The insurance agents at The Ephraim Group can help you enjoy time on your boat with no worries about any insurance liabilities. Boating can be an expensive hobby, so you want to always make sure you have the coverage you need.
Since 2003, our trained insurance professionals have been working with boat owners just like yourself to create a boat insurance policies that fit your individual coverage needs.
We ensure that your insurance protects you, your family, friends, your boat and associated equipment.
Boat Insurance Coverage Factors
When an insurance company is in the process of creating your policy, they consider many different factors with boat insurance. Generally, almost any type of marine vessel can be insured if you are willing to pay the premium. When exploring your options, you need to take the following factors into consideration in order to make sure the policy you purchase meets all your needs:
Primary residence (only if you live on the boat)
Age of your boat
Length of your boat
Top speed / Horsepower
Number of owners
Location of operation
Houseboats without a motor
Homemade boats without a serial number
Covered Marine Vessels:
The insurance companies we work with offer a wide selection marine coverage. Below are many of the included watercraft we can insure:
Yachts – in order to be considered a yacht your vessel must be 27’ or larger. These types of vessels tend to have a much wider array of coverages due to their increased travel range and can be exposed to much more unique situations.
Professional – professional policies include ProAngler, charters, and fishing guides. These types of policies are extremely customizable to allow coverage for items like traveling to a tournament, fishing equipment, etc.
Boat Clubs – This type of policy is used to cover all members of a boating club during vessel operation.
PWC and Boat rental – This coverage will cover you and any passengers should you happen to get into an accident while operating a rental.
The Two Basic Types Of Boat Insurance
When purchasing a boat insurance policy, it is important to know the difference between the basic policies.
Actual Cash Value Boat Insurance Policy
Actual cash value policies mean that the insurance company will only pay you the upfront cash value of your vessel when declared a total or partial loss. This form of coverage costs much less upfront, but it factors in any depreciation to the vessel. It’s generally best to stay away from this form of coverage unless you insist on a lower amount of coverage to save money, or as your boat as aged because it can give you substantial savings.
Agreed Value Boat Insurance Policy
Agreed value policies cover your vessel based on the agreed upon value when the policy is originally written. Although this type of policy usually costs more out of pocket, there is no depreciation should the boat become a total loss. The main difference between the two policies is how the factor of depreciation is handled.
What Boat Insurance Typically Covers
More often than not, the coverage of your boating insurance policy is going to be determined by the location and type of boating you partake in. All risk insurance policies offer the widest variety of coverage but does not cover every type of loss. This type of policy will generally exclude items like marring, denting, wear and tear, animal damage, ice and freeing, design defects, and manufacturers’ defects.
Most insurance agencies however will allow you to add on extra coverage options to your policy. This will generally include things such as towing and assistance, medical payments, personal effects, and uninsured boaters’ liability. In most cases your policy will also cover any permanently attached equipment. This includes items such as oars, tools, seat cushions, life jackets, trolling motors, and anchors.
Typical Insurance Cost Factors:
When shopping for boat insurance there are many different factors that insurance agencies reference when deciding the cost of your policy, however this does vary between insurance providers. Below are some of the items you will want to take into consideration:
Good Driving Record – insurance companies will check both you driving and boating record.
Boating area – where you go boating will affect the price due to different risk factors.
Boaters Safety Education – Make sure you have been professionally trained and certified for a high chance of a price reduction
Liability Limit – The higher your liability limit is, means a higher policy cost.
Deductible – the higher your deductible is, the lower your insurance premium.
Towing insurance – must meet the requirements for offshore fishing as a 20-mile tow could cost upwards of 3,000 dollars.
Should you ever have to make a claim it is best to be prepared. While boating carrying proof of insurance is not required however it’s always a good idea to keep your information ready should an emergency arise. Usually filing a claim is a very simple and easy process. When shopping for your policy make sure to ask your agent how the process is handled.
For more than 16 years, we’ve worked with business and homeowners all around our little house in Lawrenceville. We’re located right next to Brewster’s on Lawrenceville Suwanee Road. We have help hundreds of customers enjoy boating on Lake Lanier and Hartwell who live around us in Lawrenceville, Dacula, Duluth, Suwanee and Buford. But, if you live outside our service area, that’s no problem. We’re happy to help you with all your boat insurance needs.
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