Things to Consider When Shopping For Boat Insurance

If you invest in something as expensive as a boat, you want to make sure that your precious possession is properly protected. The best way to do it is to get boat insurance. This type of insurance may be confusing, which makes it hard for boat owners to find and pick the right policy. In order to help you make an informed decision, Ruddy Insurance Group serving Niles, OH has prepared a list of things you should consider:

  • It is not required by law to carry boat insurance in the state of Ohio. However, it is still recommended to have it. 
  • There are certain factors that may affect the cost of your boat insurance, including where you plan to boat (in-country or out-of-country, freshwater or saltwater, coastal or inland), type of boat, suspension (it is possible to suspend your policy during the off-season), and available discounts (good boating and driving record or taking a boating class for example). 
  • Traditionally, most standard boat insurance policies cover the following: property damage liability (if you crash into someone else’s watercraft or boat, or destroy someone’s property while operating the boat), collision damage (repairs and replacement of your boat), engine damage, and body damage liability (this coverage protects you if you hurt someone while operating the boat). 
  • Standard boat insurance policies do not cover additional equipment and accessories unless they are specifically stated in the policy. These accessories and equipment include life jackets, GPS systems, boat modifications, anchors, and some others. 

If you are a responsible boat owner, one of the first things you should consider after getting a boat is boat insurance. It will protect your boat, yourself, and other people. Moreover, it will give you peace of mind. If you are currently looking for boat insurance but you still have questions and do not know where to start, Ruddy Insurance Group serving clients from Niles, OH will be glad to help you. Do not hesitate to give us a call – our experienced insurance agents will answer all your questions. 

Why do I need boat insurance in Ohio?

Anyone that lives in the Niles, OH area knows how long and hot the summer months of the year can be. To make this time of the year more enjoyable, owning a boat can be a great idea. If you do own a boat in this area, you must be safe and responsible. One part of this is getting a boat insurance policy. There are several reasons why you may need this coverage here. 

Ensures Local Compliance

One reason why you may need to get a boat insurance policy is that it can ensure you stay in compliance with local rules. Depending on where in the area you want to use the boat, you could be subject to rules regarding liability insurance. When you get this coverage, you will have the protection you need to use your boat anywhere. 

Required by Boat Lender

If you get a boat, there is a good chance that you will need to take out a loan to purchase it. If you do have a loan, the lender will likely require that you carry a boat insurance policy the whole time until you repay the full balance. When you have a boat insurance policy, it will help to ensure that the lender’s collateral is fully protected. 

When you own or operate a boat in the Niles, OH area, getting a boat insurance policy is often a requirement and necessity. As you are shopping for insurance, you could find that picking the right policy is challenging. To make this easier, you should contact the Ruddy Insurance Group. When you do call the Ruddy Insurance Group for your boat insurance needs, it can help to ensure that your boat is adequately covered and that you are in full compliance with all obligations. 

Does Boat Insurance Cover Sinking?

A boat owner will face a variety of threats over time, such as theft and fire, but one of the top issues to concern them is their boat sinking. Luckily, boat insurance is tailored to cover the most common threats to help give the boat owner peace of mind.

Don’t Risk Loss From Sinking

Boats can sink for several reasons, which is a concern for all sizes. Most boat insurance policies cover the possibility of it sinking, but offer a range of different provisions for what is included. In most cases, the hull and the motor is covered, but any personal belongings or additions may require policy add-ons to give complete protection. The best way to get full protection is to work with an insurance agent who can offer solutions to meet individual needs.

Work With An Established Professional

Boat insurance should be purchased with the help of an experienced insurance professional who can explain the coverage details and offer additional policy add-ons to meet specific needs. Because of this, a boat owner can get the blanket of protection necessary to avoid losses and gaps in coverage. Boat owners living in the Niles, OH area should speak with an insurance agent at Ruddy Insurance Group to get more information about available boat coverage options in their area. 

Boats are one of the most costly purchases someone will make in their lifetime. In some instances, their value can exceed the value of their car or even the home. Get top-quality insurance protection for those living around the Niles, OH area by working with Ruddy Insurance Group, and call or stop by for a consultation. 

Does Boat Insurance Cover Custom Add-On Pieces?

Boat insurance is generally either required or highly recommended for people who have vessels with an engine. Boat insurance covers the owner with liability insurance and the motors and structure in some cases. If the boat has been customized and the value increases, it may be necessary to submit documentation to get adequate coverage.

Boat Insurance

Finding the right type of boat insurance may be a chore without the assistance of a knowledgeable insurance agent who is familiar with the products necessary to prevent losses while on the open water. Customized boats may require special boat insurance or riders to provide the necessary protection. In addition, it is also usually necessary to submit proof of value to obtain proper insurance. Not all policies are the same, so having a professional to assist is the key to having peace of mind. 

Finding The Right Policy

It is essential to find a policy that is going to adequately cover a customized boat with add-on pieces of value. Some instances can include racing boats or boats with extensive cosmetic work. These boats can be worth substantially more than a standard model, so getting suitable coverage can be challenging unless the owner is working with an experienced agency. People who are looking for boat insurance for models with add-ones should contact Ruddy Insurance Group serving the residents around the Niles, OH area. 

Boats can pose a significant risk of financial loss if not properly insured. Anyone who is searching for coverage in the Niles, OH area should call or stop by Ruddy Insurance Group and consult with an agent who can help obtain the necessary cover to meet individual needs.