Many residents of Owensboro have discovered the joy of boat ownership, and Kentucky has many scenic rivers and lakes on which to enjoy this form of recreation. Whether you enjoy using your boat on the Ohio River or prefer to make the drive out to Rough River Lake or other locations, a solid boat insurance policy can offer you financial security.
Independent insurance agents can assist you in your search for the best boat insurance policy. These agents can help by answering any questions you may have about boat insurance and by obtaining a variety of customized quotes on your behalf. That way, you can be sure you getting your policy at a great price. Find an insurance agent near you to get started.
Is Boat Insurance Required by Law?
You are not required by law to carry boat insurance in Kentucky. In fact, only three states actually require this insurance, so be aware of that if you take your boat to Arkansas, Utah, or Hawaii.
However, there are times when having 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 in full. Also, if you dock your boat at a marina, having boat insurance is sometimes a stipulation of the lease agreement.
Regardless of whether it is required, having boat insurance is usually a good idea. This is particularly true 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 Owensboro boat insurance is a cost-effective purchase for you.
How Much Does Boat insurance Cost in Owensboro, KY?
The average boat insurance policy in Kentucky costs $25 a month. That is very little to pay for the peace of mind that having a policy can afford you. Of course, there are several factors that go into calculating costs, so your quoted price could potentially be a lot higher or lower than this average amount.
Rates can be influenced things like:
- The type of boat you are insuring (e.g., bass boat, motor boat, cabin cruiser, yacht etc.) as well as its age, size, and value
- Where boat will be kept when not in use
- Your driving record and claims history, both on and off the water
- The amount of liability coverage you want to have
- The policy options you choose to include
- 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 comparison shopping easy by doing the legwork for you. Because they are independent, they can obtain customized quotes from competing insurers on your behalf.
What Does Owensboro Boat Insurance Cover?
Boat insurance providers offer a wide range of coverage and options. That way, you can get protection against liability risks, property damage, injuries, and other hazards you may face as a boat owner in Owensboro.
Coverage against Liability Expenses
- 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 have to go to court, your liability coverage can also pay for your legal fees and court costs.
- 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. Fuel spill and wreckage insurance can provide you with the funds and resources necessary to meet this obligation.
Coverage for Your Property
- Collision insurance: Also called physical damage insurance, this is designed to cover the cost to repair or replace your boat if it is damaged in a collision, regardless of fault.
- Comprehensive insurance: This is designed to cover non-collision-related damage to your boat. It covers against hazards such as fires, tornadoes, heavy winds, floods, and property crimes.
- Equipment insurance: This is designed to cover the cost to repair or replace the equipment you keep on your boat (such as fishing gear and GPS devices) if it is lost or damaged by covered hazards like theft, collisions, and severe weather.
Coverage for Medical Treatment
- Medical payments insurance: This is designed to pay for the cost of medical treatment for you and your passengers if you are injured while out on your boat, regardless of fault.
- Uninsured boater insurance: Because boat insurance is not required in this state, many boat owners do not have it. If an uninsured boater collides with your vessel, you may find it difficult to collect the funds needed to pay for your medical bills. Uninsured boater insurance can provide those funds to you quickly and without the hassle of a lawsuit.
Other Types of Coverage
- Tournament insurance: This temporary liability insurance is sometimes required in order for you to compete in certain fishing or boating tournaments.
- Towing and assistance: This covers the cost to tow your boat from the water to land if it becomes disabled while in use. You can also get specialized towing coverage if your vehicle breaks down on the road while you are towing your boat to or from the boat launch.
Find the Best Boat Insurance Policy in Owensboro
Hopefully, you’ll never need to use your boat insurance policy, but if you do, having it can save you a lot of money. This is especially true if you have the misfortune of causing a boating accident in which someone else suffers a serious injury.
Working with an experienced 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 Owensboro to learn more, and you can soon be comparing customized boat insurance quotes from a variety of highly rated insurers.