Missouri Boat Insurance |Risks and Coverages

Bass Boat | Alternatives Insurance® of Chesterfield (636) 449-1213Missouri Boat Insurance

If you have a Missouri homeowners insurance policy, you may have some coverage for your watercraft, but it is very minimal and you may be at risk for personal liability in case of an accident.  Also, there may be some liability coverage in your policy, but it depends on the size of your engine — normally only outboard engines of 25 hp or less. A typical homeowners policy may pay up to $1,000-$1500 to repair damage to your boat, but — that damage has to occur while the boat is at your home.  Although helpful (e.g., a tree falls on your boat), this is not  the kind of Missouri boat insurance coverage you really need.  Alternatives Insurance® of Chesterfield works to ensure our clients are fully protected. If you do not have boat insurance, you’re risking losing your boat if it is severely damaged in an accident, your other assets if you are sued in civil court by the other party and if your boat causes property damage or bodily injury. How to Choose Missouri Boat Insurance There are three types of “boats.”

  1. Anything less than 16 feet long is usually called “personal watercraft” by most insurers. This includes Jet Skis and Waverunners.
  2. “Boats” are 16 feet to 25 feet, 11 inches.
  3. Anything at least 26 feet long is classified as a “yacht.”

The Missouri watercraft insurance that you will need depends on the size and type of watercraft and how it is used.   For example, if you use your watercraft for water-skiing, make sure you get coverage for this exposure as well. (Depending on the insurance company, it may not be automatically covered.)  Generally, your Missouri Boat Insurance policy should include coverage for injuries to you and your passengers, the craft itself, property and bodily injury liability (for damage and injuries to other crafts and people) and theft. You can also get coverage for the trailer(s) you use to transport the watercraft. The Missouri Boater Safety Handbook is an excellent  resource to learn more about Boating in Missouri.

Missouri Watercraft Insurance for Powerboats & Sailboats

Sail Boat | Alternatives Insurance® of Chesterfield (636) 449-1213 Insurance companies generally define a “boat” as 16 to 25′ 11″ powerboats and sailboats.  Standard policies for boats cover damage to the craft, including damage caused by fire, lightning, theft, vandalism, collisions, and windstorms.  The coverage is usually for the boat itself, outboard motor(s), the boat’s trailer and personal property on the craft that is part of the normal operation of the vessel. Many insurers offer separate coverage for other personal property such as fishing or diving equipment. Depending on the insurance company and the age of your boat, you may find a variety of claim settlement options in the event that your boat experiences a total loss.  The best coverage, usually available only on recently manufactured or newer watercraft, is “replacement cost” where the company will “replace” your loss with the same or similar new boat.  Other options include “agreed value” where you and the insurance company agree in advance what the settlement value will be in a total loss, and “actual cash value or ACV” where the insurance company will pay the fair market value of the boat at the time of the loss up to a specified rating base.e craft that is part of the normal operation of the vessel. The standard Missouri boat insurance policy also provides liability coverage, which is usually offered in increments of $100,000 to as much as $1 million.  Many also offer an boat umbrella liability insurance policy that will increase the liability limits into the millions.   Most boat policies also cover medical expenses incurred by you, your family and any other passengers on board.

Missouri Yacht Insurance

Missouri Boat Insurance by Alternatives Insurance of Chesterfield (636) 449-1213If your watercraft is 26 feet or longer, you may need to buy yacht insurance, which provides basically the same coverage as Missouri boat insurance, but the policy terms are different. Under a boat policy, coverage for damage to the craft is called “physical damage.”   Under a yacht policy, the boat is referred to as ”hull.” Liability coverage under a yacht policy carries the name “property and indemnity,” which insurance companies  abbreviate as P&I.  As with boat liability coverage, P&I is available in increments of $100,000. Depending on the size of your craft, you can buy P&I limits from $300,000 to as much as $50 million. Although some terms are different and the coverage limits may be different, Yacht insurance coverage is basically the same as for a Boat.  There may be some differences depending on how and where used, etc….  Our Missouri boat insurance specialist can help you with the options to cover your risks properly. The cost of your boat or yacht policy is based on a variety of factors: horsepower; how fast it moves (it can cost as much as 50% more to insure a speedboat than it does a sailboat of similar size); where it is to be used; age of the craft and experience of the vessel’s operator. Missouri Boat Insurance Savings Tip:  Insurers often offer discounts of 5% to 20% to those boat/yacht owners who have taken an approved boating safety course.  Discounts are usually available from some insurers for newer vessels and protective devices (depth finders, ship-to-shore radios, burglar alarms). You can also save money on the policy by electing a higher deductible. Boating is not a cheap hobby or sport and carries with it many potential risks which is the main reason why Missouri watercraft insurance is not cheap. Therefore,  it really is important to assess your risks, define the coverages you need, and to find the companies that offer the best value for the protection you need.  This task not easy and generally requires the assistance from an insurance professional who has experience and knowledge of watercraft insurance.   There are a lot of different policies and coverage options available. Some policies might be significantly cheaper than others, but they may not offer the insurance coverages you need to cover your risks. Missouri Boat Insurance Shopping Tip:  Watercraft Insurance is a complex with many options.  Let our experience watercraft insurance specialist help you to assess your risks, define the coverages you need, and shop the Missouri Boat Insurance companies to find the best protection and value for you. We recommend the Missouri Boater Safety Handbook to learn more about boating in Missouri.   

 

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Why Choose Alternatives Insurance® of Chesterfield?

We’re committed to outstanding customer service

We start by offering the best insurance products at a reasonable price. But it’s the Alternatives Insurance® of Chesterfield team that really set us apart from the competition. With combined experience of 60 years, our sales and support staff members can handle your transactions quickly and efficiently. We service each and every account using out team of insurance professionals and we’re always available to answer your questions.

We’re committed to professionalism

Our dedication to client service comes from a culture of professionalism and respect. All of our associates at Alternatives Insurance® of Chesterfield have strong credentials and all of our policies are presented to you in a consistent and professional manner.

We’re committed to solving problems quickly

Alternatives Insurance® of Chesterfield has unique industry relationships, allowing us to provide exclusive insurance solutions to our customers. Additionally, every staff member is trained to actively listen and provide helpful answers presented in a way in which our policy holders clearly understand.

We’re committed to earning and maintaining your trust

We believe trust is something earned by listening to our customers while providing helpful advice and support. Trust and consistent underwriting practices is what we expect from our carrier partners, and in return we owe the same level of service to you.

2 replies
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