Whether you like taking your bass boat out on beautiful Doe Run Lake, or you enjoy time on your speedboat out on the Ohio River, as a boat owner in Florence, you have plenty of options. It is little wonder that so many residents of this Cincinnati suburb choose to purchase a recreational water vessel.
Unfortunately, boating accidents sometimes happen. You can make sure that a family fun day on the river doesn’t end up causing you large financial losses by investing in an affordable boat insurance policy. A local independent insurance agent can help you find a great policy at a competitive rate.
What Is Florence Boat Insurance?
Boat insurance is designed to cover boats that have motors or sails. Boats aren’t cheap. A new boat can run you tens of thousands of dollars, so it is worth insuring this large investment.
What if your boat was damaged by rocks in shallow water? Or what if a tornado destroyed it while it was docked at a marina? Or worse, what if you caused serious injuries to others after colliding with their watercraft? Without boat insurance, your financial losses from all of these scenarios could be devastating.
While your homeowners insurance or renters insurance policy may offer a measure of coverage, it is usually very limited. Instead of risking a large financial loss that could have easily been avoided, you can invest in an affordable boat insurance policy. An independent insurance agent can help.
Is Boat Insurance Required in Kentucky?
You are not required by law to carry boat insurance in Kentucky.
However, there are times when boat insurance might be necessary. If you financed the purchase of your boat, your lender might require you to have boat insurance until your loan is paid off. Also, if you dock your boat at a marina, having boat insurance may be a stipulation of your lease agreement.
Regardless of whether it is required, having boat insurance is usually a good idea — particularly if your boat is very expensive or if you plan to operate it at high speeds. A local independent insurance agent can help you determine whether this coverage is cost-effective for you.
How Much Does Boat insurance Cost in Florence, KY?
The average boat insurance policy in Kentucky costs around $250 a year. That is very little to pay for the peace of mind that a policy can afford you. Of course, there are several factors that go into calculating costs, so your quoted price may be higher or lower than this average amount.
Rates can be influenced by several factors:
- The type (or types) of boat you are insuring (i.e., bass boat, motor boat, cabin cruiser, yacht)
- Your boat’s length and the size of its engine
- Where the boat will be stored when not in use (i.e., at your home, at a marina, etc.)
- Your driving record and claims history, both on and off the water
- The amount of liability coverage you want to have
- The amount of your deductible
The only way to find out exactly how much a boat insurance policy will cost you is to request quotes from a few insurance companies. Independent insurance agents make this easy by doing the legwork for you. Because they are independent, they can obtain customized quotes from a few competing insurers on your behalf.
What Does Florence Boat Insurance Cover?
Most boat insurance providers will offer some or all of the following types of coverage:
- Boating liability insurance: This is designed to cover third-party injuries and property damage if you are at fault for a boating accident. If you must go to court, your boating liability insurance can also cover your legal fees and court costs.
- Physical damage insurance: This is similar to the collision insurance you can buy for your car. It is designed to cover damage to your boat and boating equipment if either is damaged in a collision, regardless of fault.
- Comprehensive insurance: Much like comprehensive auto insurance, this covers non-collision-related damage to your boat. This covers against hazards such as fires, tornadoes, heavy winds, floods, theft, and vandalism.
- Equipment insurance: This is designed to cover loss or damage to the equipment you keep on your boat (such as fishing gear, GPS devices, and towables) when caused by hazards like theft, collisions, and severe weather.
- Uninsured boater insurance: Because boat insurance is not required in this state, many boat owners do not have it. If an uninsured boater crashes into your vessel, you may find it difficult to collect the funds needed to repair your boat or to pay for your medical bills. Uninsured boater insurance can provide those funds to you quickly and without the hassle of a lawsuit.
- Medical payments insurance: This is designed to pay for any medical expenses that you and your passengers may accrue due to injuries sustained in a boating accident, regardless of fault.
- Fuel spill/wreckage cleanup: If you cause a boating accident, local ordinances require you to remove wrecked vessels from the water and clean up any pollutants left behind. This insurance coverage can provide you with the funds and resources necessary to clean up the wreckage.
Boat Insurance Discount Opportunities in Florence, KY
Independent insurance agents work for you, not for a specific insurance company, so they are dedicated to finding you the best rates for your boat insurance coverage. One way they do this by looking for discount opportunities for which you may qualify.
Some money-saving opportunities that you may be eligible for include discounts for bundling your boat insurance with other policies like home or car insurance; discounts for taking and passing a boater safety course; and discounts for having certain industry or professional affiliations.
Talk to your local insurance agent to learn more.
Find the Best Boat Insurance Policy in Florence
A boat insurance policy that covers all of your risks has the potential to save you a lot of money. This is especially true if you happen to be involved in a boating accident in which others suffer serious injuries. Working with an experience insurance professional can help you be sure you are getting the best coverage at the most competitive price.
Contact an independent insurance agent with an office in Florence to learn more, and you can soon be comparing customized boat insurance quotes from a variety of top-rated insurers.