How Does Boat Insurance Work?

Every state has laws about which insurance policies are required, and boating is no exception. Most states don’t require boat insurance, and Idaho is one of those states. Even so, some water areas, including some lakes, require it. For your financial well-being, it’s a brilliant idea to have boat insurance no matter where you put your boat. Call us at The Insurance Shop USA in Sandpoint, ID if you need boat insurance.

Collision Accidents on the Water

It’s always possible to have a collision accident on the water. If you got into an accident with another boat or watercraft and were the cause of the accident, you will be liable for paying for the damages. If you don’t have boat insurance, that money will all come from you. But with boat insurance, the policy can pay for the accident so that you are less likely to be sued and won’t have to come up with the money for the damages yourself. When you have boat insurance, you also get peace of mind knowing that you are covered in case of an accident. 

Comprehensive Coverage

Different coverage types are used for boats. Comprehensive coverage is one type that gives you protection in case of damage done to your boat when it isn’t in a boating accident. A wide range of circumstances can cause this damage. Property damage coverage is another type that will pay for your items that become lost in an accident. Talk to your insurance agent about the types of coverage you need. 

Get Boat Coverage

If you have a boat, it’s a good idea to have boat insurance coverage for it. It’s essential to have this coverage to protect yourself financially. When you have a boat that isn’t insured, give us a call at The Insurance Shop USA in Sandpoint, ID.

How Umbrella Insurance Can Protect You And Your Assets

Purchasing umbrella insurance is among the priorities that you should never procrastinate. This is because not having umbrella insurance places you and your assets at significant risk. Whether you are a high net-worth Sandpoint, ID resident, or a regular person, you need this coverage. Here’s how Umbrella Insurance can protect you and your assets. 

Pay For Your Legal Fees

When facing a civil suit for the liability of damaging someone’s property or causing bodily injury, you should get a top-notch attorney. Hiring an excellent lawyer to defend you against the lawsuit will improve your chances of ending up with a more favorable outcome. However, outstanding attorneys don’t come cheap. If you have umbrella insurance, the coverage will take care of paying your attorney and other legal fees. 

On the other hand, if you lack umbrella insurance, you will have to pay your legal fees out of pocket. Even if you win the liability suit, the high cost of your legal fees can still hurt you financially. Additionally, you might find yourself getting sued by your attorney for failure to pay them. You might have to hire another attorney to represent you, thus, getting deeper into a financial mess. 

Prevent Your Saving and Assets From Being Used to Pay Settlements

Most people think that their homeowners/renters and auto policy are sufficient to cover all the liabilities they might face. But this isn’t correct as all insurance policies have policy limits. This is why we recommend getting umbrella insurance at The Insurance Shop USA. For example, if you get into a multi-vehicle accident, your $250,000 auto policy will not be enough coverage if you end up with a $600,000 liability. Your auto policy will cover the $250,000 in liability; if you have umbrella insurance, it will pay the remaining $350,000 in liability. If you don’t have umbrella coverage, your savings and assets will be used to cover the remaining $350,000 liability. 

Contact The Insurance Shop USA for insurance assistance in Sandpoint, ID.