What you should know before purchasing boat coverage.
If being on the water floats your boat, then you might be someone who owns a boat, motor, engine, and associated equipment. While boat insurance isn’t required in New York, it is a good idea to get insurance for your personal watercraft. A large percentage of boat owners in New York do not have proper insurance coverage that would provide them financial protection and add to their peace of mind this boating season. So that you’re ready for the summer waters ahead, be sure you ask these questions before getting coverage.
What is the standard coverage?
Liability insurance for your boat helps cover medical care and property costs for other boaters and boat owners if you are at fault for an accident on the water. You could also consider medical payments coverage that includes you and your passengers, regardless of who is at fault.
Should I get agreed value or actual cash value?
Under agreed value, your insurer, in the case of total loss, will cover the total value you agreed upon when you insured your vessel. On the other hand, cash value takes into account depreciation and the effects of wear and tear over time to help determine a total loss payout. Talk to your insurer about which coverage is right for your financial needs.
What other options are available in NY state?
Insurance can also cover the extras on your boat, including but not limited to:
- Depth finding gear
- Audio equipment
- Video equipment
- Water skis
- Floatation devices
What if an uninsured/underinsured boater hits my boat?
This may be the most important reason to purchase boat insurance – to be covered if others are underinsured. Uninsured/underinsured boater coverage pays for medical treatment, wage loss, and other damages you would have received from the other person’s insurance company had they had boat insurance coverage. If the boater has little to no insurance coverage, you can rely on your own policy to help with damage costs.