The following sponsored content is provided by State Farm Agent Terence Roberts.
Boats are a frequent site around Anderson County where nearby recreational and fishing lakes like Hartwell, Russell and Broadway are plentiful. If you own or are considering purchasing any type of watercraft, insuring those items lets you protect and enjoy your investment.
Anderson County ranks third among all South Carolina counties for boat owners, with 16,397 residing in the county, according to data from Nielsen Scarborough Prime Lingo. Research also shows that almost 6,000 adults in Anderson County plan to buy a boat in the next 12 months.
Did you know that boat insurance is one of the earliest known forms of insurance? Ancient sailors knew firsthand about the risks of a life at sea and sought to insure their boats against hurricanes and other unpredictable weather and waters. That still applies today.
Boat insurance policies can vary widely in what they do and do not cover based on a number of considerations, including the type of boat, the waters it will traffic, and how many months of the year the boat will be used. Still, there are a few basic kinds of coverage you can expect to receive, as well as some potential discounts for safe boaters.
Physical damage
This coverage insures your boat against damage and loss caused by common risks, such as sinking, fire, storms, theft and collision. The property covered can vary, but the policy will usually cover the hull and other components, such as:
- Motors
- Extra fuel tanks, batteries, etc.,
- Anchors
- Onboard safety equipment, such as flotation devices and fire extinguishers.
A boat trailer may or may not be covered, depending on the policy. Talk with an insurance agent to determine if your boat insurance policy covers your trailer.
When choosing your policy, be sure to ask whether you will be insured for the boat’s replacement cost or its actual cash value. A replacement cost policy will reimburse you the cost of repairing the boat to its original condition or replacing the boat with the same or a similar model.
A policy based on actual cash value will reimburse you for the current market value of the repair or replacement (the original price minus depreciation). Some insurance policies may include agreed value loss settlement for total loss situations. This ensures you receive the policy coverage limits if your boat Is determined to be a total loss.
Liability coverage
This coverage applies if your boat causes injury to others or damage to other boats, docks or structures. Keep in mind that the injury or damage can be due to direct contact with your vessel or situations caused by your vessel, such as large wakes.
Boat liability coverage typically protects you from covered claims and lawsuits including payment of settlements and legal fees. Be sure to talk with your agent about your needs and possible risks so you buy the right coverage.
Other coverage
Your insurer may offer additional kinds of coverage to go with your basic boat insurance. A State Farm® boat insurance policy provides medical payments for covered injuries to the insured or their guests. If you have other needs, ask your insurance agent what coverage is available.
Discounts
The best way to lower your boat insurance premiums is to become a safer boater. For example, many insurers offer discounts to boaters who have completed an approved boating safety course. You may also be eligible for a lay-up discount if you don’t use the boat year-round, or a discount for boating in fresh water instead of salt water.
For more information contact State Farm Insurance Agent Terence Roberts.
