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Colorado Insurance Blog

7 Things You Should Know About Boat Insurance

Colorado has some of the most breathtaking picturesque landscapes in the country. Even better, it’s a scintillating experience when viewing the scenery while on your boat. Whether you are on an exploration mission with your boat in the Blue Mesa Reservoir or having good times with your family on Chatfield Reservoir, having a boat in Colorado has many advantages.

When you’re taking a boat or jet ski out the last thing you want to do is worry about what would happen if you had an accident. Regrettably, accidents and calamities sometimes strike. Fortunately, you can avert huge financial losses from a day out in the lake by investing in boat insurance. Contact our agents at Integrity First Insurance to learn more about boat insurance and how it can protect your finances.

Here are 7 things you should know about boat insurance:

1. Most boat policies only provide coverage in certain areas.

Generally, anywhere within the US and up to 75 miles off the US coastline is covered. Many policies will also cover into the Pacific coastal waters of Mexico and the Canadian coastal or inland waters.

2. You may be able to choose between Actual Cash Value or Agreed Value coverage for your boat.

Actual Cash Value: Just like cars, boats depreciated in value overtime. Actual Cash Value coverage takes into account age and wear and tear and pays out a depreciated amount based on that.

Agreed Value: With Agreed Value coverage, you choose what value to insure your boat for and will be paid out that agreed amount if there is a total loss. You’re only responsible for the deductible, not any depreciation.

3. Liability insurance is important.

If you’re responsible for an accident while operating your boat, your liability coverage will pay for the injuries or damage caused. Without liability insurance, you could be sued for those costs and have to pay out of pocket or have your wages garnished.

4. You can add protection for Fuel Spill Liability and Wreckage Removal.

Many people don’t know that they are responsible for removing any wreckage and cleaning up an oil or fuel spill if their boat is involved in an accident. The cost of that can add up quickly, so adding that coverage to your boat insurance policy is a great way to protect finances.

5. Most boat policies have the option to add on-water towing coverage.

If your boat breaks down on the water, this coverage will pay to tow it and may even pay for delivery of fuel, oil, or a battery.

6. You can purchase Medical Payments coverage to protect yourself and your passengers, including water skiers and tubers.

Medical Payments coverage limits range from $500 to $10K or more, and will pay for medical costs regardless of who is at-fault for the accident.

7. Unlike auto insurance, watercraft insurance isn’t required in Colorado.

However, if you financed your water vessel, your lender may require you to carry boat insurance until you pay your outstanding loan.

If you are a boat owner, consider procuring a boat insurance policy. Insuring your watercraft protects you, your family, your boat and your financial future so you can focus on having fun. To get coverage, please contact Integrity First Insurance for an affordable quote.

Photo by Maxi am Brunnen on Unsplash

3 Ways You Can Protect Yourself From Personal Injury Attorneys

If you watch TV or listen to the radio, chances are you’ve seen or heard a commercial from a personal injury attorney. You know the ones- “I called (name of law firm) and they got me $700,000!” The frequency of these commercials means you’re more likely to get sued if you are at-fault in an accident.

The fact of the matter is, there are people out there that see a big payday if they get in an accident. Insurance is there to pay your medical bills paid and get your vehicle fixed. When the injured party wants to pocket extra cash, it drives up rates for us all.

Read more about Colorado’s increasing rates in our blog 5 Reasons Insurance Rates Keep Increasing in Colorado.

If you’re at-fault in an accident your insurance company will only pay up to your liability limits. Anything beyond that is your responsibility. If you don’t have that money laying around, they can take your home or garnish your wages.

Here are 3 ways you can help protect your family and your financial future:

Continue reading “3 Ways You Can Protect Yourself From Personal Injury Attorneys”

Should You Keep Your Motorcycle or Boat Insured in the Off-Season?

Do I really need to insure my motorcycle in the winter?

It may seem like a good idea to cancel your motorcycle policy in the off-season, but it could cost you more in the long run. The same goes for boat, ATV, motorhome and snowmobile policies.

Most people only think about the risk they face while riding or boating. But there are plenty of things that can happen while your toy in storage.

If you insure your recreational vehicles year-round, you’ll be protected if something happens. Even in the off-season.  

Claims that could occur while a boat, ATV, snowmobile, or motorcycle is in storage:

Continue reading “Should You Keep Your Motorcycle or Boat Insured in the Off-Season?”

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