
Are you properly insured?
Contact us and we’ll create a custom quote tailored to your unique needs.
Guarantee for the boat in transit
You have been searching for craigslist boat ads for a while. It has become my biggest hobby in recent weeks. And early this morning you fidgeted at 5am and finally woke up at 6am (Sunday) and checked your craigslist again. And there was a new list from midnight. Perfect boat! Perfect price! Exactly what you were looking for. The ad said “Call me anytime!” So I called and decided to meet the seller at 8 am, and I went on the road.
It’s 10am now and we’re on our way home in our new boat.
Suddenly, you hear a scream! Check your rearview mirror – damn it! The boat looks tilted. curved.
Something strange starts to slow them down and merge into the shoulder, but that’s what happens. You hear metal scraping on the pavement and watch the trailer unwind and turn into the next lane to stop. The semi truck turned to avoid the collision, but it was too late… The collision damaged both the boat and semi truck.
Liability protection under your tow vehicle’s auto insurance policy during transit extends to coverage for damage or injury to others caused by your tow boat and/or trailer if you are negligent. This is a good reason to check to make sure your vehicle liability limits are appropriate. Damage to a large semi-trailer can cost hundreds of thousands of dollars!
In this example, damage to the boat and trailer is covered by boat insurance, if any.
That’s why it makes sense to call your insurance agent (us!) before buying a boat. We can review your auto insurance and adjust liability coverage for new exposures of trailer towing, as well as compare potential rates with all of our companies to give you a preliminary idea before you buy. The cost and scope of boat insurance coverage.
When it comes time to find and buy a boat, call us to check your boat specifications and fill out our application over the phone so you can safely tow your new boat and enjoy it right away.
Easy boat insurance and peace of mind with Bancorp® Insurance. That’s why we’re here.
Insurance for people on board
It’s men’s weekend! You agree to go fishing with your friends on your new boat. If it weren’t for your friend Joe, I’d be happy to show off her. Joe is not exactly known for his grace. Actually (don’t tell him) he’s a little lazy. If you have something to pour, pour it. If you’re going to get hurt, hurt yourself. If there was anyone to cross the ship, Joe would be that person.
Unfortunately, Joe isn’t just a lazy bum. He is also reckless. He mentioned that he had already rented water ski equipment and would take it with him. He always wanted to try it.
Swallow it and leave it alone this time, hoping that no one will be hurt and nothing will break.
Saturday is coming and friends are going out. Of course Joe wants to water ski and you drag him because you don’t want to ruin the fun. But you’ve never done this before and you have to find your groove as much as Joe needs to find himself behind you.
The next thing you know is Joe goes down screaming. You stop and turn around, and as you and your friends fish him out of the water, your close encounter with the buoy breaks his ankle.
good news! The boat insurance policy provides liability and medical payment coverage for those who board your boat or tow your water skis unless you are participating in a competition. So, as long as you think ahead and talk to your Bancorp® Insurance agent here, you can have peace of mind knowing that you are fully insured.
Boat storage at the marina
A lifelong dream has come true. You bought a 26 inch sailboat. Mooring a boat at the marina has always been part of a dream. You love the community and atmosphere. Besides, it is a safe place for your boat.
Because other boats are close and loss of boats is likely to spread to other boats or piers, most marinas now require proof of liability protection of at least $500,000 before renting mooring space.
Contact the marina for more information and call the Bancorp® Insurance team to inquire about the hassle-free boat insurance you need to keep your boat safely anchored.
boat insurance discount
You bought a boat and are now insured. There are many boat insurance companies! While price is an important factor, you also need to ensure that your boat is properly protected. And what else should I know…?
The best way to get started is to call Bancorp® Insurance’s insurance agent. We specialize in all your personal insurance needs, including boat insurance!
We may not win the fishing derby, but we know how to get all the discounts you deserve on boat insurance!
There are many ways to lower your boat insurance premium.
- Choose the type of boat you want to purchase carefully. If you choose safety over performance, your rates will be lower.
- Also, the value of the boat will vary. The higher the value of the boat, the higher the premium.
- Many companies offer discounts if you take and complete a boating safety course. This will help you make the right calls in critical situations.
- Most companies also offer “new hull” discounts and “claims-free” discounts.
Bancorp’s insurance experts provide free reviews and consultations. Contact us – Bancorp Insurance Call 800-452-6826
Disclaimer: This content is provided for general informational purposes and should not be used in lieu of consulting with our agents.