Even If Your Boat’s Paid Off, You Should Keep Your Boat Insurance Coverage

Your boat may be paid off. If so, you don’t have to worry about carrying boat insurance coverage in order to qualify for the conditions of a loan. However, most marinas have guidelines for boat insurance coverage as a condition of docking there. Besides, do you really want to worry every time a stern line slips and your craft knocks against the fender? Ask your Aspen Gold Insurance Brokers about the types of coverage you need to protect your vessel in Broomfield, CO. In the meantime, here’s some basic information to get you started.

Boat Coverage for Your Craft

In most circumstances, a boat policy is an “All Risk” policy that covers an array of misfortunes that could happen to your vessel. This includes vandalism, theft, fire, lightning, grounding or sinking, and it may even include stolen or lost belongings. Consider options that cover personal items, such as watersports equipment or fishing equipment. In the case of a breakdown, tow coverage is a real lifesaver.

You can get coverage for physical damage to another boat in the case of a collision or other event where you are held liable for personal injury or property damage while operating your boat. Maybe you want to protect yourself against underinsured or uninsured boaters. Whatever coverage you want or need is probably available, and it’s just a matter of prioritizing what fits into your budget.

Cover the Value of Your Boat

The more valuable your boat, the more you need boat insurance to protect you against financial loss. An umbrella policy takes over when you’ve reached the limit of your boat’s liability insurance. Contact Aspen Gold Insurance Brokers for your boat insurance coverage needs in Broomfield, CO.

Boat Insurance Pros and Cons in Colorado

Even if you’re not required to have boat insurance, it’s important to protect your boat and your crew from harm. You can get dependable coverage and rest easy knowing your watercraft is covered, bow to stern.

Whether your preference is a slow and lazy float down the Colorado River or high-speed shenanigans on one of the gorgeous lakes near Broomfield, CO, boat ownership can be a joy. It’s easy to relax with no worries when you know you have adequate coverage to handle any unforeseen dangers you face on the water. Ask one of our Aspen Gold Insurance Brokers what coverage works for your watercraft.

What Does Insurance on my Boat Cover?

Boat insurance pays for repair or replacement if your boat is damaged. It covers the motor and most types of boats, including paddle boats, fishing boats, pontoons, and yachts, among others. Insurance on your boat won’t pay for damage to less robust watercraft, such as kayaks, canoes or personal watercraft (PWC).

What Types of Insurance Might You Need?

Liability insurance is not required to boat on Colorado’s rivers and lakes. However, it’s important to get liability insurance to protect your boat and other assets in the event that your watercraft is involved in an accident. Also, consider additional coverage to repair or replace your boat if you have a collision with an uninsured boater.

Keep in mind that, although the state of Colorado doesn’t require insurance to operate a boat, many marinas require insurance to dock your boat. If you still owe money borrowed to pay for your boat, your lender probably requires adequate coverage as a condition of the loan.

Contact Us

For these reasons and more, contact Aspen Gold Insurance Brokers today to schedule an appointment for a quote. Ask us about our other insurance policies for your home, health, and well-being in Broomfield, CO.

3 Ways to Keep Your Kids Safe on The Water

Boating with children presents several challenges when it comes to safety. Naturally curious yet innocent, children sometimes participate in behavior that may cause them harm. Basically, they have no fear. They will try anything once, which can be hazardous while on a boat. That’s why it’s vital for you to protect your kids while boating this summer. Following are three ways to keep your kids safe on the water.

Use Safety Equipment

Make each child wear a properly-fitted life vest at all times, even when the boat isn’t moving. Make sure there are plenty floating rescue devices on board in the event that someone were to fall overboard. Also, keep a working fire extinguisher on the boat at all times.

Always think outside the box when it comes to safety as well. Keep sunscreen on board that has an SPF value of 40 or greater. Apply it every couple of hours. Also, make sure that all food on board stays a safe temperature by using proper food storage.

Teach Boat Rules

Make and enforce boating rules. For example, have a no-running, no-jumping policy. You may also want to make other rules, such as no standing on the seats. If a child breaks a rule, make sure there are consequences.

Consult Insurance Policy

In the awful event that your child were to get injured on an outing, you want to be covered fully. While the state requires basic coverage, it might not be enough to protect your loved ones fully to keep them safe on the water. Consult your insurance policy to see how much coverage you really have. If you have any questions or feel like you need more coverage, talk to your insurance agent or Aspen Gold Insurance Brokers before putting your boat in the water.

Check out our information on Boat/Watercraft Insurance and even reach out for a free quote.