For Portland, Oregon water enthusiasts, your boat is a source of relaxation and enjoyment, but it comes with risks. A boating accident or theft could mean a lawsuit, financial loss, and the end of trips on the lake. With boat insurance, you’re protected: the right coverage allows you to relax on the water instead of worrying about damage to your boat. While your homeowners or renters insurance policy may cover a small amount of property damage to watercraft, boat insurance is essential for yachts, larger motorboats, and personal watercraft (PWC).
At Peggy Romero and Associates, we’re invested in finding the right boat insurance policy to satisfy your needs while keeping spending to a reasonable amount. Our insurance specialists can help you assess the risks you face, as a boat owner, and craft a policy that covers any unexpected accidents or damage to your watercraft.
Call 503-255-7828 for a quote!
What Is Boat Insurance?
In simple terms, boat insurance is coverage for your watercraft. Whether you’re the owner of a powerboat, yacht, or personal watercraft like a wave runner, you run the risk of damage or injury either to you and your boat or to others on the water.
Boat insurance is generally split into a number of categories. As with auto insurance, you’ll want coverage for physical damage, medical payments, and liability, and will then need to decide whether you want to add additional coverage, like uninsured watercraft coverage.
Who needs it? What are the benefits of boat insurance?
Although 75 million people in the U.S. call themselves boaters, many of them lack boat insurance. Uninsured boaters face several dangers, with the two biggest being accident and theft. While you might drive safely and lock up your boat, you can’t predict what other people will do: in 2012 alone, there were 5,870 watercraft thefts and 368 alcohol-related boating accidents in the U.S.
Some people assume that their homeowners or renters policy will cover any mishaps on the water: those policies include property damage coverage for your watercraft; generally , this is not the case.
Unfortunately, many boating accidents are not covered because many consumers do not purchase coverage for the watercraft. A boat is a significant investment, and– just like your home and car– it should be protected. If you have anything other than a canoe, small sailboat, or motorboat with an engine capable of less than 25 mph, it’s likely that you need additional coverage.
The benefit to boat insurance is that it’s wide-ranging and affordable: for a reasonable premium, you get property, medical, and liability coverage for you and any others you might injure. Because it’s difficult to predict the nature of a boating injury, it’s useful to have that type of all-encompassing protection. When you’re faced with catastrophic damage or ballooning medical costs, you want to make sure that you can cope.
What Does Oregon Boat Insurance Cover?
- Property coverage: This covers your boat from bow to stern, including furnishings and permanently attached equipment. It also generally covers things like theft, vandalism, or fire.
- Watercraft liability coverage: If you cause bodily injury or property damage to other people or boats, you’ll be covered.
- Medical payments: This covers injuries to you or your passengers.
Boating is unique, so there are a number of additional risks you may want to consider insuring yourself against:
- Guest passenger liability: This covers a driver other than the owner, in the case that the driver incurs legal expenses.
- Emergency services coverage: If your boat has to be towed or you incur other labor costs, this will cover costs.
- Uninsured watercraft coverage: Just like with auto insurance, you may want to protect yourself against other boaters who are uninsured.
There are also a few important caveats to boat insurance in Portland, OR. These include:
- When your boat is transported on land it’s covered by your auto insurance policy, rather than your boat policy.
- The navigational warranty in your policy limits the areas in which coverage applies. This might mean the inland waters of the U.S. and Canada, or certain marine territories.
- General wear and tear to your boat, damage from aquatic wildlife, and mold damage are generally excluded from coverage.
Peggy Romero and Associates can help you figure out the right combination of options for your boat, including whether you want an agreed value or market (actual cash) value policy. With the former, you’ll name your boat’s value when designing a policy. If you’re in an accident or the boat is damaged, the policy will pay you that amount. A market value policy will pay out the value of your watercraft at the time of the accident or damage. To request a quote, please call 503-255-7828.
Is It Hard To Qualify For Boat Insurance in Portland, Oregon?
If you own a boat in Portland, Oregon, you can qualify for boat insurance. We’ll discuss whether you want an agreed value or market value policy, the areas of water you plan to boat in, and your watercraft’s specifications in order to create a policy that meets your particular needs.
Generally, you’ll only have trouble qualifying for boat insurance if you’re hoping to boat in dangerous areas: if you want to travel near hurricane-prone waters, for instance, or in sections of the world where pirates are common, you may have trouble getting a policy. A past history of boating accidents or drunk driving will also make your premiums rise significantly.
On the other hand, whether you’re an experienced, responsible boater or new to the sport, we’d love to help you find an affordable boat insurance policy.
How Much Does Boat Insurance Cost In Oregon?
For the amount of protection you get, boat insurance is one of the least expensive types of insurance. Some policies cost as little as $20 a month! Since Oregon is in a relatively safe area, climactically, rates are low.
Your premium will depend on several factors:
- Type, age, length, and speed of your boat
- Condition or value of your boat
- Number of owners
- Whether you’re traveling on inland lakes and rivers or coastal waters
- Your safety record
Often, premiums for sailboats or small boats range from $300 to $500 annually, though this will depend in large part on the factors above. Calculate around 1.5 percent of your boat’s total value, and you’ll have a rough estimate of your boat insurance cost.
Quick Facts About Oregon Boaters Insurance
How many registered boats are in Oregon?
As of 2012, Oregon had 169,188 registered boats.
How many boating accidents were there in Oregon during 2011?
There were 66 accidents and 10 fatalities. Accidents have steadily decreased since 1990, when there were 107 boating accidents in Oregon.
What do I need to do to become a boat owner in Oregon?
When you purchase and register a boat in Oregon, you’re required to take a basic boating knowledge course. After you pass the test, you’ll apply for a boater education card that must be carried whenever you operate a powerboat greater than 10 horsepower. You can take the course in person, online, or as an equivalency exam, which is designed for experienced boaters.
How does my boater education card help me?
By taking Oregon’s boat safety course, you may qualify for a discount on your boat insurance.
Get your boat insurance questions answered by Peggy and her team. Call our Portland office at 503-255-7828 to request a quote.