How Does Insurance Work on a Boat or Watercraft in Desert Shores, NV? What Does a Policy Cover & More

When you invest in a boat or some kind of watercraft you will want to have watercraft insurance. A boat or watercraft is a major investment and anything can happen where you wish you had help paying for major repairs. The coverages will greatly vary depending on the size and type of watercraft and the amount of damage and liability they can cause. If you have recently invested in a watercraft and need insurance, InsureWise LLC will share what you need to know about watercraft or boat insurance.

How Much is the Cost of Watercraft Insurance?

A personal watercraft or boat insurance will vary depending on the vehicle’s speed. Low speed watercrafts such as a rowboat, canoe, and small sail boat that does not go over twenty-five miles per hour offer a lower insurance policy premium as they will not cause nearly the same amount of damage as a faster watercraft. The faster the watercraft, the more damage they are capable of doing to itself, people, and other property. Personal water craft insurance is not required by law in most states unlike auto insurance. However, it is strongly recommended that you always have watercraft insurance and for a number of very good reasons. For one leaving yourself without the protection of insurance you can potentially experience some major financial loss. If another person was injured due to your watercraft you can also be open to a potential lawsuit. Watercraft insurance can also help pay for repairs of your watercraft if damaged.

What Does a Watercraft Insurance Policy Cover?

Watercraft insurance has a number of different types of policies including property and liability coverage. Property damage covers any damage that is done to the watercraft and pays for the watercraft if it was stolen. Liability coverage can help protect you if someone was injured on the docks or in the water. These two policies can greatly help protect you and your watercraft.
However, a watercraft insurance policy does have its limitations. For example, if the watercraft is being transported and was damaged during transit, most policies will not cover the damages. However, your regular auto insurance may be able to pick up the claim. A watercraft policy also doesn’t cover you if you plan to rent out or charge for riding the watercraft. The risks are much higher in this case and requires a different type of insurance policy such as a commercial policy. Additionally, watercraft insurance may not cover you if you take the craft outside of its designated zone. For example, you should not take a jet-ski deep into open ocean.

Renters Insurance Policies & More in Las Vegas, Henderson, Reno, North Las Vegas, Summerlin, Paradise, Spring Valley, Sunrise Manor, Enterprise, Sparks, Carson City & State of Nevada

There are many types of property and liability insurance policies for watercraft. Again, depending on the size and speed of the watercraft you may need a class of personal watercraft insurance or you may be able to add the watercraft to your current auto or personal insurance policy. As the process can become very confusing it is best to seek out a professional insurance agency to help you determine what policy is right for you. If you desire boat or watercraft insurance coverage, contact InsureWise LLC or fill out this quick and easy quote form to begin a consultation about your boat or watercraft insurance coverage today.

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