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The importance of liability coverage when it comes to boat insurance

If you are a boat owner in the Columbia, SC area, you can rely on the team at New American Insurance for all of your insurance needs. We can help guide you through the policy selection process and help ensure that your boat has the protection it needs. 

Liability is an important part of any boat insurance policy

Yes, boats are a lot of fun. They can provide you, your family, and your friends with many hours of enjoyment. But with this pleasure comes responsibility. There is a lot that can go wrong when you are out on the water. And, many boating mishaps have been known to cause injuries.

Because of this reality, having an adequate amount of liability coverage is a key part of any boat insurance policy. When you don’t have an appropriate amount of liability protection and are involved in an accident, the outcome can be awful. If the mishap is one that causes injuries, the outcome can be even more dire.

When your policy does not have the coverage level to cover damages, that responsibility will likely fall to you. That’s right, you may be financially responsible for any damages that are not covered by your policy. To avoid this situation, sit down with your local agent and review your current policy in detail. You may find that there are gaps in your coverage that need to be addressed.

We are here to serve our community!

New American Insurance is here to help the wider Columbia, SC community. We are dedicated to helping our clients get the insurance that’s right for their needs. If you would like to find out more about boats, or another type of insurance, call or stop by our office today!

How Much Boat Insurance Do I Need?

You finally bought your dream boat and are ready to spend a day of fun in the sun on Lake Murray—or maybe you have your sights set on Charleston and the open ocean. Either way, it’s important that you understand your coverage requirements under South Carolina state law. New American Insurance serving Irmo, Lexington, and Columbia, SC and surrounding areas is here to answer all your questions: 

Doesn’t My Homeowner’s Policy Cover My Boat Too?

While most homeowner’s policies do cover some boat damage, the maximum coverage provided is extremely low, typically $1000 to $2000.This coverage is ideal for smaller, non-motorized watercraft such as kayaks or canoes, but it won’t go far for larger watercraft. Plus, homeowner’s policies don’t include any liability coverage for medical damages incurred in a boating accident. 

South Carolina Doesn’t Require Watercraft Insurance. Why Should I Get Covered?

It’s true that South Carolina, like most states, does not require boat or watercraft insurance. However, if you’re financing or leasing your boat, your lender will require your asset to be covered, and most ports and marinas require a certain amount of watercraft coverage in order to use their facilities as well. So, if you want to travel anywhere and be able to dock, a boat insurance policy is a necessity. Finally, boat insurance just makes financial sense. It’s one of the most cost-effective types of insurance; you can get a policy that fully covers your new asset, helps with towing and emergency assistance expenses, covers your personal effects, and protects you against liability claims for an incredibly affordable rate. 

How Do I Decide What Kind of Policy to Get?

The type of policy and the amount of coverage you buy will depend on many factors, including the length, age, and value of your boat, how frequently you use it, liveaboard status, speed, or horsepower, where you intend to use it, and more. While it can seem complicated at first, a good rule of thumb is to look for a policy that provides similar liability coverages as your auto insurance policy and provides agreed value coverage vs actual value coverage. Agreed value policies cover the full replacement cost of your boat as of the day you enact the policy while actual value coverage decreases year by year with depreciation. 

We’re sure you have a lot more questions about how to best protect your new boat, and New American Insurance has the answers. Contact us today for an appointment; your agent will sit down with you, discuss your options, and help you find the right boat and watercraft policy at the right price. 

What Does Boat Insurance Cover?

Heading out on your boat can be a lot of fun, especially with all the gorgeous water around Columbia, SC. To help keep your boat protected, you may be considering purchasing boat insurance. But before you do so, you probably want to know what boat insurance covers.

Not All Insurance is the Same

Before we explain what boat insurance covers, let’s clarify that not all insurance is the same. You can talk with agents at New American Insurance to find a policy that suits your needs.

When you start exploring boat insurance options, consider if you’re interested in the following types of protection.

Physical Damage Coverage

Boating is a great activity, but it doesn’t come without risks. Accidents with other watercraft or the shore can quickly damage your boat. Boat insurance covers the cost of this physical damage.

Boat insurance in Columbia, SC may also cover physical damage from adverse weather such as hail and hurricanes. Additionally, this type of insurance protects your boat from theft.

When you choose a boat insurance policy, your boat will be covered for an amount equal to the actual cash value or another set amount.

Liability Coverage

Even if you are a responsible boat owner, your sailboat, yacht, or fishing boat may cause damage to another person’s property. If your boat damages another boat, a dock, or a building, liability insurance covers this damage. It may also protect you from any legal action.

Medical Bill Coverage

Boat insurance may also cover medical bills that arise from a boating accident. This may include the bills of your boat’s passengers as well as passengers of other impacted boats.

Get Started with Boat Insurance

To help find boat insurance that’s right for you, contact New American Insurance.

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