Everything you need to know about insuring your boat

Everyone needs some love, especially your boat. 

Show your boat some love and protection with boaters insurance.  Here is the blaring question everyone wants to know: is boater’s insurance required by law? No, BUT, it is a very, very smart financial decision.

 

Why is boat insurance a smart decision?

There are lots of reasons, but here are just a few:

• Because your boat was an expensive purchase, especially since 2020

• Because you like to drive your boat fast? 
  

  Do you like to boat fast like a road runner?

• Because you use your boat as often as you can, depending on season and weather of course!

• Because there are approximately 44 boating accidents every year in Colorado

• Because the average boating accident costs $1700, and that is out of pocket. A minimum liability coverage worth at least $500,000.

• Discounts are available
  • A good driving record
  • Safety equipment
  • Take a boating class or a safety course!

• ABOVE ALL, because it is inexpensive at $256 per year on average in Colorado. Some factors will influence the cost. 

 

• What type of boat you have, the length and the engine size
• I’m gonna need insurance for my bigger boat
• If you choose to bundle, which you can with us!
• Whether you use your boat on brooks, streams or big lakes 
• If you have towables, such as a tube, fishing gear or water skis. 
  

  Whether you have towables like water skis affects the cost of your policy.

• If your boat is used for commercial purposes
• Where your boat is stored
• Your auto and boat driving record

What type of coverage is available? 

• Boating liability insurance: the basic coverage, which will cover the cost of injuries or property damage if you are at fault for an accident
• Uninsured/underinsured boater insurance: since boater’s insurance isn’t required in Colorado, many boaters may not have insurance in case of an accident. In that event, you will want some help. Uninsured/underinsured boater insurance is an excellent decision for a little extra protection. 
• Physical damage insurance: will cover the cost of damage to your boat in case of a collision. 
• Comprehensive insurance: will cover non-collision-related damage such as fire, theft and vandalism
• Equipment insurance: will cover damage to your towables such as fishing gear, GPS or any other accessories. 
  

  Fishing for rainbow trout on lake Dillon in Colorado

• Medical payment insurance: in the case of injury to your passengers in a boating accident, regardless of fault. 
• Fuel spill/wreckage clean up: in the likely case that your boat will spill pollutants, you may be charged a hefty fee. Fuel spill clean up insurance will cover those fees. 

Things to think about when purchasing boaters insurance:

• Where will you be using your boat?
  • If you plan to use your boat outside of Colorado, plan ahead, because some areas in the country have their own boaters insurance requirements. 
• Actual cash value
  • Just like your car, once you use your boat it decreases in value. Insurance can help preserve the actual cash value of your boat to prevent you from losing money. 
• Your policy can be suspended when your boat is not in use
  • Yes! When you aren’t using your boat, you don’t have to pay for your policy!
    

    I didn’t know I can suspend my boat insurance in the off season.

• Work with an agent that knows boat and boater insurance, us!
  • You need an agent who knows what they’re doing so that you don’t pay more than you have to. 

Boating accidents will cost you a great deal of cash if you are not protected. We have affordable and smart boat insurance options that will protect you at a low cost. Why wouldn’t you want a little extra protection?!  Reach out to us and we’ll give you the best boat bundle that we have.