Boat/Watercraft Insurance in Missouri

Are you a boating enthusiast? Do you live in the Kansas City, MO area? If so, Rich Insurance Agency LLC can provide the insurance coverage necessary to protect your boat or watercraft.

Even though you probably won’t use your boat for the entire year, it is a good idea to keep it insured year-round. While it is in storage, it will be protected against theft, hail damage, or any other covered hazard. When you are ready to return to the water, you will not need to reactivate your policy.

There are two basic types of boat insurance coverage – actual cash value and agreed value. How the depreciation is handled determines which kind of policy is written.

• An agreed value policy will cover the boat based on its value when the policy is written.
• An actual cash value policy costs less initially but factors in depreciation. The policy will reimburse up to the actual cash value of the boat when it is declared a partial or total loss.

The annual average cost of boating insurance is $200 to $500. However, insurance can cost around 1-5% of the boat’s total value for a very large or expensive craft. In other words, you could pay approximately $2500 annually to insure a $100,000 yacht.

Your homeowner’s insurance policy will cover your watercraft, but only on a very limited basis, with lower limits and many liability restrictions. To adequately protect your boat, a separate insurance policy is recommended.

There are some things that a boat insurance policy will not cover, such as wear and tear or corrosion, damage caused by mold or animals, such as birds, insects, and rodents, mechanical breakdown, and lack of maintenance.

If you are a boat owner and live in Missouri, ensure your boat or watercraft is adequately insured. The Rich Insurance Agency LLC can provide a quote or answer any questions. Contact our office today. You will be glad you did.