Are you thinking about owning a boat in New York someday? Remember to factor in boat insurance, since valuable assets need financial protection. What’s interesting is that boat insurance is actually more affordable than many people think. You can insure a boat in this state for less than a dollar a day. Here are important points to know about New York boat insurance.
You are not required to carry boat insurance in the state of New York when you register a boat with DMV. It's still wise to protect your asset from potential water, weather, and collision risks. The best way to do that is with an insurance plan that fits your type of boat, how often you use it, and other criteria.
Not only will boat insurance protect your vessel, but it will also protect you from paying expensive legal costs if you get into an accident and the other party decides to sue you. Be aware that over half of boating accidents involve injuries. By carrying personal boat liability coverage, you can sail with peace of mind knowing that you are covered against the worst.
Also read: What Should I do Before Starting My Own Boat Charter Business?
With the right insurance, you can cover water skis and various types of gear including audio/video equipment on your watercraft. Here are tips to consider when shopping around for different types of boat insurance coverage:
● Know what your boat policy covers - Even though a boat insurance policy has similarities with standard auto insurance policies, you cannot assume anything about your coverage. You should completely review your policy and then talk with your insurance agent if you have any questions or concerns about it.
● Sail only where you're covered - Some plans cover you up to 75 miles out to sea. It's crucial to know exactly where you can navigate without leaving your coverage zone. To expand your navigational area, you'll need to extend your personal boat insurance coverage.
● Boats depreciate over time like cars - Plan on the value of your vessel diminishing like a car unless you invest in fixing it up. As its value falls, your insurance payout decreases if it's destroyed in an accident. So if you have an actual cash value (ACV) policy, you will not receive as much as if you have a replacement cost (RC) policy.
● Consider emergency assistance - If you experience a boat accident, you may need emergency assistance with it. This coverage is usually separate from a standard personal boat policy. It pays for towing and other services such as delivering gas or a battery.
● Unattached equipment needs separate coverage - You'll need special coverage for unattached equipment you use on your vessel. These items may include water skis, anchors, tarps, and safety gear.
One of the risks involved with sailing in New York is that most boaters in the state are not properly insured. If your watercraft is struck by an uninsured boater, you should file a personal boaters claim with your insurance company. The at-fault boater has the legal responsibility to pay your medical bills, loss of income, and damage to your property. However, if the boater is unable to pay, your insurance company will pay instead. Talk with your insurance agent so you're clear that your policy includes uninsured boater coverage.
The best boat insurance is a customized plan designed to fit your specific needs. Having the right insurance policy in place allows you to enjoy sailing more. Contact us at Graystone Insurance Group for more information on your options for boat insurance in New York.
