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Boat Insurance

From skiing and tubing to fishing and cruising, boating is a popular pastime in Indiana. Owning a boat gives you access to the water, but not without risks. Though you cannot control other boaters or the circumstances of your environment, you can insure your boat or watercraft with a policy you can rely on when things don’t go as planned. At Binford Insurance we offer coverage that safeguards you and your vessel with coverage for boat and trailer damages, passenger injuries, and third-party liability.

We can provide coverage for:

Do You Need Boat Insurance Coverage?

The State of Indiana does not require boat insurance, but many ports and marinas require general, legal, and pollution liability coverage before issuing access to their facilities. In addition, your lender may require insurance that protects your watercraft if you finance the purchase of your boat or use the title of your boat as collateral on another loan. Even if you are under no obligation to purchase coverage, however, we still recommend protecting yourself and your watercraft with a customized Indiana boat insurance policy.

Often, boaters assume they are covered by their homeowners insurance policies. However, there are usually limitations on this type of coverage based on the size of your watercraft and the types of damage it sustains. For example, homeowners insurance might pay damages for a non-motorized kayak destroyed in a garage fire, but not for the same kayak when it is damaged on the water. Likewise, homeowners insurance is unlikely to pay any compensation at all for damages to a ski boat – even if it is damaged in a house fire. That is why we generally recommend purchasing a separate boater insurance policy to ensure you and your watercraft are adequately protected against a wide range of potential losses.

What Does Watercraft Insurance Cover?

Boat insurance policies typically contain multiple coverage types. Your policy coverage will vary depending on your insurer and your preferences, but examples of common coverage types include:

Physical Damages

Your boat insurance may include collision and comprehensive coverages, which together can protect your boat against various types of physical damages. This can include damages caused by boating accidents, perilous weather, running aground, fire, theft, vandalism, and more. Claims for boat damage are generally subject to a deductible, which is the amount you pay out of pocket toward the cost of a claim. Be sure to ask about actual cash value (ACV) coverage versus the agreed amount value coverage, as the type of coverage you select can significantly affect any settlement amounts you receive from the insurer.

Medical Payments

After a boating accident, it is important that you and your passengers seek immediate medical care if necessary, regardless of who caused the injuries. Medical payments coverage helps pay for necessary medical bills up to the limits of your coverage, which is usually a few thousand dollars or less. This coverage is designed to provide immediate, no-fault compensation – not compensate for potential liability.

Uninsured Boater

Imagine facing thousands of dollars in medical bills after being injured by an uninsured boater. With uninsured boater insurance, you can pursue compensation from your own insurer for covered losses, up to the limits of your policy.

Liability

A victim can pursue you for compensation of damages if you are at-fault for a boating accident that results in third-party injury or property damages. Boater liability insurance can help you cover the cost of defending yourself against litigation, as well as the cost of any judgments or settlements against you, up to the limits of your policy. Your boat insurance may also include pollution liability insurance to cover your financial responsibility for a fuel spill.

Wreckage Removal

Boaters are often legally responsible for removing debris and wreckage from waters. Wreckage removal insurance can help cover the cost.

Towing and Emergency Assistance

Water excursions don’t always go as planned. Whether you need a fuel delivery or a tow back to shore, your boat insurance can help cover the bill.

Special Equipment and Carry-On Property

If you bring personal items onboard your vessel or carry high-value special equipment on your boat, talk to your agent about add-on coverage that extends to these items.

Trailer Damages

It’s not just your boat; your trailer can suffer damages, too.  If an accident leaves your trailer in need of repair or replacement, make sure you are covered by your watercraft insurance.

Indianapolis Boat Insurance Quotes

When shopping for Indiana boat insurance, start your search with a local, independent insurance agent. At Binford Insurance, we understand the types of risks you face as a boat owner on the water, in the off-season, and everywhere in between. We can shop and compare policies from multiple insurers, helping you to find competitive rates on the coverage you need.

We can also look for money-saving discounts to add value and affordability to your coverage. Boat insurers vary in the types and amounts of discounts they offer, but savings are often available for boaters who take qualified safety courses and those who maintain a history of no claims.

If you are purchasing a new boat or looking for insurance for an existing watercraft, let Binford Insurance help you find a policy that fits your needs and preferences. Contact our office today to speak with an independent agent and request your free quote. We look forward to serving you soon.

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