How Much Boat Insurance Do I Need?

While boating is fun and provides hours of relaxation, knowing you and your family have protection against unforeseen events is more fun. As with other insurance types, your boat insurance should meet your legal and contractual obligations while ensuring you are comfortable with your risk exposure. The team at The Insurance Shop USA, serving the Sandpoint, ID area, will review these issues with you and structure coverage that best meets your needs.

Boat Insurance Considerations

Idaho does not require boat insurance by law, but your lender or the marinas you use may have requirements. Boat insurance comes in many shapes and sizes. However, it commonly covers the liability from damage to the property of others and medical costs related to injury to others.

How much additional insurance you need depends on the optional coverages you choose and your ability to handle the financial consequences of certain events or losses:

  • Collision: repairs or replaces your boat following an accident
  • Specialty: covers extra or nonstandard equipment
  • Other options take mechanical breakdown, salvage, and fuel spills

Finally, umbrella insurance protects beyond the liability covered by your base policy. It takes effect only if you have significant claims.

Policies generally have minimum coverage amounts with others depending on your boat’s classification, value, and age. How much coverage you need beyond the minimum depends on your willingness and ability to accept risk.

Working with The Insurance Shop USA

If you are in the Sandpoint ID area, the agents at The Insurance Shop USA can provide a boat insurance policy that fits your needs. Call or stop in today to discuss your options and get a quote, so you can get back to relaxing on the water.

How Does Umbrella Insurance Work?

Umbrella insurance is a type that is used alongside other types of insurance to give you better coverage. When you already have home and auto insurance policies, you can get umbrella insurance to boost them both. With more insurance, you are better protected against financial disasters that can happen after an accident. Call us at The Insurance Shop USA in Sandpoint, ID to get your umbrella insurance policy. 

Liability Coverage

When you have home and auto insurance policies, each of these comes with an amount of liability insurance. In your auto policy, the liability coverage pays for the property damage and bodily injury to the other driver. Home insurance has liability coverage in case someone is injured in your home. However, each of these liability coverage types is often in small amounts. They may not be enough to pay for an accident. Getting umbrella insurance adds to the liability coverage in both of these policies. That leaves you far better protected after an accident happens. 

Applying for Umbrella Insurance 

When there is an accident where someone is injured, you’re responsible for all of the bills that come afterward. When you have umbrella insurance, you have two policies to pay for those damages and medical bills. The home or auto policy comes in first. It pays what it can toward the bills. Then, it meets its maximum payout. After that happens, there is the umbrella policy. It comes in and pays what’s left over. Umbrella policies have very high maximums. That allows them to pay for costly accidents so you don’t have to. 

Get Umbrella Insurance 

Call us today at The Insurance Shop USA in Sandpoint, ID to get started with an umbrella policy. We can tell you more about umbrella insurance and get you started.