In Forest Lake, we are fortunate enough to be located right on the banks of one of Minnesota’s largest bodies of water. That means a lot in a state known as The Land of 10,000 Lakes. Of course, the water plays an important role in the lives of Forest Lake and Twin Cities area residents. Many own personal watercraft and boats that provide instant access to leisure and fun. If you own a boat in Minnesota, insurance is essential for protecting you, your passengers, and your boat against the unexpected. Whether you enjoy cruising the lakes at sunset, fishing at dawn, or tubing with friends, we here at Wheaton Insurance can help you build a boat insurance policy that fits your needs.
Imagine you are headed out for the perfect catch one morning before sunrise. You accidently scrape up against the rocks after leaving the dock, leaving a large gash in the side of your brand new fishing boat. Unfortunately, your boat sinks and is a total loss. Not only did you lose a large investment, but you are also responsible for having the wreckage removed and paying for professional clean-up of any oil that may have spilled into the water. Without boat insurance, the financial loss would be tremendous. With the right coverage, however, you could replace your boat and cover the cost of salvage and clean-up with very little cost to you.
Boat Insurance Features and Coverage
When shopping for boat insurance, make sure your policy includes all the coverage you need. At Wheaton Insurance, we can provide boat insurance packages that include several types of protection, including:
- Liability Insurance
Covers victim claims of property damage or bodily injury when you are at-fault for an accident
- Medical Payments
Covers your own medical expenses and those of your passengers regardless of who was at-fault for an accident
- Collision Protection
Covers the cost of repairing your boat if you are in an accident
- Comprehensive Protection
Covers your boat if it is stolen or damaged as a result of a non-collision event
- Wreckage Removal
Pays to retrieve the wreckage of your vessel, as well as clean-up any fuel spills that could be a hazard to the environment
- Emergency Assistance
Provides coverage for assistance when your boat breaks down or needs to be towed
- Unattached Equipment and Personal Belongings
Pays for the covered loss of water skis, scuba gear, anchors, life jackets, oars, fire extinguishers, clothes, jewelry, cell phone and more
Consider that boat insurance often carries some important limitations. For example, you may only be covered within a specified navigational area. Although it is unlikely any Forest Lake residents will find themselves sailing out to sea, it is an important limitation you should be aware of. Also, take note of the terms of your physical damage coverage. If your boat is destroyed in a collision or other covered event, insurance may reimburse you based on its replacement cost or its actual cash value. The former is designed to buy you a new boat or reimburse you for your lost investment. The latter reimburses you for your loss minus depreciation.
Affordable Boat Insurance Premiums
At Wheaton Insurance, we know you value a bargain. We also believe you should keep more of the money you earn. That is why we work hard to provide our customers with highly competitive rates from several of the state’s leading boat insurers. In many cases, we can find hidden discounts for our clients, as well as lower premiums for those willing to bundle their boat insurance with other types of coverage, such as home and auto. For more information about Minnesota boat insurance or to request your free quote, contact our office today.