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Why Boat Insurance?
Whether you’re going out on the Willamette River, venturing onto the Columbia, or dipping into Hagg Lake, Oregon has great places to get out on the water. (We’ve enjoyed kayaking the Tualatin River.)
Why get boat or other watercraft insurance? The most important reasons for having boat insurance are that your boat, your trailer, or your stuff could be damaged in an accident. Or, you could cause damage or injure someone in an accident.
(As always, if you want specific details about your boat insurance policy, you’ll need to consult your actual insurance policy as they can vary in significant ways.)
Coverages
Physical Damage Coverage
This covers your boat (and usually a trailer) for physical damage that happens from an accident on or off the water.
Unlike most car insurance, a boat is usually insured at an Agreed Value. This means that you agree up front on the value of the boat (and trailer typically). If it is totaled or destroyed, the insurance company will pay you that value (minus any deductible).
Some companies will allow you to insure the boat at Actual Cash Value. Like a typical car insurance policy, this means they’re insuring a boat for what it is worth at the time of the loss. In other words, depreciation is subtracted out. This typically costs less than an Agreed Value policy.
Liability
If you cause accidental injuries or damage to someone’s personal property, this liability coverage will pay to fix those damages and recover from those injuries.
Medical Payments
Usually available up to $10,000, this coverage pays for medical care for you and passengers accidentally injured while boating (generally, regardless of fault).
This typically extends to water-skiers or tubers being pulled by the boat as well, but it is worth clarifying with your agent.
Uninsured/Underinsured Watercraft Bodily injury
This helps fill the gap if another boater injures you but doesn’t have their own coverage.
Wreckage Removal
Sometimes when a boat is damaged it can sink and the wrecked boat needs to be hauled out. That’s what this coverage helps with.
Fuel Spill Liability
Sometimes an accident causes fuel to leak into the surrounding area. That leaked fluid needs to be cleaned up and, since you’re the owner, it is your responsibility.
This coverage helps cover the costs of cleaning up a spill.
Personal Effects
This coverage is typically designed to cover the stuff you might bring out on the boat but that could also be used off-boat. Things like fishing rods, snorkeling equipment, or clothing.
Pet Coverage
Some boat policies cover injuries to pets if they get injured in a boating accident. Limits are usually $1,000.
Emergency Assistance (On the water)
If your watercraft breaks down out on the water, this helps cover getting it towed. It can also cover the cost of bringing gas or a little on-site maintenance.
Roadside Assistance
This can cover the towing of your trailer while it’s on the side of the road.
Unattached equipment
This can cover items used with the watercraft but that are not permanently attached. Things like skis, oars, tarps, or safety equipment.
Where does a boat policy cover boats?
Boat policies in Oregon typically cover a boat for physical damage while it’s on land or on water, whether on inland waterways or out on the ocean.
How far? A boat policy typically extends coverage while on any inland body of water whether it’s a lake or river. But, if you’re out on the ocean, most policies have navigational limits of so many miles from shore (usually 25 to 100 miles).
What could happen on land? Perhaps a fire in the garage or perhaps in a car wreck while towing it somewhere.
What could happen on water? Perhaps a collision with another boat or with a dock while boating.
Rates & Discounts here in Oregon
Can I just cancel my boat policy in the winter to save money?
Unless you are going to be entirely parking your boat for a majority of the year, you will not save as much money as you might think doing this.
This is because boat, motorcycle, and RV policies are often “short-rated” policies. While insurance for cars is spread evenly over the year, the premium for boats is adjusted to account for typical usage.
What this means is that, even though the insurer may bill the premium evenly each month for convenience, the premium is actually charged seasonally. In other words, the insurer assigns a majority of the premium to the time when people tend use their boats the most. On the flipside, the insurer assigns a small portion of the premium to the winter months when people are likely to be boating less.
Because of this, it’s usually better to keep your boat insurance policy active year-round. And there are benefits to keeping your boat insurance active.
One benefit is that you won’t need to worry or remember about going through the process of repurchasing another boat policy. Nice weather does happen!
Another benefit is that accidents can happen to your boat while it is being stored.
How can I lower my boat insurance rates?
- Drive well. Most insurers take driving history into account even for boating.
- Consider bundling and not bundling! Bundling is usually less expensive, but not always.
- Finish a boater’s safety course. Anyone who regularly drives the boat and is listed on the policy should do this. A boaters safety card is required for most boaters here in Oregon. Send in the card to your insurance agent to ensure that the discount stays on the boat policy.
- Check your discounts: especially multi-policy, experience, or ownership discounts.
- Raise your deductibles and take a little more risk in exchange for a lower insurance price.
- Reevaluate your Agreed Value: If you’ve insured your boat for a many years at the same value, you may consider reducing the agreed value to save some money.
What discounts are available for boat insurance?
Companies are continually trying to invent or reinvent discounts that will help attract and retain customers. Here are most of the discounts out there.
- Safety-course Discount if you and other household drivers have completed an Oregon boaters safety course.
- Multi-policy Discount if you have multiple policies with the same company. For instance, you have a home insurance policy and a car insurance policy and a boat policy.
- Multi-Boat Owner Discount if you own & insure more than one boat.
- Original Owner Discount if you are the original owner of the boat.
- Homeowners Discount if you own a home.
- Advance Quoting Discount for getting a quote ahead of time instead of waiting until the last minute.
- Boating Experience Discount: A discount for having so many years of boating experience.
- Boat Ownership Length Discount if you’ve owned a boat for more than a couple years.
- Diesel Discount (less risky fuel)
- Billing Plan Discount. Some companies give a discount for paying a full year premium.
- Loyalty Discount for how long you’ve been with one carrier.
Other Guides & Helps
- Check out Boat Oregon Online Map which details the available waterways and access points throughout Oregon.
- Go here for Oregon Equipment Regulations and Federal Regulations.
- Learn more About Us (actual people!), our Sensible Approach, or our Carriers.