Boat Insurance Oregon City
Whether you plan to bask in the sun on the open sea or fish on a nearby lake, your boat will have unique insurance needs to ensure that you are protected from financial risks.
Schmidt Insurance Group opened its doors in 2019 with a goal of making insurance easy while providing exceptional customer service. We proudly serve the states of Oregon and Washington. Whether you have a sailboat, ski boat, fishing boat, or jet ski, we can provide you with great insurance coverage.
Why do you need boat insurance?
Boats are an investment in the same way as a house, but the typical home insurance policy will not cover boats or water-related incidents. Boat insurance will protect your asset in the case of an unexpected incident. It also helps protect you from liability if a third party is hurt on or by your boat.
So, what should you consider in order to fully protect yourself and your boat from damage or liability?
- Boat Type
What type of boat do you have? Is it small or large? Is it slow or fast? A sunfish sailboat will call for different insurance costs than a motor yacht, because they carry different sorts of risks. Often, the insurance company will consider the length and size of the boat as well as the associated risk with that type of boat.
- Boat Value
Like an automobile or home insurance policy, your boat’s value will determine what your insurance will cost.
- Boat Usage
How will your boat be used and what can it do? A fishing boat will have different insurance requirements than a yacht with sleeping quarters. If you keep accessories or goods on your boat, such as expensive navigation or GPS equipment, you’ll want more coverage for those additional contents.
- Boating Location
Where you plan to go boating will also determine your insurance risk. Some waters are considered riskier than others. For example, boating long distances on the ocean is usually riskier than hanging out on the lake near your home. Discuss where you’ll be boating with your Schmidt Insurance Group agent so we can ensure that your boat is covered in those waters.
- Boat Transport/Storage
When your boat is not in the water, it will likely be covered under a different insurance. If it’s attached to your car or truck when damage occurs, it would be covered under your car insurance policy. This means you should make sure the limits of your car insurance are high enough to cover both the boat and the car. If you store your boat at home during the winter, it would typically be covered under your home insurance policy. This may be the right time to consider an umbrella policy for your auto and home insurance.
- Coverage Types
Typical types of boat coverage include:
- Collision damage: Regardless of fault, collision coverage is meant to cover damage to your boat if you collide with other watercraft or objects (docks, pilings, other boats, rocks, and other marine debris, even if submerged), or if your boat capsizes. The policy may not include clean-up of wreckage, however, unless you purchase optional additional coverage.
- Comprehensive: This coverage can protect you from non-collision damage to your boat caused by events beyond your control, such as theft, vandalism, explosions, falling trees, hurricanes, lightning, or fire.
- Property damage liability: This type of coverage can help you pay for damage you cause to someone else’s boat, dock, or other property.
- Bodily injury liability: This type of coverage can help you pay for injuries you cause to your passengers and other boaters and their passengers when using your boat; and includes medical bills, lost income, pain and suffering, and legal fees.
If you are a boat owner in Oregon City, OR, the right boat insurance will come to the rescue if you have damage or theft. At Schmidt Insurance Group, our knowledgeable agents know their Schmidt! Stop by today for a cup of coffee, or call us at (503) 206-0881 for more information.
