Summer is a time when the days are long, the weather is warm, and you spend your weekends diving off the back of a deck boat or casting lines from your bass boat. While it’s a great time to shrug off the cares of the world, don’t hit the water until you have taken steps to protect yourself against calamity. As a boat owner, there are risks associated with the ownership and use of your watercraft. We here at Giuffre Insurance can show you how to protect your financial interests both now and in the future with an affordable and comprehensive Wisconsin boat insurance policy.
Types of Boats
Chances are if you have a boat, we can insure it. With so many different types of watercraft and a variety of boater needs and preferences, it is important to find a boat insurance policy that is versatile enough to minimize your unique risks vulnerabilities. We can help you find a policy personalized to your needs with coverage for:
- Deck boats
- Pontoon boats
- Personal Watercraft
- Ski boats
- Wake Boats
- And more
Are You at Risk?
There are boat-related risks both on and off the water. Besides water collisions and capsizing, you should also protect your boat while it is in transit, as well as when it is stored away. Theft, vandalism, fallen objects, and inclement weather all pose very real threats to your watercraft. Could you afford to repair or replace it if it were damaged, stolen, or destroyed? More so, could you afford to defend yourself and pay for third-party damages if you are sued for a boat-related accident or injury? The costs could total tens or even hundreds of thousands of dollars – a debt you might have to write personal checks for without the right insurance coverage.
Types of Boat Insurance Protection
At Giuffre Insurance, we can offer comprehensive coverage from multiple Wisconsin insurers competing for your business. Most policies include several different types of coverage, some of which include:
When you think of boat insurance, you are probably thinking about coverage that reimburses you for damages, theft, or the total loss of your boat. Your policy can include coverage for these types of losses to help you minimize your out-of-pocket losses to little more than your deductible.
The liability coverage in your boat insurance policy helps safeguard your income, assets, and financial future against lawsuits and legal fees when you are sued for a boat-related accident. This may include the cost of hiring a lawyer to defend you, as well as the final tally of any judgments or settlements against you for victim property damages and injury-related losses. Many insurers also cover other types of liability unique to boaters’ needs, such as coverage for emitting harmful pollutants into the environment when your boat sinks or capsizes.
Keep in mind that you may be personally responsible for the cost of any remaining damages after you reach the maximum limits of your boat insurance policy. We typically recommend choosing the highest possible limits for your coverage to protect you against potential loss.
Although boaters are legally and financially responsible for third-party damages and losses they cause, not all boaters purchase liability protection. If you or your passengers are injured by an uninsured boater, the uninsured watercraft coverage on your own policy allows you to recover losses from your own insurance company instead.
Medical payments coverage can help pay for the necessary medical expenses you incur after a boat-related injury, regardless of who is at-fault for the accident. Although the coverage is typically capped at a few thousand dollars, it can help reduce your out of pocket expenses for things like deductibles and co-payments.
The extra equipment on your boat may be worth more than you think. If your boat capsizes, you’ll not only have to replace your watercraft, but also the ‘extras’ you purchased, such as skis, fishing gear, wakeboards, and more. Be sure to talk to your agent to find out if additional coverage is necessary for your special equipment.
Boats don’t drive on land. If you need to transport your watercraft, you’ll need a trailer to do it. Since trailers can cost thousands of dollars to replace, we recommend purchasing insurance that protects your boat trailer against loss or damage.
Towing and Emergencies
You don’t take your boat out expecting to get stranded, but sometimes the unexpected occurs. Be sure to include coverage in your policy for towing and emergency assistance should you get experience a mechanical failure or require a tow back to shore.
When the worst occurs, abandoning your sunken boat is not an option. Wreckage removal coverage helps pay for the cost of retrieving your boat after it capsizes.
How Much Coverage Do You Need?
For each coverage type, there is typically a coverage limit. Deciding how much coverage to purchase is an important choice – one that should be thought through carefully. The limits on some types of coverage – liability in particular – should be given careful consideration since low-limit coverage may not fully protect you against loss. At Giuffre Insurance, we can help you make sound decisions about your coverage needs based on a wide range of variables, some of which include:
- Boat type, age, value, and condition
- Boating location
- Boating use (i.e., fishing, entertaining, skiing)
- Frequency of use
- The number of passengers you take on the water
- Your income, savings, and assets
- How much you stand to lose in a lawsuit
- And more
Why Choose an Independent Agent?
If you aren’t using an independent agent to shop for and compare insurance policies, there is no better time than now to start saving on the coverage you need. At Giuffre Insurance, we are committed to finding you affordable rates on comprehensive protection from several of Wisconsin’s leading insurers.
In addition to shopping around on your behalf, we can also help you save by finding valuable discounts on your coverage for things like:
- Being accident-free
- Having no recent history of claims
- Purchasing other lines of coverage from the same insurer
- Insuring more than one watercraft
- Installing boater safety equipment and anti-theft devices
- Taking a boater safety education course
- And more