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August 16, 2023
Smith & Associates Inc.

Watercraft & Boat Insurance

Watercraft & Boat Insurance in Oakwood Hills, IL

If you have a boat or personal watercraft, such as a jet ski, you’ll want to ensure that you have the proper insurance coverage. While some small, nonmotorized boats may be insurable under your homeowners insurance policy, most personal watercraft and boats require a separate insurance policy. Contact Smith & Associates Inc today to learn more about your boat and jet ski insurance needs.

How Does Boat Insurance Work?

Boat insurance provides coverage for damages and liabilities that may arise while you’re on the water. When you purchase a policy, you’ll pay a premium, and in return, the insurer agrees to provide coverage to you as outlined in your policy. If you experience a covered loss during your policy’s term, you can file a claim against your policy to receive financial assistance.

What Boat Insurance Covers

At Smith & Associates Inc, we know that each boat or jet ski is as unique as its owner, and so are the insurance needs. Our boat insurance policies are tailored to cater to various situations. Here’s what our coverage typically includes:

  • Property damage liability—This type of coverage helps pay for third-party property damage you may cause, such as damaging someone else’s boat or dock.
  • Bodily injury liability—This type of coverage helps pay for a third party’s bodily injuries for which you are liable and lawsuits arising from third-party bodily injury claims.
  • Collision coverage—This type of coverage helps pay for repairing or replacing your boat or jet ski if it is damaged in a collision event.
  • Comprehensive coverage—This type of coverage helps pay for repairing or replacing your boat or jet ski if it is damaged in a noncollision event, such as theft, vandalism, fire or storms.
  • Uninsured/underinsured boater coverage—This type of coverage helps pay for your losses and injuries if you’re involved in an accident with someone who lacks liability insurance or has inadequate liability coverage.
  • Medical payments coverage—This type of coverage helps cover medical expenses for you and your passengers if you’re injured in an accident, regardless of who is at fault.

How Much Does Boat Insurance Cost?

The cost of boat insurance depends on various factors, including:

  • Type of watercraft—Different watercraft have different insurance needs. A small boat or jet ski will generally cost less to insure than a larger, expensive speedboat.
  • Usage—How often and where you use your boat matters. Insurance might differ if you’re a weekend warrior on a serene lake compared to someone navigating turbulent waters daily.
  • Boating experience—Your boating history and experience level can influence the cost of insurance. For example, the more experienced you are, the better your rates might be.
  • Location—Where you store and use your watercraft also plays a role in overall premium cost. Certain areas might have higher risks, which would cause the premium to rise.
  • Coverage limits—The more coverage you opt for, the higher the premium might be. However, it ensures better protection in the long run.

Get a Boat and Jet Ski Insurance Quote Today

To get an accurate quote tailored to your needs, contact Smith & Associates Inc. We’ll consider all the necessary details to provide you with a competitive and comprehensive insurance package.man riding on white and red boat on sea during daytime

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