While some homeowners' insurance policies may protect small watercraft against damage that occurs at home, such as a tree falling on your boat, watercraft insurance provides added protection. A boat insurance policy can cover the repair or replacement cost for your boat if you're involved in an accident, and many policies also cover damage costs if your boat causes bodily harm or property damage. Find out what kind of boat insurance policy is best for you by calling or visiting The Insurance Smith Agency LLC.
Boats are classified into three categories: personal watercraft are boats that are less than 16 feet long, boats are 16 to 25 feet 11/12 inches long, and boats 26 feet or longer are called yachts. If you have a yacht, you may need to purchase yacht insurance, which uses different terms than standard boat insurance. For example, liability coverage for a yacht is called property and indemnity, which is usually abbreviated as P&I.
If you have a high-speed watercraft, you may be subject to different terms than low-speed boats, as the possibility of an accident is increased.
Certain insurance providers want you to reside in the state that your boat is in, as absentee owners are at a higher risk for theft. It's also important to discuss navigation limits for your policy. Some Virginia boat insurance policies don't cover watercraft used on the coast, so if you use your boat on the Gulf coast, double-check that you're protected. Depending on where you live in the state, you may be at a high risk for windstorms. If this is the case, make sure your policy covers windstorm damage.
Everyone's situation is different, and before you buy boat insurance, you should take some time to discuss your insurance needs with a knowledgeable person. The agents at The Insurance Smith Agency LLC are available for in-person visits or phone calls. Take action today to protect your watercraft against damage.