Understanding Boat Insurance

Do You Own a Boat?

East Texas is a boater’s paradise with lakes of all types, shapes, and sizes. Whether you enjoy fishing or recreational boating activities, there’s something for everyone.

The lakes are full of bass, crappie, catfish and other sport and pan fish that will satisfy any angler, including Bassmaster tournaments.

If you’re more interested in recreational fun such as tubing, wakeboarding, or just relaxing on the open water, East Texas has lakes such as Lake Tyler, Lake Palestine, and many other beautiful inland lakes throughout East Texas’ piney woods to enjoy. Many lakes also have parks that include parking, hiking, walking trails, camping, picnic sites and more.

 

Boats are incredibly fun…and they can also be a big liability.

Millions of dollars worth of property damage linked to boats occurs every year.

While boat insurance in Texas isn’t a legal requirement, it’s still necessary to have. This is especially true if your boat is financed.

Many people mistakenly assume that their car insurance or homeowner’s policy will cover their boat as well, but that’s not always the case and you don’t want to find out the hard way.

Accidents with boats don’t just happen out on the water. They also happen during transportation, trailering, and even when your boat is in storage. If your boat is stored and a tornado comes through and destroys it, do you know whether your insurance will cover the cost?

A boat is a significant financial investment. It’s important you know and understand the necessary insurance policy and coverage for your boat.

Why Boat Insurance Matters in East Texas

There are a lot of differences in details when it comes to boat insurance, and it’s important to work with a trusted local insurance agency such as Bosworth & Associates in Tyler, Texas to ensure you have exactly the type of boat insurance you need for your type of watercraft and your specific needs.

Your medical insurance, renter’s insurance, home insurance, and truck insurance policies are all put together based around specific details that determine the cost of your insurance premium, deductible, and what is covered.

Your boat insurance should be the same.

For example, boats that are made for higher speeds and more risky recreation will generally have higher rates than boats that are made for slower and less risky recreational purposes.

What Type of Boat Insurance Coverage Should You Have?

What other types of insurance should you consider for your boat to make sure you’re covered?

To start, you’ll want to purchase liability insurance. Liability insurance is necessary because it covers a wide range of incidents, everything from bodily injury to damage to the dock or another boat.

The amount of liability insurance you purchase will depend on the type of boat you have and what it’s generally used for.

Lawsuits and accidents go hand in hand. Accidents can happen out on the water as easily, if not more so than in a car on the road. Having liability insurance in the event injuries occur or property is damaged can go a long way in protecting yourself from major financial hardship.

You should also look into collision insurance and comprehensive insurance. Collision insurance will protect you in the event you are in an accident, and comprehensive insurance will cover other incidents such as theft, fire, or vandalism.

As you can see from these examples, it’s important to speak with your insurance agent about what types of insurance you need to be fully protected because different types of insurance cover different things.

What Impacts the Cost of Boat Insurance in Texas?

The cost of your boat insurance will be impacted by numerous factors. Everything from how often you use the boat, to the size and type of boat you have, to your personal record on the water. Having a record of accidents or tickets could cause your insurance rates to be higher.

Is there extra insurance coverage that you need such as emergency help out on the water or towing? It’s important to talk to your insurance agent about whether your policy covers things like towing to ensure you’re fully covered for all your boating needs.

 

Can a Boating Safety Course Help Lower Insurance Costs?

How much experience do you have out on the water? This is an important question to ask yourself and be honest about.

Many people assume that driving a boat is just like driving a car, and that’s not true. Taking a boating safety course can go a long way in helping ensure both you, your passengers, and others out on the water are safe. It may also be a way to lower your insurance premium.

Other ways you can potentially lower your insurance premium include bundling your boater’s insurance with your other policies such as renter’s insurance, vehicle insurance, RV insurance or homeowner’s insurance.

If you have a good driving record or extra safety features on your boat, you may also be eligible for discounts.

 

Talk to a Local East Texas Insurance Agent

If you have a boat, it’s necessary to make sure you have the coverage you need in case of an emergency.

Contact your local East Texas insurance agent today and find out what insurance policy is right for you.