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Essig Agency

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Boat

With all the lakes and rivers in Minnesota, owning a boat has become more popular. Whether you enjoy fishing, cruising around, towing the kids around, or all of these, making sure you have the correct coverage is important.

Essig Agency, Insurance, Home, Auto, Life, Farm, Collector Car, Health, Boat, Recreational, Long Term Care, Business, Umbrella, Annuities, Spring Valley, Chatfield, Rochester, Red Wing, Jason, New Home, Real Estate, Marriage, New Baby, New Car, Trade In, Drivers Ed, Auto License, Auto Tags, Home Appraisal, Financial Planning, Investments, Protection, Progressive Insurance, Allied, West Bend, State Farm, Geico, Quotes, New Business, Contractor Insurance, Fleet, Home Remodel, Home Improvement, New Roof, Accident, Teen Driver, Agriculture, Crop, Larrabee, Workers Comp, Group Health, MN Sure, Medicare, Retirement, Equipment, Trusted, Stewartville, Racine, Grand Meadow, Harmony, Preston, Lanesboro, Whalan, Peterson, Rushford, Eyota, St. Charles, Fountain, Wykoff, Ostrander, Cherry Grove, Greenleafton, Saratoga, Le Roy, Adams, Dexter, Byron, Kasson, Dover, Utica, Lewiston, Pine Island, Elgin, Plainview, Winona, Wabasha, Lake City, Pepin, Minnesota, Zumbrota, Cannon Falls, Kenyon, Mazeppa, Goodhue, Frontenac, Welch, Cannon Falls, Twin Cities, All State, Atlas, Triple A, AAA, Think, Farmers, Bruce Fujan, American Family, Thrivent, Rick Bell, Chosen Valley, Marburger, Licensed, Free Quote, Free Estimate, Review, Consultation, Preble, Acreage, Build, Hobby, Fire, Wind, Hail, Damage, Rain, Flood, Livestock, Lightning, Storm, Westfield, Western National, Vernon Mutual Fire, The Builders Group, State Farm Mutual, State Auto, Southeast Mutual Insurance, Progressive, Preble Farmers Mutual, North Star Mutual Insurance, Nationwide, Mower Country Farmers Mutual, Mid State Mutual, MetLife, Empire, BlueCross BlueShield Minnesota, Auto Owners InsuranceThe personal property coverage of your homeowners policy might cover a small boat, motor and trailer (usually for $1,500 or less in physical damage). It should be noted that coverage for your liability risk is limited. Insurers generally provide liability insurance on small sailboats (26 feet or less) and powerboats with small motors (50 hp for inboard and inboard/outboard and 25 HP for outboard motors). However, a boat of any significant size will be excluded from your homeowners policy for both property and liability coverage. In certain situations liability coverage can be added as an endorsement to a homeowners policy.

Larger and faster boats, yachts, and personal water crafts such as jet skis and wave runners require a separate boat insurance policy. For yachts, damage to the craft, including the hull, may be covered. These policies also provide broader liability protection.

A boat insurance policy may cover:

  • Bodily injury – for injuries caused to another person.
  • Property damage – for damage caused to someone else’s property.
  • Guest passenger liability – for any legal expenses incurred by someone using the boat with the owner’s permission.
  • Medical payments – for injuries to the boat owner and other passengers.
  • Theft

Most companies offer liability limits starting at $15,000 and can be increased to $300,000. Typical policies include deductibles of $250 for property damage, $500 for theft and $1000 for medical payments. Additional coverage can be purchased for trailers and other accessories. Boat owners may also consider purchasing an umbrella liability policy which will provide additional protection for their boat, home and car.

The type of vessel, the horsepower of the engines, the value of the vessel, and the location where it is kept are all factors in determining coverage and premium. Another variable influencing the cost of boat insurance is the water where it’s used. Sailing in the Caribbean is generally riskier than sailing a quiet lake. The Insurance Information Institute suggests that boat owners discuss this with their insurance agent or company representative to protect their boat and determine their coverage needs.

Discounts available:

  • Diesel powered crafts. It is less hazardous than gasoline since it is less likely to explode.
  • Coast Guard approved fire extinguishers.
  • Ship-to-shore radios.
  • Two years of claims-free experience.
  • Multi policy with the same insurer, such as a car, home or umbrella policy.
  • Safety education courses, such as those offered by the Coast Guard Auxiliary, U.S. Power Squadrons, and the American Red Cross.

Safe Boating To be a safer boater, the U.S. Coast Guard suggests that you:

  • Get a free vessel safety check by calling 1-800-368-5647.
  • Monitor the weather forecast and let someone know where you’re going and when to expect you.
  • Check engine, fuel, electrical and steering systems, especially for exhaust-system leaks.
  • Keep marine-type fire extinguishers accessible and in condition for immediate use. Make sure they are matched to the size and type of the boat.
  • Equip the vessel with required navigation lights and with a whistle, horn or bell. Consider additional safety devices, such as a paddle or oars, a first-aid kit, a supply of fresh water, a tool kit and spare parts, a flashlight, flares and a radio.
  • Make sure that every person on board the boat wears a life jacket and don’t permit riding on the bow, seatbacks or gunwales. Every year, 80% ofboater fatalities are attributed to a missing life jacket.
  • Never boat under the influence. In 2001, alcohol was involved in more than one third of all boating fatalities.

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SPRING VALLEY
Essig Agency
101 N Broadway Ave.
Spring Valley, MN 55975
(507) 346-7244
(800) 201-7244
CHATFIELD
Larrabee-Essig Agency
121 Main St. S.
Chatfield, MN 55923
(507) 867-3188
ROCHESTER
Essig Agency
2510 Superior Dr. NW #C
Rochester, MN 55901
(507) 289-3225

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