You’re floating peacefully in the middle of Clarence J. Brown Reservoir northwest of Springfield. You’ve got your line in the water in Caesar Creek Lake. You’re enjoying the scenic beauty of the Scioto River. But something feels missing.
It’s probably your Ohio boat insurance policy.
Maybe it’s because everyone is so excited to get out on the water once the weather warms up or maybe it’s because they think it will be expensive, but lots of Ohioans overlook boat insurance. And that can be a big mistake.
Boat insurance can protect you from a long list of liabilities that can occur on Ohio’s many waterways. Ready to find boat insurance in Ohio? Read on to learn how, and contact Wallace & Turner when you’re ready to discuss a policy that fits your needs.
Does Ohio Require Boat Insurance?
Surprisingly, Ohio doesn’t require boat owners to insure their boats. Some states do, but Ohio isn’t one of them, although private lenders may require you to purchase a policy as one of the terms for your boat loan.
While insurance isn’t legally required, you still need a valid boating license, must operate the boat safely and bring it to shore before dark, and follow a bunch of other rules.
Should You Get It Anyway?
Even though boat insurance isn’t required, does that mean you should skip purchasing it? Ultimately, that will be up to you, but we’ve seen this situation all too many times: A boat owner decides not to buy boat insurance, and before long, they’ve had a collision or some other damage to their boat. Rather than having insurance cover the damage, they lose the boat — all because they didn’t want to pay a monthly premium to protect themselves.
Hopefully, you will never need to use any sort of boat insurance. But hope is not a strategy. Insurance is a strategy — one that protects you from he risks that are far outside of your control, such as storms and the behaviors of other boaters.
Types of Ohio Boat Insurance
You’ve decided to buy boat insurance and start Googling “Ohio boat insurance policies,” and you suddenly feel overwhelmed — there are dozens of policies to choose from, and they all offer different things.
Here are some of the types of boat insurance you will likely need to consider:
Physical Damage
These policies broadly cover physical damage that may happen to your boat in the event of a collision or similar incident.
Liability
Much like auto liability insurance, boating liability insurance financially protects you in the event that you hurt someone or damage their property while operating your boat. If they sue you, your insurance should kick in to compensate them.
Personal Property
This can cover clothing, personal effects, sports and fishing equipment and similar property that you may have on your boat while on the water or even storing. Personal property is a big consideration, particularly for larger boats.
Towing and Assistance
Boats break down, and towing and repairing them is a lot more expensive than it is for your car. Boat towing and assistance insurance can help cover those costs.
Weather Damage
We don’t get hurricanes in Ohio, but we do get severe storms quite frequently. Who pays when a bad storm wrecks your boat at the dock? If you have a policy that covers storm damage, your insurer will.
Uninsured Boater
Think about it: Boating insurance isn’t required in Ohio, so it’s reasonable to believe that many of your fellow boaters have no insurance at all. What if they crash into you? Their insurance won’t be there to pay out, and they may not have the means to pay for the damages themselves.
That’s why uninsured boater insurance is so important. This kind of boat insurance will cover the costs of an accident when the other boater’s insurance is inadequate or nonexistent.
What Does Boat Insurance Cost?
Boats are already expensive, so if you’re like the average boat owner, the first thing you think when you hear us saying you should consider purchasing a boat insurance policy is: “What’s this going to cost me?”
The answer to that question will depend on a few important factors:
Intended location of the boat. Expect your premiums to rise or fall based on the inherent risks of where you intend to operate and store your boat. If you plan to take a few hour-long spins around a private lake, that’s one thing. But taking a watercraft into the choppy and crowded waters of Lake Erie is another. There, you’re more likely to have a collision or weather damage your boat, presenting more risk for the insurer.
Your boating history. It’s similar to auto insurance — if you have filed boat insurance claims in the past, your premiums on a new policy may be higher.
The price of the boat. Are you insuring an old fishing skiff, or are you insuring a luxury speedboat? The difference in value will be reflected in the price of your boat insurance policy.
The speed and size of the boat. Faster boats can have worse wrecks, and bigger boats are harder to control. So, if you are insuring a fast and large watercraft, expect your premiums to be somewhat higher than if you’re insuring a smaller and slower vessel.
Whether you have a separate boat insurance policy. In some cases, you can add a small watercraft to your existing homeowners insurance policy. That’s likely to be a lot more affordable than an entirely separate policy.
In truth, boat insurance premiums can vary widely due to these factors. To find the most comprehensive policy with an affordable price, reach out to the Ohio independent insurance agents at Wallace & Turner.
How to Find Boat Insurance in Ohio
Ready to find boat insurance in Ohio? Don’t just Google it — get real, personalized guidance on the best boat insurance policies from Wallace & Turner.
Our insurance team has been serving Springfield, Urbana and surrounding Ohio cities for more than 150 years. That means we know a thing or two about what to look for in a boat insurance policy. We’re here to help you find the perfect policy for your unique circumstances.
Give us a call at 937-324-8492 or contact us online today.