New Jersey Boating Insurance
Seafaring clients of ours often come to the agency with questions regarding their precious boats, and it’s no wonder. These vessels are a major investment for anyone involved, and getting the proper insurance for your fleet is serious business. Since there are so many different types of boats and costs associated, you may be dealing with anything from what seems like car insurance to home insurance. Let’s take a look at some main points to consider when it comes to your boat insurance policy.
You Need Boat Insurance. Some boaters are under the impression that their boat is covered under homeowners insurance, but generally it is not, unless for fairly small or no engine boats, such as sailboats. For the larger scale types of boats, they will need to get a separate insurance to cover this major investment. Sometimes your boating insurance can be bundled together with your auto or homeowners insurance to get more bang for your boating buck.
Different and Distinct. Even if you are already familiar with the policies in place for home or auto insurance, there are some key distinctions to be aware of when it comes to boating insurance. You can get coverage for liability of an injury on your property (boat), similar to homeowners insurance. You can also be covered for the bodily injury or property damage inflicted by your boat, as you likewise would with auto insurance. However, one unique part of boat insurance is that you are able to suspend the policy if you know you will not be using the craft for a specific period (say, in the winter). You should be aware of any limitations on your coverage, and be sure not to use the boat if it’s during a period when it is not going to be covered.
One other interesting overlap when it comes to boating and car insurance, deals with when the boat is out of the water, say being towed by your vehicle. If you are in an accident in that situation and the boat causes some type of damage, it should be at that point covered by your auto insurance rather than the boating insurance. Look into getting an umbrella policy to cover this asset when it is not in the water.
Smart Savings. When you’re looking to purchase boating insurance, you need to be sure you’re getting a good deal as well as comprehensive coverage. Make sure that your insurance is covering exactly what you need, which can vary greatly depending on type of boat that you’re insuring. You can also take a boating class in safety practices, and use that to get a substantial discount on your annual policy. Additionally, if you utilize the ‘lay-up’ or suspension period when the boat will not be used you can sometimes get an extended discount for not using the boat.
Here at D’Agostino Insurance Agency, we are always looking to give you a complete service at competitive rates. For more information about our rates and services for New Jersey boat insurance, call us at 609-561-8404 and get a free consultation.
