Spence & Mathews can help make your time on the water relaxed and worry-free!
Insurers often specify the waters of navigation for which you are covered. The cost to insure watercraft for coastal navigation is typically more than that of inland waters. Many other variables are also considered to determine the cost and coverage of a boat policy. Let Spence & Mathews customize a plan that’s right for you.
Do you know what to look for in a boat insurance policy?
Spence & Mathews can help you determine the right amount of coverage to meet your specific needs. Just give us a call today at 800-595-2565 to get started. Here are some items you’ll need to consider when shopping for boat insurance in Maine or New Hampshire.
- Agreed Value Coverage: – Watercrafts depreciate just like automobiles. Actual cash value policies can make it difficult to replace a boat that’s been stolen or destroyed. With an Agreed Value policy, a claim is settled based on the dollar amount for which the insurance company agrees to insure the watercraft, minus the deductible. Agreed Value coverage eliminates the uncertainty associated with valuation settlement.
- Liability – Like car insurance, personal liability coverage provides coverage to other boaters and boat owners in the event you are at-fault for an accident on the water. This coverage will pay to repair or replace the property of someone else as well as for their medical care, lost wages and other costs incurred as a result of a boating accident for which you are at-fault.
- Medical Payments – Medical payments coverage will pay for the cost of needed care that is the result of a boating accident. This coverage is available from $500 to $10,000 and covers you, your passengers, and even your water skiers/tubers, regardless of who is at-fault.
- Physical Damage Coverage– Physical damage coverage pays for the cost to repair or replace your watercraft, its motor, any permanently attached equipment, and your trailer, if it is stolen or damaged.
- Uninsured/Underinsured Watercraft Bodily Injury – Since boat coverage is not always mandatory, many boaters choose not to get insurance. If you are hit by an uninsured or underinsured boater, and you are injured, this type of coverage pays for medical treatment, lost wages, and other costs associated with the accident.
- Fuel Spill Liability and Wreckage Removal – Should your boat sink or be seriously damaged, there is a chance that it could leak oil or fuel into the water. As the boat’s owner you are required by law to have this cleaned up, which can be time consuming and expensive.
- Personal Effects – Your policy can provide coverage for many personal effects, including clothing, jewelry, cell phones, scuba/snorkeling and other sporting equipment, and fishing equipment. Limits vary by state – check with Spence & Mathews for information. Personal effects coverage does not include jewelry, watches or furs.
- Unattached Equipment Coverage – This pays to repair or replace equipment that isn’t permanently attached to your boat or personal watercraft, but is designed for use primarily on a boat. This includes items like lifesaving equipment, water skis, anchors, oars, fire extinguishers, tarps etc.
- Emergency Assistance – The Emergency Assistance Package provides coverage for towing, labor and delivery of gas, oil or loaned battery if the watercraft is disabled while on the water.
Every need is unique – contact Spence & Mathews today to find out how to get the best boat and watercraft insurance coverage for you.