Many residents of Paducah, KY like taking their cabin cruisers out for a day of family fun on the Ohio River. Others may prefer to make the drive out to Brushy Pond for a relaxing day of fishing on their bass boats. Whatever type of vessel you have, you can protect your investment and your finances by carrying boat insurance.
Local independent insurance agents are available to help you find the best policy to meet your coverage and budgetary needs. Contact an insurance agent near you to start comparing customized quotes for boat insurance.
Why Purchase Paducah Boat Insurance?
Boat insurance is not required by law in Kentucky, and many home and renters insurance policies offer a measure of coverage for your boat, so you may be wondering why you should bother buying a policy.
First, you should be aware that the coverage offered by your home or renters insurance policy is limited when it comes to your boat, so it may not offer all the coverage you need when the time comes to use it.
Also, let’s face it, boats are expensive. For this reason alone, it may give you a little peace of mind just knowing that your investment is covered. Additionally, if you are responsible for a boating accident in which others suffer injuries or property damage, you can benefit from having the right coverage in place to handle your liability costs.
Finally, many marinas and recreational facilities require boat owners to have this coverage. If you are still on the fence about whether to buy a policy, you can request quotes and information from an independent insurance agent in Paducah. That way, you can best decide if the benefits are worth the cost.
How Much Does Boat Insurance Cost in Paducah, KY?
On average, Kentucky residents pay about $25 a month for their boat insurance. Of course, this can just give you an estimate of what you might actually be expected to pay. Your actual rates will be based on a several factors such as:
- Your boat’s value, size, age, make, and model
- Your driving record, both on and off the water
- How often you will be using your boat and in what capacity
- Where you will be storing your boat when not in use
- Your claims history and credit score
- The coverage options you choose to include in your policy
- The amount of your deductible
The value of your boat is the most significant factor in determining the cost of your coverage. Boat owners typically pay premiums that are approximately 1.5% of their boat’s value. A brand-new $40,000 speed boat might cost you about $600 a year to insure.
To find out your true cost of boat insurance, let an independent insurance agent in Paducah gather an assortment of customized quotes on your behalf.
What Does the Liability Portion of Paducah Boat Insurance Cover?
Boat liability insurance is designed to cover you if you are responsible for a boating accident. If you severely damage another person’s boat or cause major injuries to another, the resultant costs can be significant. This insurance can cover these costs as well as any necessary legal fees and court costs.
Boat insurance providers offer the following kinds of liability coverage:
- Property damage liability: This covers damage you may cause to other people’s property including boats, docks, equipment, and other possessions.
- Bodily injury liability: This covers injuries you may cause to others in a boating accident and includes their medical treatment, hospitalization, rehabilitation and lost wages.
- Pollution liability: This covers the cost of clean-up and damage if a boat accident for which you are responsible results in a fuel spill on the water.
- Wreckage removal: This covers your legal obligation to remove wreckage and debris from the water after an incident for which you are responsible.
Learn more about boat liability insurance by talking to an independent insurance agent in Paducah.
What Else Can Paducah Boat Insurance Cover?
In addition to liability coverage, boat insurance providers offer the following coverage options:
- Collision and comprehensive coverage: This covers damage to your boat, regardless of fault. Collision insurance covers damage sustained in a boating accident, while comprehensive insurance covers all other damage, like that caused by severe storms, fires, and even theft.
- Uninsured boaters insurance: This insurance provides medical coverage for you and your passengers if you are injured in a collision that was caused by an uninsured or underinsured boater.
- Gear and fishing tackle insurance: This covers your expensive fishing equipment if it is damaged by outside forces such as severe weather, or if it is stolen from your boat.
- Tournament insurance: This temporary insurance provides the necessary liability coverage needed to compete in certain fishing and boating tournaments. It may also cover refunding tournament entry fees if circumstances beyond your control leave you unable to participate.
- Towing and assistance: This covers the cost to tow your boat to land if it becomes disabled while you are out on the water. 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 water.
Independent Agents Can Help You Find the Best Boat Insurance in Paducah
When you are looking for an affordable and reliable boat insurance policy, look no further than a local independent insurance agent. These agents are able to work with a variety of highly rated insurance companies so they can help you find the policy that best meets your coverage and budgetary needs.
Do you want to get answers to your insurance-related questions and start comparing customized boat insurance quotes? If so, find an insurance agent in Paducah to get started.