Boat and Watercraft Insurance in Austin
Austin is home to several lakes and is a popular area for boating and watersports. If you are a boat or watercraft owner in the Austin area, be wary of the liabilities that can coexist with boating. If you are in a boating accident, physical damage and medical expenses (in addition to any damages or injuries to others) can quickly add up without the proper coverage.
Purchasing boat insurance helps cover a range of watercraft: including jet skis, sailboats, fishing boats, houseboats and more. A few factors that determine your insurance coverage rate are the type of watercraft, size, value, and body of water you use it in. Additional insurance coverage may also be purchased for accessories and trailers that may accompany your watercraft. As an independent insurance agent, we shop the major insurance carriers in order to find the best insurance to suit your needs.
With Austin Boat Insurance, You Stay Protected
A personal watercraft insurance policy covers several types of liability: theft, medical payments, bodily injury, property damage and guest passenger liability. Liability limits usually start at $15,000 and can go up to $300,000. Typical deductibles for a boat insurance policy are $250 for property damage, $500 for theft, and $1,000 for medical bills. You can often save money on your boat insurance by bundling the policy with car or homeowners insurance. You may also save by taking a boat safety course or by having a good boating record.
Ed Weeren Insurance Will Help Determine the Right Policy for You
There are two main types of boat insurance available – “agreed value” and “actual cash value”. The primary difference between these two types of insurance is how depreciation is handled. With an “agreed value” policy, the insured and the insurance company agree on the value of the watercraft. At the time of accident, the insurance company will pay up to this agreed amount despite the current value of your watercraft. This type of insurance can cost more upfront.
“Actual cash value” policies base the boat’s value upon its worth at the time of the accident. These policies cost less up front, but will factor in depreciation as the boat ages. Typically, an insurer will require an “actual cash value” policy as the boat gets older. An agent from Ed Weeren Insurance of Austin can help you determine which of these boat policies is best for you. Fill out an online quote form or contact us today to get protected.