Boat insurance is a must-have insurance plan if you have a boat, whether you use it to sail, fish, or cruise. While boat accidents aren’t as common as car accidents, they can happen, compromising your finances. Now that you have invested in boat insurance, do you have enough coverage? At Midwest Professional Insurance, we help you determine the amount of boat insurance sufficient for you.
How much liability coverage do I need?
Whether fishing or sailing in the water, you might be at fault for an accident resulting in property damage and bodily injury to others. Worse yet, you can be sued, putting your finances into a further mess. Your assets and future earnings can be at stake without adequate liability insurance. But when you have sufficient liability coverage, third-party claims don’t have to stress you. But how much liability coverage do you need?
At Midwest Professional Insurance, we usually advise our clients to maintain liability coverage of at least $500,000. But if you have fast, powerful boats, we recommend liability coverage of $1M plus. We also advise boaters to consider umbrella insurance for higher liability coverage.
How much physical damage coverage do I need?
Like car insurance, comprehensive and collision coverages in boat insurance compensates you when your boat is damaged or totaled by a covered peril. But how much coverage should you purchase? As a rule of thumb, purchase coverage adequate to replace your boat in the worst-case scenario. Consider your boat’s “replacement cost value” when insuring your boat. You get full compensation for your boat, incurring little out-of-pocket expenses.
Protect your boat today with insurance!
If you are still unsure about the amount of boat insurance you need for your boat, please get in touch with Midwest Professional Insurance. We will analyze your situation and advise the type and amount of boat insurance sufficient for you.