Get Colorado boat insurance quotes, cost & coverage fast. CO boat Insurance protects you against the risks of owning and operating your watercraft, Jet Ski or boat from bow to stern.
CO Boat Insurance
It's likely that your boat didn't come cheap. Regardless of whether you own a yacht or just a bass fishing boat, having the right Colorado boat insurance policy will be of great help in case of damage, injury or or theft.
Does home insurance cover my boat? Probably not. Most CO homeowner's policies have restrictions on size, limits on horsepower and damage coverage.
You should definitely have Colorado boat insurance if you have a yacht, a jet boat, a large sailboat or personal watercraft. You'll also require it if your boat runs faster than 25 miles per hour. Insurers offer watercraft insurance for a broad variety of vessels, ranging from bowriders and center consoles to personal watercrafts like WaveRunners and Jet Skis.
What Does Colorado Boat Insurance Cover?
Here's what Colorado boat insurance generally covers:
- Damage to permanently attached equipment, like anchors
- Damage from a fire, lightning, collision, and vandalism
- Property damage liability (if your boat causes damage to another person's property)
- Bodily injury liability (if someone is injured while on your boat)
- Guest passenger liability (covers legal expenses of someone else who's permitted to drive your boat)
- Medical payments (covers your expenses, as well as those of your passengers)
It's imperative that you understand what's exactly covered by your Colorado boat insurance policy before making your way out on the water. Check whether it covers these scenarios:
- Mechanical Breakdown - It'll cover the cost of repairing or replacing your boat's outboard motor. But, the insurer will not pay for that if it's brought about by wear and tear.
- Salvage - Your boat may become disabled in such a way a basic tow will barely help. In this case, you might have to contact a salvage company to help you recover it. Salvage companies will typically ask for a certain fraction of the boat's total value as payment. That can be very costly. It'd, thus, be an excellent idea to ascertain that your Colorado boat insurance policy includes the salvage coverage. However, not all insurers offer it.
- Gadgets - Only a few insurance firms cover costly accessories, such as fancy coolers or fishing equipment, especially if they're not permanently attached to your boat. Some insurers offer personal property coverage, which compensates you if they're lost or stolen while out on the water. You can inquire whether your insurer offers endorsements. These are handy additions if you wish to increase the personal property limits.
- Damage By Uninsured Boaters - Check if the policy covers damage that may be brought about by uninsured boaters.
There are two main types of damage coverage that you can purchase for a CO boat, including:
Actual Cash Value - This Colorado boat insurance coverage will pay the boat's value at the specific time it's damaged. Your insurer will determine the boat's market value once it's destroyed and pay that amount as compensation.
Agreed Amount Value - In this case, the insurance company will pay you the amount they had agreed on with you beforehand. But, if it's possible to repair the boat, the insurer will provide new items as a replacement for the old ones without accounting for depreciation.
What Colorado Boat Insurance Doesn't Cover
Typically Colorado boat insurance doesn't cover:
- Defective machinery
- Machinery damage
- Damage from aquatic life, like sharks and whales.
- Normal wear and tear
- Damage from insects and mold
How Much Does Colorado Boat Insurance Cost?
How much does Colorado Boat Insurance cost? The average price of CO boat insurance is usually very affordable. The premiums vary depending on the company and their underwriting rules, and it depends on the coverages and deductible selected. Other factors that might affect the insurance cost include your boat's type, value, size, and horsepower.
You'll be allowed to choose your deductible - the amount that's deducted from an individual's insurance check once they make a claim. Typical policies will have deductibles of $500 for theft, $1,000 for medical coverage, and $250 for damage to property. But, liability claims filed against you won't have a deductible.
Some insurance companies offer discounts and various ways through which you can save money, including:
- Using a diesel-powered boat
- Carrying other policies, like home or car insurance, with the same company
- Taking safety courses
What You Should Know About Boating Insurance
Navigational Limits - If you have a yacht or a large boat, your Colorado boat insurance policy is likely to have limits that outline where you can and cannot navigate the vessel. Should you navigate outside of the regions agreed to, then your Colorado Boat Insurance might not cover you. A broader navigation area will prompt for higher insurance costs.
Under-Age Operators - At times, you may be tempted to let your 13-year-old drive the boat. But, if he/she doesn't meet the license and age requirements in CO, your policy won't cover you. You should, thus, check with CO boating regulatory agency.
Marine Inspections - In case you own an old model, most insurers will require that you have the boat inspected by marine surveyors. In turn, they will be able to assess its current condition and correct market value. A marine survey is worth considering for safety, even if it's not needed.
Boat Trailers - Colorado boat insurancee may cover physical damage to a boat's trailer. However, it doesn't cover the liability brought about by towing a trailer. That's often covered under an auto insurance policy. Bear in mind that trailering laws tend to vary from one state to another.
Layup Periods - It's typical to take a boat out of the waters during cold weather. Most insurers might give you a layup credit since the boat isn't being used. However, if you take it out before the specified period ends, the insurer won't cover you because you'll have violated the policy.
Enjoy Your Watercraft And Know You Are Covered
CO boat insurance will protect against accidental damage, liability, and much more. It'll also cover multiple additional things you may not have thought about, including fuel spill liability, wreck removal, and salvage coverage. Besides, you can purchase additional coverage to protect personal property, like watersports equipment and fishing equipment.
Hitting the open water in a boat can be incredibly enjoyable. But, before setting sail, ensure you and your prized boat are protected with an appropriate policy. With comprehensive coverage, you'll be able to float that boat confidently and enjoy every exciting moment without much worry.
CO Boat Insurance Quotes
Request a Colorado Boat Insurance quote in Alamosa, Arvada, Aurora, Boulder, Brighton, Broomfield, Castle Pines North, Castle Rock, Canon City, Centennial, Colorado Springs, Commerce City, Craig, Delta, Denver, Durango, Englewood, Erie, Evans, Federal Heights, Firestone, Fort Collins, Fort Morgan, Fountain, Frederick, Fruita, Glenwood Springs, Golden, Grand Junction, Greeley, Greenwood Village, Johnstown, Lafayette, Lakewood, Littleton, Lone Tree, Longmont, Louisville, Loveland, Montrose, Northglenn, Parker, Pueblo, Rifle, Steamboat Springs, Sterling, Superior, Thornton, Trinidad, Westminster, Wheat Ridge, Windsor and all other cities in CO.
Colorado Insurance Regulations & Limits
When it comes to insurance regulations in Colorado, there are a few things that you want to be aware of. Let's take a look at the laws and rules surrounding insurance in CO.
Colorado Commercial Insurance
The most common type of business insurance is liability insurance. Commercial liability insurance is required to cover things like property damage, bodily injury, personal injury, advertising injury and legal defense and judgments. Colorado is a fault state, and businesses are not required to carry liability insurance in order to operate. There is a cap on damages that are not economic set at $468,010 with a higher limit set at $936,030 for non-economic damages in which it can be proven that the original damage amount is too low. However, these cases are rare.
Punitive damages in exemplary damages are almost unheard of in Colorado, but there is no limit on economic damages. The statute of limitations to file against types of damages is two years - or three years if the damages were sustained in a vehicle. Most experts recommend the businesses carry anywhere from $500,000 to $1 million in general liability coverage.
The only other requirements for businesses that you need to be aware of is the requirement for any business that hires hourly or wage employees to carry Worker's Compensation insurance and for those same companies to have minimum insurance coverage on their vehicles which for a vehicle used for business purposes means that you will have to purchase a commercial auto insurance policy.
CO Personal Insurance
The most common type of personal insurance is the one that everyone is required to have - auto insurance. The law requires that you have at least $25,000 per person and at least $50,000 per accident in liability insurance; as well as an additional $15,000 for property damage. These are the main regulations covering auto insurance in Colorado and they are very similar to the regulations found in most of the other states.
The only additional regulation that you need to be aware of when it comes to personal insurance has to do with life insurance. If you have life insurance, your insurance provider is required to give you a one month grace period before they can cancel your policy due to nonpayment. This protects consumers against having policies canceled due to having a late payment. This is the only regulation you should know when it comes to life insurance.
If you are looking for state specific Boat Insurance quotes, costs and information: Califorina Boat Insurance, Colorado Boat Insurance, Delaware Boat Insurance, Florida Boat Insurance, Illinois Boat Insurance, Kentucky Boat Insurance, New Jersey Boat Insurance, New York Boat Insurance, Oregon Boat Insurance, Pennsylvania Boat Insurance, Texas Boat Insurance, Washington Boat Insurance.