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Boat/Watercraft Insurance in Texas
The state of Texas does not require boats or watercraft of any type to have insurance. However, many mishaps can cause damages to your property, and substantial costs could pile up if you need repairs to your vessel. Therefore, it’s best to get a boat and watercraft insurance policy to protect your assets in Plano, TX and around the state.
What Types of Boats/Watercrafts Does Insurance Cover?
Boat insurance covers watercraft with motors such as your fishing boat, pontoon boat, yachts, and leisure watercraft. Boat insurance does not cover kayaks, canoes, or self-propelled personal watercraft. Small personal watercraft may be insured under your homeowner’s insurance policy, or you can add an endorsement to your policy for coverage.
What Are the Types of Boat Insurance?
In the state of Texas, your boat insurance policy can have collision damage, which will pay for repairs or replace your boat in the event of an accident. Property damage liability covers any damages you cause to another person’s boat, other property, and structures and boat docks. Bodily injury liability covers injuries you may cause to someone while using your boat. It pays for their medical bills, legal expenses, pain and suffering, and loss of income. Comprehensive coverage covers damages to your boat such as it being stolen, vandalized, or damaged. It is best to have coverage of all four types on your boat insurance policy.
You can also add additional coverages of roadside assistance, personal property liability, oil spills and wreckage removal, or injuries from underinsured or noninsured boaters through Sergeant Fifty-Five boat insurance.
How Does the Insurance Company Pay Out?
You can choose from three different types of boat insurance.
- Replacement cost will pay to repair or replace your boat after an accident.
- The actual cash value will repair or replace your boat up to the value of your boat when it was new minus depreciation.
- Agreed amount value insurance lets you set a value in the policy that repairs or replacement will be limited to.
Navigating the waters of boat insurance can be very confusing. Contact us at Sergeant Fifty-Five in Plano, TX to get answers to all of your questions so that you can protect your boat or watercraft. Reach out to our agents for a quote.