In Louisiana boaters insurance, for the most part, is not a requirement, but why should that stop you from getting your boat or watercraft insured? A premium for boat insurance can cost as little as $20.00 dollars a month, which cost less than say an entire boat! Don’t let someone else ruin your summer because they’ve wrecked your boat and you aren’t covered.
Here are some tips for picking the best policy when you decide to protect your investment:
- Many marinas require boats to have third party liability policies of $1,000,000 (smaller marinas may only ask for $300,000).
- If you own an older boat, your insurance company may reimburse you for a claim at a ‘depreciated level’. This is often a point of contention with boaters and their insurance provider. For example, if you damage your boat and incur $1,000.00 worth of hull damage and your provider is paying you out at a 70% depreciation level, this means that after you pay your deductible, you will only receive $300.00. Make sure you have the ‘depreciation’ conversation with your insurance agent – and then get all the specifics in writing.
- Get your boat inspected by the Coast Guard Auxiliary. This is a completely free, 15-point safety inspection that confirms your vessel is in compliance with all safe boating requirements. Many boat insurance providers offer discounts for boats that have passed the Coast Guard safety inspection.
- If you live in a hurricane prone area, your insurance company may expect or demand that you haul out your boat if a dangerous hurricane is headed toward your marina. This can be a major inconvenience as hauling out a boat takes time and money. Make sure to know what is required regarding approaching storms.
When you’re finally ready to have the coverage and protection for your vessel at a price that’ll keep you afloat, then set a course for savings and head on over and find an agent today.