The risks that come with owning a boat are numerous, whether you are on the water or storing your watercraft away for the winter. You could lose your boat in a storm, run your boat aground, or cause a collision that injures a third-party and damages their property. As serious as these hazards may be, they shouldn’t keep you up at night. At Krog Insurance, we understand the importance of safeguarding you, your boat, and your assets against these types of scenarios. We offer boat insurance from a wide range of leading Minnesota boat insurance companies so you can choose the policy that is right for you.
We are proud to provide insurance for many different types of recreational watercraft, some of which include:
- Deck Boats
- Pontoon Boats
- Personal Watercraft
- Bass Boats
- Ski Boats
- Wake Boats
- Sailboats and Catamarans
- And more
Types of Boat Insurance Coverage
Although specific types of coverage can vary from insurer to insurer, most companies offer the same basic types of protection – all bundled neatly into one user-friendly policy. Each segment specifies a different type of protection and the limits you may have selected for that particular type of coverage.
Your boat insurance policy may include coverage for:
Liability is financial responsibility for another person’s loss. Boat insurance provides liability protection against third-party property damages and bodily injuries you are liable for. It can also cover pollution liability when your watercraft leaks fuel or other fluids into the environment.
Typically, liability coverage pays for legal expenses, victim medical bills, lost wages, property damage, and other judgments against you, all of which can total tens or even hundreds of thousands of dollars. Since liability coverage only pays up to the limits in your policy, any excess damages beyond your coverage can spill over into your personal finances. To better protect your income and assets against a boating accident lawsuit, contact Krog Insurance to request a personalized risk assessment.
Accidents happen. If your boat happens to be a casualty of an accident, inclement weather event, or some other catastrophe, it helps to know you’ll be reimbursed for your loss. Physical damages coverage helps pay to repair your damaged boat or compensate you for its loss. Physical damage claims are typically subject to a deductible, but it could go a long way in protecting the thousands of dollars you paid for your watercraft.
It may be unthinkable, but if an irresponsible boater injures you and the other passengers on your boat, it could be a long and difficult process to recover compensation for your medical bills and related expenses. With uninsured watercraft coverage, you and your passengers are protected against injuries caused by uninsured boaters.
When injuries happen, getting the appropriate medical attention is of utmost importance. Medical payments coverage assures that you and your passengers receive limited compensation for your injuries regardless of who was at-fault for the accident.
Fishing gear, skis, life jackets, and other special equipment can cost hundreds or even thousands of dollars. If you are carrying valuable items aboard your watercraft, be sure to include special equipment coverage in your policy to protect them against damage, theft, or loss.
It’s not just your boat that’s at risk; your trailer could be, too. Instead of spending thousands to replace your boat trailer after an accident, consider asking your agent about how trailer coverage can protect your trailer both in transport and when stored away.
Emergency Assistance and Towing
If you experience a mechanical failure or run out of fuel out on the water, who will you call? With emergency assistance and towing coverage, you can rely on your boat insurance to help pay for fuel delivery, towing, and other necessary services.
If your boat sinks or capsizes, you may be required to have it retrieved. These services can be costly unless you have wreckage removal coverage included in your boat insurance policy.
Calculating Your Coverage Needs
Boat insurance coverage needs can differ significantly from person to person. The protection your friend has on his policy may not be what’s right for you, and vice versa. Keep in mind that your coverage should be adequate to protect you and your assets against a lawsuit, pay for damages to your boat, and protect you against other types of loss, too.
Instead of trying to calculate your coverage needs alone (and risking coming up short), contact Krog Insurance for a personalized risk assessment. We can help you weigh the different variables that could be affecting your coverage needs, some of which include:
- Your income and assets
- How much your boat is worth
- The types of activities you engage in on the water
- The amount you can afford to contribute toward a claim
- How often you use your boat
- Whether you bring passengers with you on your boat
- Where you spend your time boating
- And more
Why Choose an Independent Agent?
You could try to build your own boat insurance policy and end up with gaps in your coverage. You could also work with a captive insurance agent who works for a specific company and will only offer you limited policy options. Or, you could work with an independent agent who can shop and compare coverage solutions from multiple insurance companies – all with your best interests in mind.
Boat Insurance Discounts
At the end of the day, we here at Krog Insurance are on your team – not the insurer’s. We know how to maximize your savings and uncover helpful discounts that can further reduce your cost of coverage. Examples of common boat insurance discounts include:
- Claims-free discounts
- Multiple watercraft discounts
- Multiple coverage line discounts
- Protective device discounts
- Lay-up discounts
- Boater safety course discounts
- And more