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Campfire Collective Aug 7th, 2018

Why you Should Insure Your Watercraft With A Marine Insurance Company

There’s a good chance you bought your boat from a dealer who specializes in watercraft. So when it comes to insuring your boat, doesn’t it make sense to do that with a company that also specializes in boats? We’re boaters too, so we get it.

Here are three of the most important reasons why having your boat on its own insurance policy simply makes sense:

    1. Insuring your boat through your home policy means any claims for damages on your boat will count as claims on the whole policy. A marine-specific policy with BOATsmart! ASSURE eliminates that risk.
    2. The coverage for home insurance and boat insurance are quite different. In almost every case, the quality of coverage your boat would have, when added to a home policy, would not contain anywhere near the amount of coverage that a stand-alone boat policy would offer. For example – here are some of the great BOATsmart! Assure coverage features:
      • Emergency Towing
      • Vermin Coverage
      • Fast Claims Settlement
      • Your Choice Repair Centers
      • And we are backed by Lloyd’s of London
    3. The basis of settlement on a home insurance policy for boats is measured in terms of actual cash value (replacement cost less depreciation). This can often make calculating a claim value extremely complex and difficult, and in the end, it could actually cost you more money than you thought. With marine-specific insurance – like BOATsmart! Assure, the basis of settlement on a stand-alone boat policy is based on ‘agreed value’. It’s best-in-class insurance coverage for smart boaters, like you.

  1. Homeowner Insurance With A Boat Rider VS Marine Specialty Insurance
    BOATsmart! Assure Homeowners Policy
    Agreed Value Coverage You’ll only get market value versus full insured value
    No Premium Increase If You Make a Claim Your home policy premium will increase
    Guaranteed Replacement Cost
    Not an option
    No Depreciation on Partial Loss You may be responsible for a portion of repair costs
    Vermin Coverage No coverage

    Emergency Towing Coverage

    (Up to $2,500)

    No coverage

    Loss of Use

    (Up to $1,500)

    No coverage

    Personal Items Coverage

    (Up to $5,000)

    No coverage
  2. With BOATsmart!®, you automatically save up to 25% off your annual policy premium. For the average cottage boat, savings can be more than $125 per year – And you still get premium coverage, emergency towing and fast claims settlement.Get your instant online quote here or call us for a free no-obligation quote at: 1-855-829-6753

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