There are over 75 million people across the United States that enjoy recreational boating, according to the National Marine Manufacturers Association. You never know what’s going to happen to your boat while you’re out on the water, while it’s docked, or while it’s sitting in your backyard during the winter. Thankfully, that’s where boat insurance can come into play. If you want to protect your investment on the water, boat insurance is one of the best ways to do that.

Shopping for Boat Insurance

There are dozens and dozens of insurance companies on the market that offer boat insurance. In fact, plenty of the “big names” on the insurance market have boat insurance, like Progressive, Allstate, and State Farm. When you’re looking for the perfect insurance plan to protect your boat, it can be an overwhelming and confusing process, but not having boat insurance could leave you with some massive bills and nothing to hit the water with this summer.

One common misconception about your boat is that your homeowner’s policy is going to automatically cover your boat, as long as it’s parked in your driveway or behind your home. More than likely that couldn’t be more wrong. Your homeowner’s insurance might give a minimal amount of coverage, but it won’t be nearly enough coverage to repair any damages. Your homeowner’s plan will only cover a small boat that doesn’t have any engine.

When you’re shopping for boat insurance, it’s important that you understand the difference in “agreed value” and “market value” policies. They are very different, and those differences are going to greatly impact the coverage that you have. Your boat insurance work similar to your auto insurance plan.

With agreed value, the insurance company and you are going to agree on the value of the boat beforehand. If something were to happen to the boat, then you’re going to get the agreed upon value, regardless of how long you’ve had the boat.

With market value, on the other hand, the value of the boat is going to slowly go down the longer that you own the boat. If something were to happen to your boat, like a wreck or act of nature, then you’re going to be paid the current value of the boat. For example, let’s say you bought the boat in 2008, then you’re going to receive the amount of money that it would cost for you to purchase the same model of a 2008 boat.

If you own a new boat, in the past couple of years, then you’ll probably want to go with an agreed value policy. More than likely, you’ll own that boat for several years, and you won’t have to worry about the depreciation of the value of the boat.

Boat Out of Water

Every year, we get a lot of questions about the protection of a boat when it’s not in the water. Would your boat insurance policy cover your craft when it’s on a trailer? More than likely no, but the boat is going to be protected by your car insurance. If you were to back into another vehicle, and it damaged your boat, then it will ONLY be covered by your auto insurance and any protection that it provides.

If your boat is in your driveway, then there is only going to be limited protection. You probably won’t get any coverage if anything is stolen, but only if it’s damaged by nature. If you want to get some extra protection while your boat is at home, then the best idea is to purchase an additional umbrella policy. This will give you additional coverage while your boat is sitting on your property.

Saving Money On Your Boat Insurance

There are a couple of ways that you can save money on your boat insurance premiums. The first thing that you should do is take a boating class. Just like with defensive driving classes for an auto insurance plan, taking some boating classes will get you a discount with the insurance company. Depending on the company, you could get a 5% discount on your premiums. That one of the simplest ways to keep more money in your pockets every month.

Another way to save money is to invest in all of the safety features of your boat. If you put wireless auto tethers on your boat, which will automatically turn the engine off if you fell off the boat, you could also save money on your premiums. The safer that the boat is, the less risk that you’ll pose to the insurance company, which translates into lower rates.

Another simple way to save money is to bundle your policies with one company. Just about every company is going to give you a multi-policy discount if you hold more than one plan with them. That doesn’t mean that you should automatically buy a plan from the company that you already use. Every insurance company is different, and all of them are going to have different rates. It’s important that you compare several companies before you decide which one is going to give you the best coverage for your boat.

At Longevity Brokers, it’s our mission to ensure that you have all of the coverage that you need. Not only can we help you protect your boat, but we can also give you the coverage that you need for your home, your car, and much more. We are independent agents, which means that we work with all of the top companies in the Denver, CO area.

If you have any questions about boat insurance or other insurance plans, you can use our contact form or call us at (720) 209-4598.

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At Longevity Brokers, we know that navigating the insurance waters (pun intended) can be a complicated process. There are dozens of different insurance policies and hundreds of factors to consider, but it’s important that you have quality insurance plans in place. You never know what’s going to happen tomorrow, and don’t let some act of nature leave you up the creek without a paddle. At Longevity Brokers, we are proud to provide all types of quality insurance plans to protect everything from your home to your watercraft.

What does Boat Insurance Cover?

When you’re applying for boat insurance, it can be a tricky process. It’s much more complicated than applying for other plans like an auto insurance policy. With some insurance companies, they are going to require that you submit a survey to show where you will be driving your boat, and the insurance company will only cover your boat for 100 nautical from where you dock your boat. More than likely, since you’re going to be taking your boat on a lake, you won’t have to worry about one of these surveys.

The coverage for your boat is going to operate very similar to an auto insurance plan. There are several different categories of coverage inside of a boat insurance plan. The categories are collision, property damage liability, comprehensive, and bodily injury. Every boat insurance policy is going to be different, which means that some plans are going to have different additional coverage based on the plan.  The amount of your coverage is going to depend on your coverage limits, your boat’s value, the deductibles and much more.

How much does Boat Insurance cost in Denver, CO?

Now, let’s get down to the dollar amounts for boat insurance. Just like with every other type of insurance policy that you can buy, there are dozens of factors that are going to impact how much your monthly premiums are for the plan. It’s impossible to say EXACTLY you will pay for your plan, but we can give you a rough idea of your annual premium.

A policy can range anywhere from $60 to as high as $500 every year (don’t worry, you won’t be paying that much for your boat insurance). Some of the factors that the insurance company is going to look at is the type of boat and the age of it, the size of the motor compared to the size of the boat, how you’re going to be using the boat, either seawater or fresh water, and how often you’ll be using the boat.

Because you’re going to be hitting the lakes of Denver, Colorado and the surrounding areas, you’re going to have cheaper premiums than a lot of other boat owners across the nation. Your premiums are going to be towards the lower end of the spectrum. If you only plan on using the boat during the summer, you’ll get even lower premiums.

Getting Affordable Boat Insurance

There are a few ways that you can get better rates on your boat insurance, which is going to mean more money in your pockets. One simple way to trim down your rates is to take a boating safety course. These courses only take a few hours and will go over the basic of how to safely operate a boat. It can save you some money on your insurance plan, which is worth the hours on a Saturday.

Another way that you can save money on your boat insurance is to bundle your coverage. Most insurance companies will offer a multi-policy discount, which means that the more plans that you have with that company, the more money that you’ll save for your plan. Just because your insurance company offers a bundle discount doesn’t mean that you should automatically buy your boat insurance from that particular company. Every insurance company is different, and all of them have different rating systems that they will use to calculate your premiums. If you want to ensure that you’re getting the lowest boat insurance premiums, you’ll need to compare dozens of companies before you decide which one is going to work best for you.

Boat Insurance and Longevity Brokers

At Longevity Brokers, we are dedicated to providing the Denver, CO area with quality insurance. It’s our mission to ensure that you and your family have the protection that you need from whatever life throws at you tomorrow. If you have any questions about boat insurance, please contact one of our experienced agents today. We would be happy to answer those questions and connect you with the best plan to meet your needs.

Not only can we help you insure your boat, but we also can connect you with quality homeowner’s insurance, auto insurance, and life insurance. We have dozens of quality plans to protect every area of your life. Give us a call at (720) 209-4598 or use our contact page and one of our agents will respond as quickly as possible.

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This is where an umbrella insurance policy can be an excellent tool to have. These umbrella plans give you additional coverage that goes above and beyond what your auto and home insurance policies provide.

What does an Umbrella Insurance Plan Do?

These insurance plans work like a supplemental insurance plan that gives you additional coverage that your basic plans don’t provide. The primary goal of these policies is to protect your assets from any unforeseen tragedy. For example, let’s say that you were in a car accident and you were at fault for the crash. Your umbrella insurance policy will give you the coverage that you need to pay for the other person’s injuries and your legal fees.

Having additional liability coverage for your plans is a good way of offset any lawsuits or damages that could happen unexpectedly. Without the supplemental coverage, you could easily have your savings account drained because of some tragedy or act of Mother Nature.

Why you Should Have Umbrella Insurance Coverage

If something happened that you were liable for, on your property, because of an automobile accident, or for any other of the possible scenarios, you could be sued for a massive amount of money, which could quickly drain your bank accounts and savings accounts. A simple accident or slip up could easily wreck everything that you’ve worked hard to earn. It can turn your retirement plan upside down and leave you stranded with a massive amount of debt and bills that you don’t have the money to pay for.

Some of the Things Umbrella Plans Cover

While there are dozens of different scenarios where one of these policies could be beneficial, there are some common ones that they are used to help protect policyholders. One of those is dog bites. If you have a furry friend, and it was to bite one of your neighbors, you could be sued for injuries and medical bills. In just about every situation, your umbrella policy will pay for any legal fees and hospital bills.

Another common use for these umbrella policies is for any automobile accidents like the example that we listed above. This is particularly the case if there are several cars involved in the accident, even if nobody is injured in the wreck, the car repairs alone can end up costing hundreds of thousands of dollars.

Who Needs Umbrella Insurance?

Just about everyone can benefit from having an umbrella insurance plan to give them additional protection from whatever the future holds, but some people should put more stock into these plans. One of those groups of people is landlords. If you have a rental property that you use as a source of income, you should always consider investing in a sizeable umbrella policy.

There are an almost endless number of things that could happen when you’re a landlord that could cause your financial suffering. Regardless of how many tenants that you or the number of properties, you should have a quality umbrella supplemental plan to protect yourself and your investments.

How much does an Umbrella Insurance Policy Cost?

Most people that are going to get one of these plans are going to purchase a policy around $1 million and the majority of applicants assume that a policy of that size is going to be too expensive to afford. This couldn’t’ be further from the truth, in fact, these plans are much more affordable than most people think.

For anyone that is looking to buy a million dollars of protection, you can expect to pay around $200-300 every year for your policy. For every million that you buy, it will cause your premiums to rise an additional $100, which is a small price to pay for the peace of mind that you’ll get for these plans.

Every insurance company is going to be different, which means all of them are going to have a different algorithm for calculating their rates. These are only rough estimates of how much you will pay in annual fees for your coverage.

Summary

At Longevity Brokers, we are proud to give our clients quality insurance policies at an affordable price. If you have any questions about umbrella insurance plans or about any of the other insurance products that we offer to the Denver, Colorado area. We know that getting insurance protection is an important part of your life, but we know that finding the best insurance plans for you can be a long and complicated process. Our agents are here to make the process as quick and easy as possible.

Don’t wait any longer to get the insurance coverage that you need to protect yourself and your finances. If you want to get the process started, please contact one of our agents today, and we will be happy to answer those questions. You can call us at (720) 209-4598, or you can use our contact page, and one of our agents will contact you as soon as possible.

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Every state, including Colorado, has requirements that must be met in order for a vehicle and its driver to use the roadways. These laws are meant to keep conscientious drivers from suffering financially when at-fault others cause damage to the person and property of others. These State insurance requirements are the rock-bottom basics, and by no means cover all of the countless contingencies.

Colorado law requires the following:

• Minimum amount of liability insurance:
  • $25,000 per person for bodily injury, for a total benefit of
  • $50,000 per accident for bodily injury.
  • $15,000 per accident for property

In other words, if you are found to be at fault in an accident during which you destroy somebody’s new mini-van, injuring four of the five passengers, your insurance will probably be woefully inadequate. In this scenario, with today’s medical costs and the extreme likelihood of lawsuits, you stand to lose everything you’ve ever worked for.

For this reason, the “annoying little chore” of finding auto insurance, could be the most important “little chore” you’ve ever done. Knowing enough about auto insurance to protect yourself can be challenging. Your best bet is to buy insurance from an agent who understands how accidents can and do forever change the lives every day.

Other types of insurance coverage are available that can help you find the perfect balance between over and under insuring. Before you sign on the dotted line, ask your agent about optional coverages:

• Medical payment (“med pay”) coverage:This rider must be offered as part of any Colorado car insurance policy. It is offered in increments of $1,000 towards accidental injuries which exceeds the minimum noted above.
• Collision coverage: If you hit the tree in your own front yard without collision coverage, you will pay out-of-pocket for the damage.
• Comprehensive coverage:Covers damages to your car caused by such events as theft, extreme weather, and wildlife.
• Uninsured/underinsured motorist coverage: this rider will help to pay you for the damages you sustain in an accident with a driver who has no insurance or too little insurance,
• Loan/lease gap coverage. This rider covers the gap between the actual vehicle value and the debt you will still owe.

Knowing you’re adequately covered may still not be enough. Well-insured drivers often need the help of a firm like Tenge Law to either to help recover damages caused by a negligent driver, or to defend yourself from lawsuits brought by others. If this happens, call the accident experts at Tenge Law.

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