Will Boat Insurance Cover a Boat Theft?
To suddenly realize your boat is missing and must have been stolen is a huge blow; but to also realize you don’t have a boat insurance policy in place that covers it is even more shocking. And boat theft isn’t at all rare: literally thousands of small motorboats, jet skis, and other personal watercraft are stolen in the US each and every year.
Thankfully, most boat insurance will cover boat theft, given that certain criteria are met. For example, a boat stolen from a private or public dock or from off your trailer while moving/using your boat, is generally covered.
A boat stolen from a marine storage facility is usually covered by the facility owner’s insurance; but, your own insurance might still provide secondary coverage. You can expand your anti-theft coverage by consulting with your boat insurance agent and paying a little extra for any available, relevant riders.
Will Boat Insurance Cover a Trailer or Outboard Motor Theft?
Again, policies will vary as to whether thefts are covered and as to what types of thefts will be covered. It’s possible that a policy might automatically include coverage against a boat trailer or outboard motor being stolen; but, often you need to add a rider or even invest in separate trailer/motor insurance.
You just have to consult with your insurer to iron out the details, but many times trailers are only covered when the boat is on it and/or it’s “in use” – unless you provide for extra coverage.
What If My Boat Is Broken Into And Accessories Are Stolen?
Should your boat itself and the trailer and motor escape being stolen, but nonetheless, valuable equipment is stolen out of your boat – what then?
Very often, all permanently attached equipment is covered against theft along with the boat itself. This can include anchors, fuel tanks, permanently attached motors, horns and lights, and even depth finders.
Sometimes fish finders and motors are not “permanently attached” and might require a rider to cover them.
And if you want to cover fishing poles and tackle boxes, non-attached GPS/navigation devices, scuba equipment, water skiing equipment, camping gear, and personal items on board like a spare pair of glasses or expensive jewelry, that will almost always require some add-on coverage.
How Much Reimbursement Will I Get If My Boat Is Stolen?
How big of a claim you can receive on a stolen boat depends on the set up you have on your policy. Reimbursement might be based on actual cash value (taking into account depreciation since you bought the boat), replacement cost, or a specific agreed upon dollar amount. You might be reimbursed for the full value or for a specific percentage of the value of your boat. The bigger the coverage, the safer you are but the more it costs – so you have to find that “happy medium,” a cost-benefit balance that works for you.
To learn more about how boat insurance can protect you against boat thefts, contact Flagler County Insurance Agency today!