Are you thinking about buying a boat? If so, there is a lot to consider before choosing to financially and responsibly commit to being a boat owner. One of the major considerations in boat ownership is insurance. How much will you need? What will and won’t be covered? By selecting the right insurance coverage, you can spend more time focused on the joys of boating and not the “what-ifs” that often come along with a large investment.

Here are a few things to keep in mind before you purchase your boat:

• Agreed Value Or Actual Cash Value? Under agreed value, your insurer, in the case of a total loss, will cover the total value you agreed upon when you insured your vessel. Actual cash value, however, takes into account boat depreciation, and the effects of wear and tear over time to help determine a total loss payout.
• What About Standard Coverages? Liability insurance for your boat helps cover medical care and property costs for other boaters and boat owners if you are at fault for an accident on the water. You might also consider medical payments coverage that includes you and your passengers regardless of who is at fault, and uninsured/underinsured coverage, which helps pay for medical treatment, lost wages and other costs if you are hit by an uninsured or underinsured boater.
• Can I Get A Discount For Using My Current Insurer? If you already have a home and auto policy with us, adding a boat policy may earn you a discount. Ask us how.
• What Other Discounts Are Available? One of the most commonly offered discounts offers savings for completing an approved safe boating course. Another potential discount is for vessels powered by diesel engines. They're considered less hazardous than gasoline engines. Ask if you qualify for discounts.
• Can I Get Emergency Assistance, On And Off The Water? Roadside assistance should cover your vessel, its trailer and the vehicle you use to tow it. Some of our policies also offer emergency assistance that covers towing if your vessel becomes disabled on the water, as well as delivery of fuel, oil or a battery. More often than not, this coverage is an option you need to specifically add to your policy for assistance in a pinch.

Lang Insurance can address these and any other boat insurance questions you may have. The more questions you ask, the better you can understand your watercraft insurance policy. And keep in mind that you never know when the unexpected may occur. For more information or to request boat insurance, call us at 636-229-7000.