Are you looking for affordable boat insurance coverage or car insurance quotes near me regardless if you live in Anaheim CA or Los Angeles CA?
Usually, you will find that combining both your Boat with your automobile insurance policy will be your best bet to save you money. Most large companies can provide both policies and save you on a multi policy discount.
You will want to make sure that the provider you are comparing rates with offer the right options for your boat protection, since not all do.
California Boat Insurance Coverage
What does vessel coverage mean to you? Great question because it covers damage to the actual boat or the loss of a vessel.
In some cases, this coverage can extend to the cargo that is on the vessel, the docking area for the vessel, the terminal the vessel leaves from, as well as any damage caused by the transfer of the cargo from the boat to another means of transportation or storage.
This is an important factor if you are hauling cargo because not all policies include this coverage.
If you’re wondering what type of boats qualify under this coverage program, wonder no more, since it can include anything from your personal jet ski boat to a commercial size boat.
Boat, or marine coverage as it is sometimes called, covers a variety of boats. Just as homeowners coverage can cover anything from a mobile home to a mansion, this insurance protection can cover the simplest boat to large commercial fishing and transportation vessels.
Typical marine coverage will cover yachts, anglers, and even personal water crafts such as jet skis.
How to Lower Your Premium
The differences in premium costs are based mostly on the replacement value and repair costs of the type of vessel you own. Marines are one of those luxury items that go down in value as soon as you buy them, just like brand new cars.
It is virtually impossible to sell a boat for the amount you paid for it.
Because of this, coverage takes into consideration the replacement value of the vessel as well as how much is owed on the vessel itself. This is referred to as hull coverage, meaning the boat itself is covered.
Compare to Save
So, now that you understand that what type of boat you buy or own will have a direct impact on your premium, you may want to compare rates before purchasing a vessel.
This way you can budget the rate into your monthly expense if you do not have the luxury to pay in full. If you already own a boat but the cost factor is way over budget, you may want to look at bundling your polices together.
Automobile and Marine Coverage
For example, if you have a homeowners policy and auto policy separately insured, you may want to look into packaging them all together with the same company. In most cases, this will offset any extra costs you may wind up paying if you were to separate them.
It is always beneficial to work with an agent or broker who you trust and who specializes in the types of coverage you need.
If you are looking to compare rates for both programs you may want to to find an agent or broker who works with many companies instead of a captive agent who only represents one company.
A captive agent can only show you the rates for a single carrier and you may not be getting all the savings and discounts available to you if you were to compare your rates with multiple companies.
What Type of Coverage is Available if Paid in Full?
Another important question is what type of coverage is available if the loan on your vessel is paid off, and you own it free and clear. In that scenario, you may not want to continue paying for hull coverage as is required by most lien holders.
If this is the case, you can purchase just a liability policy on your marine insurance policy.
It may be tempting when your boat is paid off to go without coverage, but it is not worth the out-of-pocket expense you will experience when you find yourself in a situation that should have been covered by an insurance policy and not out of your pocket.
Liability Coverage Alone
A liability only policy will not cover damage done to your vessel, but will cover another individual’s property that is damaged by your vessel. It will also cover any bodily injury medical expenses of another person that happens on your boat or because of your vessel.
This type of coverage will cover you against lawsuits due to personal or property damage as well. If you choose to go this route, be sure you have the money to repair or replace your vessel if needed since coverage will not cover this.
In addition to property damage and personal liability, a liability only policy will also cover the removal or salvaging of your marine in certain situations.
These situations include fire, sinking, fuel spills, and grounding. You can add a rider that also covers dock liability. Dock liability coverage provides for legal proceedings or law suits that you may face from damage done at marina or dock, or if you break your contract with your dock or marina.
There are many programs to your policy, but the most common are for those who are looking to insure their boats under the “Pleasure Program” classification which, covers such boats as, Ski Boats, Jet Boats, runabout and Performance Boats up to 26 feet in length with Sail Boats up to 36 feet in length.
So, keep in mind of the length of your boat in addition to the model type.
Obviously, a yacht would not fall under this type of program, but specialty insurance programs do exist if you have this type of marine craft.
Program Coverage Options
If you need additional coverage options not listed below, there are programs that can fit your needs. The below information is the basic or standard coverage options that you will find on an insurance program for your boat.
- Liability Coverage up to $300,000
- Physical damage coverage up to $75,000
- Trailer Coverage of $2,000 is included automatically on the insurance policy.
- Deductibles of $250-5,000 are available.
Many coverage options are available to you and your boat but, not all companies offer these types of options.
This is good reason why you should compare your rates with multiple insurance companies because you wouldn’t know the difference in coverage options unless you did compare.
A special option not available to all insurance programs is seasonal insurance options. Meaning, if you only use your marine during certain times of the year, why should you pay for insurance protection when it is stored.
This alone can save you tons on your insurance but make sure the insurance program you purchase offers this protection.
- Assistance and Towing
- Water-sports Liability
- Uninsured Watercraft Bodily Injury Liability
- Personal Property Protection up to $10,000
- Medical Payments up to $10,000 in coverage
Other discounts are available on certain insurance programs, but below we have listed the most common. There are discounts that will honor your experience or association within the industry so, make sure to ask beforehand.
In some cases, your military experience will also help save you money, just ask for it.
As you have noticed, insurance buying is like ordering off a menu. The way to do that is by knowing whats on the menu first.
Just because you contact a big name insurance company doesn’t mean they are necessary the right fit for your needs.
This is where you need to do your homework and get educated on what you need to protect your investment.
Just like with auto insurance, if you have tickets or accidents, yes you can get tickets while operating your watercraft, then you may need all the discounts you can get. In some cases, the discounts can offset your driving record which is always nice.
High Risk Selection
However, you may also find some insurance programs who will not accept your risk if you have too many tickets or if they consider you to be high risk.
Don’t worry because there are programs that specialize in high risk marine craft. You may pay more on your premiums but if you find the right program, with the right discounts you can reduce your costs.
High Risk Coverage
Normally, if you fall into this group of high risk coverage, your best bet is shop a local insurance broker who can compare rates in your area.
They understand your market better than most and when you go about it alone online you may be paying too much for coverage.
This happens because you don’t shop for insurance everyday, and you may not even know where to start or worse, you maybe shopping in the wrong market.
All of these factors just increase your cost factor so, get some help if you looking for the right coverage program.
Listed below are the discounts available on most standard programs.
If you don’t see a certain discount, just ask for it and if not offered you may want to continue shopping.
Just like buying the right pair of shoes, the agent or broker on the other end doesn’t know your style or size, so help them help you buy sharing exactly what you are looking for and if you have tickets or accidents, let them know.
They act like an accountant, looking at all the ratings factors to get you exactly what you need.
- Claim free renewal
- Protective Device
- Multi Policy
- Multi Boat
- Protective Gear
Tips on Your Insurance
As you have learned, there are many options available as a boat owner and more importantly if you already have an auto insurance policy in place.
Take all these in consideration when comparing rates before you begin your search. These factors can save you not just money but any gaps in coverage.
Not every insurance company big or small will specialize in this type of insurance, and some may even have riders or underwriting requirements before you can buy.
Some of these underwriting guidelines might mean which areas you can take your watercraft out on.
Some lakes or areas of water are off-limits and if you were to take your marine out in those waters, no coverage would follow.
Your insurance agent or broker may even ask what areas you take your craft out too, so they can include it on your policy for coverage.
If not listed in some cases, no coverage would apply. Always make sure to see what bodies of water are off-limits.
This information can be easily found on your policy under guidelines or conditions.
Your agent or broker should also review this information with you to avoid any future confusion. On another note, make sure you read your insurance policy thoroughly.
Some programs do not allow for permissive use, meaning no one other than the name insured can use the marine.
Unfortunately, we have seen many people misunderstand this provision or it wasn’t explained at the time they bought their insurance and now they are completely without coverage on their destroyed watercraft.
This can be so disheartening, especially if you paid on your insurance for exactly that, coverage.
A helpful tip if you already have an active car insurance policy, is to contact the provider and see if they offer marine insurance protection. If so, ask for a rate and then begin your search for a cheaper rate.
This way you have a number to compare. It is important to make sure the coverage options are also the same when shopping quotes.
If you are not comparing oranges to oranges then you are definitely going to be in for a surprise, and not a pleasant one to say the least.
Like we described above, always make sure to ask questions if you do not know, compare the same coverage options with each quote you receive and make sure no underlying riders exist that would affect your coverage.
These simple tasks will make the entire process easier for you and that is ow insurance buying should be. You have questions, you deserve honest answers.
If you should need any helping comparing cheap boat insurance quotes, or need to bundle your California car insurance then call Target Up Insurance. We have been helping people protect their toys for over 30 years and we represent over a 100 insurance companies with all types of specialty markets.
This means savings to you. We do the legwork for you because we know you have better things to do with your time. Call a licensed agent at 800-962-0085!
Service Areas: Costa Mesa, Los Angeles, Anaheim, Riverside, Ontario, Huntington Beach, Irvine, Buena Park, Santa Ana, Tustin, Pomona, Rancho Cucamonga, Moreno Valley, San Bernardino.
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