4 Must-have Coverages in Your Boat Insurance

The boating season is here. As the temperatures creep up, it’s time to get your boat from storage and hit the waters. But whether it’s sailing, picnic, or fishing, you need watercraft insurance from McCormick Insurance Inc. to have a relaxed time in the water. That said, if you own a boat in Pembroke Pines, FL, here are four boat insurance coverages you must consider. 

But before then, you need to distinguish between the actual value and the agreed value when shopping for boat insurance. Here is the difference:

  • Actual value: This value takes into account the depreciation factor when compensating you for your loss. 
  • Agreed value: When looking for compensation for repairs or replacement of your boat, you get the amount agreed upon between you and your insurer. 

Must-have boat insurance coverages

While there are many boat insurance coverages, your policy should have a minimum of the below: 

  • Liability coverage: When you are legally liable for an accident, you could face property damage and bodily injury claims. Without boat insurance, you may have to finance third-party claims from your pocket. 
  • Physical damage coverage: Comprehensive coverage comes in handy when not using your boat. It protects your boat against non-collision risks like theft, vandalism, fire, and certain natural calamities. On the other hand, collision coverage protects your boat against physical damage sustained in a collision.
  • Medical payments coverage: This coverage pays for the medical expenses for you and your passengers when involved in a boating accident. 
  • Uninsured boater coverage: What would happen if you collide with a boater without insurance? If they are deemed liable, you could be faced with uncovered property damage and bodily injury costs. For this reason, you need uninsured watercraft coverage to cushion you against less-responsible boaters.

While boat insurance is broad, having the above coverages is an excellent place to start. If you are unsure what coverages you need in Pembroke Pines, FL, please connect with McCormick Insurance Inc. for guidance. Here, we believe that there exists no one-size-fits-all boat insurance. As such, we provide tailor-made boat insurance to suit your personalized needs.