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6 Boat Insurance Terms to Know

Setting up your boat insurance can be a tricky task. If you aren’t familiar with the process, you might be a little overwhelmed with the industry-specific terms that are used in the paperwork. The following are some of the more commonly used words and phrases you’ll want to understand before you sign up. 

Agreed Value 

When you have this policy type, you and the insurance company come to an agreement about the value of your boat and its hardware before you start out with the policy. If you experience a total loss of your boat, this is what will be paid out from your policy. It’s the opposite of actual value, which means compensation for the current market value when you make a claim. 

Blue Water

This is the determination of your vessel’s navigational territory in waters that are more than five miles from land. On the other hand, brown water is the determination of navigational territory within five miles of the coast. 

Date Restrictions 

Under some policies, you’d only have insurance coverage between certain dates. This may lower your payments for those months when you likely won’t be able to use your boat due to the weather conditions. 

Lay-Up Period

This is the time period when you won’t use your boat. If a lay-up period is part of your policy, stay aware of the dates. 

Pollution Liability 

If this is part of your policy, you’ll have coverage if your oil or fuel discharges into the water. 

Towing Liability 

You should have this coverage if you expect that you’ll pull or tow anything behind your boat.   

If you need further information and clarification on these terms and to break down anything else in your policy documents, be sure to talk to an agent from Shavano Insurance Agency LLC of the San Antonio, TX area. Contact us and we’ll do our best to make the whole process easier. 

Benefits of Boat Insurance

San Antonio, TX happens to have some beautiful lakes, making it a good place to enjoy most boating activities. And if you happen to own a boat, you should probably consider insuring it. Some boat owners might feel that, since boat accidents are not common, insurance is not really necessary. However, boat insurance is not just for accidents. As Shavano Insurance Agency LLC explains, here are some of the benefits you will enjoy from insuring your boat.  

Protect Your Investment

Buying a boat is a huge investment, and so you need to have financial protection should anything happen. For instance, a crash, storm, or fire might damage your boat and injure your passengers as well. In such circumstances, insurance will help you cover those damages, protecting you from a significant financial loss.  

Medical Coverage

As much as boating accidents are rare, they happen and can cause injuries to you or your passengers. Treating those injuries can be expensive, especially if multiple people have been injured. Here is where boat insurance comes in. It will help you cover any medical bills, saving you the trouble of paying those bills from your wallet.

Protect You from Lawsuits

If you are found a fault in a boat accident that injured a swimmer, passenger, or another boat, you may just find yourself sued. In such circumstances, boat insurance will help cover the resulting legal fees and medical fees, plus the cost of repair.

Peace of Mind

Boat insurance can buy you peace of mind. You will not have to keep worrying about the financial loss you will go through if the boat is stolen, gets into an accident, or injures other people. The insurance will cover those costs.

Therefore, if you own a boat that you use often, it makes sense to protect it and yourself as well. If you live in  San Antonio, TX, you can talk to our team of experts from Shavano Insurance Agency LLC. We will provide you with the details you need on boat insurance and help you pick coverage.

Who should get boat insurance?

In the San Antonio, TX area, the hot weather that occurs for a long part of the year can make it a great area to own a boat. When you have a boat in this area of Texas, you will continue to have many opportunities to have fun on the local waterways. Before buying a boat and taking it out on open water, you need to obtain insurance. There are several situations when someone here should get boat insurance coverage. 

Those that Take Out a Loan

A situation when you should get boat insurance is when you are going to take out a loan. Buying a boat will always come with a big investment, and many buyers will use a loan to complete the purchase. If you have taken out a loan, you need to know your boat insurance requirements. In many cases, you will need financing as long as the loan is outstanding.

Those that Want Liability Coverage

While using a boat is a relatively safe activity for diligent operators, mistakes and accidents can always happen. If you make a mistake that leads to damages, you will have to pay for full restitution. When you get a boat insurance plan, it will include liability coverage to protect you in these situations. 

There are many situations when someone in the San Antonio, TX area should get a boat insurance policy. As you are shopping for your next plan, it would be a good idea to speak with Shavano Insurance Agency LLC. The Shavano Insurance Agency LLC team can offer you a lot of support that will help you pick a new policy. The team here will do this by carefully assessing your individual situation and building a plan accordingly. 

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