boat

Insurance Basics for First-Time Boat Owners: What You Need To Know

Posted on by AgentInsure

Buying your first boat is exciting, but protecting it properly is just as important as learning how to operate it. Boat insurance helps safeguard your investment, covers liability risks, and provides peace of mind on the water. Understanding the basics will help you choose the right coverage from the start. 

What Is Boat Insurance?

Boat insurance is a policy designed to cover watercraft such as motorboats, sailboats, personal watercraft, and yachts. It typically protects against physical damage to the boat, liability for injuries or property damage, and other risks associated with boating. Unlike car insurance, boat insurance is sometimes optional, but marinas and lenders may require it. 

Types of Coverage You Should Know

Most boat insurance policies include several key components. Hull coverage pays for damage to your boat due to accidents, storms, or vandalism. Liability coverage protects you if you are legally responsible for injuries or damage to others. Medical payments coverage helps cover medical costs for you or your passengers after an accident. Some policies also offer uninsured boater coverage, which applies if another boater causes damage and lacks insurance.

Actual Cash Value vs. Agreed Value

Policies usually insure your boat based on either actual cash value or agreed value. Actual cash value factors in depreciation, meaning payouts may be lower over time. Agreed value coverage sets a fixed amount for the boat, often resulting in higher premiums but more predictable compensation in the event of a total loss.

Factors That Affect Your Premium

Your insurance cost depends on several factors, including the boat’s size, age, value, and type, as well as where and how it’s used. Your boating experience, claims history, and whether you complete a boating safety course can also influence premiums.

Advantage Insurance Network: Proud to Serve the Cincinnati, OH Area

If you’re looking for boat insurance in or near Cincinnati, OH, we’re glad you found us. At Advantage Insurance Network, we’re here to help you protect your investment. Reach out today to learn more.

Is Boat Insurance Necessary for All Types of Watercraft in Ohio?

Posted on by AgentInsure

For boat enthusiasts who enjoy cruising the waterways of Cincinnati, OH, insurance for their watercraft is often a consideration, but is it necessary? If you’re thinking about buying a boat but are unsure about the type to purchase or whether it will need insurance, call us at Advantage Insurance Network. Our agents can explain Ohio’s stance on boat insurance, situations that may require coverage, and the benefits of having insurance.

Ohio Watercraft Insurance

In Ohio, watercraft insurance is not a state requirement. However, if you are financing or leasing your boat or other types of watercraft, your lender will likely require you to carry insurance. Another situation to consider is docking at a marina. Whether you’re fueling up, taking a break, or grabbing a bite to eat, many marinas require proof of insurance before allowing you to dock. This ensures protection for other boats at the marina in case your vessel causes damage. Insurance options for these situations include comprehensive coverage, collision coverage, and boat liability coverage.

Benefits of Having Watercraft Insurance in Cincinnati, OH

Even if you own your watercraft outright and don’t plan to use marina services, it’s highly recommended to insure your boat. Liability insurance covers injuries, property damage, and damage to other watercraft when you’re at fault. Collision coverage protects against incidents where your boat comes into contact with another vessel, a dock, or other objects. Comprehensive coverage safeguards your investment against risks such as fire, weather-related damage, vandalism, and theft.

Contact Us

If you plan to enjoy time on the water, let our agents at Advantage Insurance Network provide you with the right insurance to protect your investment and your financial future.