Kentucky Boat Insurance
(Quotes, Cost & Coverage)
Get Kentucky boat insurance quotes, cost & coverage fast. KY boat Insurance protects you against the risks of owning and operating your watercraft, Jet Ski or boat from bow to stern.
KY 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 Kentucky 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 KY homeowner's policies have restrictions on size, limits on horsepower and damage coverage.
You should definitely have Kentucky 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 Kentucky Boat Insurance Cover?
Here's what Kentucky 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 Kentucky 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 Kentucky 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 KY boat, including:
Actual Cash Value - This Kentucky 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 Kentucky Boat Insurance Doesn't Cover
Typically Kentucky 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 Kentucky Boat Insurance Cost?
How much does Kentucky Boat Insurance cost? The average price of KY 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 Kentucky 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 Kentucky 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 KY, your policy won't cover you. You should, thus, check with KY 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 - Kentucky 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
KY 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.
KY Boat Insurance Quotes
Request a Kentucky Boat Insurance quote in Alexandria, Ashland, Ashton, Bardstown, Berea, Bowling Green, Burlington, Campbellsville, Covington, Danville, Edgewood, Elizabethtown, Erlanger, Fayette, Florence, Fort Knox, Fort Thomas, Francisville, Frankfort, Franklin, Georgetown, Glasgow, Henderson, Hopkinsville, Independence, Jeffersontown, Lawrenceburg, Lexington, Louisville, Lyndon, Madisonville, Mayfield, Maysville, Middlesborough, Mount Washington, Murray, Newport, Nicholasville, Ownesboro, Paducah, Paris, Radcliff, Richmond, Shelbyville, Shepherdsville, Shively, Somerset, St. Matthews, Versailles, Winchester and all other cities in KY.
Kentucky Insurance Rules
In KY, there are some insurance regulations that you should be aware of before you start your business or even strike out on your adult life. We will be looking at both business and personal insurance, and the regulations that affect consumers that get these types of insurance. Let's look at personal and business insurance in greater detail according to the regulations in Kentucky.
KY Business Insurance
The first regulations to be aware of is the regulations governing business insurance in Kentucky. Like most states, Kentucky does not require businesses operating in the state to carry commercial liability insurance.
Kentucky is a pure comparative negligence state which means that the plaintiff can recover damages even if they are 99 percent at fault. There is also no personal injury in Kentucky and the statute of limitations is one year.
There are also some mandatory types of business insurance that are required in Kentucky. One type is required in almost all 50 states and is known as Worker's Compensation insurance. In Kentucky, if you have at least one full or part-time employee, then you're required to carry Worker's Compensation insurance. If you have a sole proprietorship where you are the only worker, then you're not required to carry.
You can contact the Kentucky Labor Cabinet to find out about exemptions. The only other type of mandated business insurance in Kentucky is commercial auto insurance if the vehicle is used regularly as part of the business.
Kentucky Personal Insurance
There are a couple of different types of personal insurance regulations that we will be covering. The first is auto insurance. In Kentucky, drivers are required to carry liability coverage that is $25,000 per person or $50,000 per accident as well as $10,000 for property damage. This is pretty much standard for auto insurance in most of the other states out there. Some are a little higher and some are lower.
There are also certain regulations governing life insurance in Kentucky. Life insurance is a regulated industry with the rules listed in Title 25 Chapter 304. One regulation is that Kentucky residents are permitted what is called a free look. That is available in almost every state. Illinois residents can have life insurance for 10 days and if at the end of those 10 days they have evaluated their policy and do not like it they can cancel for a full refund. In addition, Kentucky insurance companies must provide a grace period of 30 days.
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.