Watercraft Insurance

Post date: Jun 15, 2011 6:05:22 PM

Also know as boat insurance or personal watercraft insurance. NY watercraft insurance plans can provide you with coverage against many different types of loss, such as:

• • Liability Coverage: If you’re involved in an accident, there’s a good chance another person or another watercraft is involved. And if you’re at fault, you’ll need liability coverage.

  • Physical Damage Coverage: This optional coverage is typically designed to take care of your boat, motor, attached accessories, and trailer.

  • Medical Payments Coverage: Medical coverage covers your eligible medical expenses if you get hurt when on the water.

  • Guest passenger liability: For any legal expenses incurred by someone using the boat with the owner’s permission.

Typically you would insure a watercraft for either:

• • Actual Cash Value which will pay for replacement costs less depreciation at the time of the loss. In the event of a total loss, used boat pricing guides and other resources are used to determine the vessel’s approximate market value. Partial losses are settled by taking the total cost of the repair less a percentage for depreciation.

  • Or Agreed Amount Value. A basis that you and your NY boat insurance carrier have agreed on the value of your vessel. In the event of a total loss you will be paid that amount. Agreed Amount Value policies also replace old items for new in the event of a partial loss, without any deduction for depreciation.

In New York, watercraft insurance may be required on certain lakes and waterways just like car insurance is required on the roadways.