Being out on the water can provide you with serene experiences and memories that can last a lifetime. Your high-end watercraft isn’t just another normal boat, it is a machine of both elegance and luxury. Here at Cross Private Client Insurance, we can help you explore your options when it comes to insurance for your classic or modern-day watercrafts. In this article you can find information regarding why you should have insurance for your watercraft, what coverage options there are, and how much it may cost.
Although insurance for a watercraft may not currently be a requirement in Connecticut, it is always recommended to have insurance due to the risk of being involved in a boating accident. Insurance for your watercraft can also help to reduce your personal exposure in the event of a covered accident involving your vessel. Contact one of our Private Client teams to learn more information. We work with top personal lines carriers to provide you with insurance options.
Just as with auto, homeowner’s, or other insurance policies, watercraft insurance policies costs and rates will depend on a variety of factors. The following non-exhaustive list will share some of the possible factors (in addition to the type and amount of coverage(s) you select) that can play into how much your costs may be.
A newer, more expensive, and typically faster watercraft will tend to affect your policy more than an older vessel. Safety ratings and modifications may also affect your potential costs.
Each state has different laws and regulations that operators must follow, and some of these rules can affect your quote. Additionally, some states experience different length seasons, providing some owners with longer or shorter boating seasons, which may impact rates.
Where you plan to use your watercraft, either inland or coastal, can affect your rates as each presents its own levels of liability and risks.
Your individual background and driving history can alter how affordable or expensive the quote may be. Past accidents while operating any machinery, not just while operating watercrafts, can also alter your rates.
If you are looking into getting insurance for your watercraft, yacht, luxury pontoon, etc., then one of the most important things to research is what is covered under a potential policy. The following list outlines some of the common coverages associated with watercraft insurance.
For more information on watercraft coverages or to ask our knowledgeable team any questions you may have, you can contact us here.
Although watercraft insurance currently isn’t a requirement in Connecticut, in order to protect your investment, you should be sure you have appropriate insurance coverages. You should connect with a local insurance agent to discuss the unique features of your vessel and to request a quote today.
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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.