Illinois Boat Insurance (QUOTES, COST & COVERAGE)

What Does Illinois Boat Insurance Cover?

Here’s what Illinois 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 Illinois boat insurance policy before making your way out on the water. Check whether it covers these scenarios:

1. 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.
2. 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 Illinois boat insurance policy includes the salvage coverage. However, not all insurers offer it.
3. 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.
4. 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 IL boat, including:

Actual Cash Value – This Illinois 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 Illinois Boat Insurance Doesn’t Cover

Typically Illinois 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 Illinois Boat Insurance Cost?

How much does Illinois Boat Insurance cost? The average price of IL 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 Illinois 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 Illinois 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 IL, your policy won’t cover you. You should, thus, check with IL 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 – Illinois 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

IL 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.

IL Boat Insurance Quotes

Request a Illinois Boat Insurance quote in Arlington Heights, Aurora, Bartlett, Belleville, Berwyn, Bloomington, Bolingbrook, Buffalo Grove, Carol Stream, Carpentersville, Champaign, Chicago, Cicero, Crystal Lake, DeKalb, Decatur, Des Plaines, Downers Grove, Elgin, Elmhurst, Evanston, Glenview, Hanover Park, Hoffman Estates, Joliet, Lombard, Moline, Mount Prospect, Naperville, Normal, Oak Lawn, Oak Park, Orland Park, Palatine, Park Ridge, Peoria, Plainfield, Quincy, Rock Island, Rockford, Romeoville, Schaumburg, Skokie, Springfield, Streamwood, Tinley Park, Urbana, Waukegan, Wheaton, Wheeling and all other cities in IL.

Illinois Insurance Rules And Regulations

There are regulations governing insurance in IL that you should be aware of that cover both business and personal insurance. These include the limits associated with certain types of insurance as well as the actual regulations that govern these insurance categories - as well as regulatory agencies. Let's take a close look at the regulations for insurance in Illinois.

Illinois Business Insurance

The first type of insurance that we will discuss is Illinois business insurance. The most common type of business insurance is called General Liability. Liability insurance protects businesses in a number of ways, but the main way that you can think of this type of insurance is as coverage for when someone brings a lawsuit against you for something that happens on your premises. So, for example, if someone were to slip and fall on a freshly-mopped floor within your store, then you might be responsible for their injuries. Liability insurance protects you in instances like these.

However, there are some types of business insurance that are required by law. The first is standard in almost every state, and it is known as Worker's Compensation insurance. In some states, you have to have a certain number of employees before you are required to carry this type of insurance, but in Illinois, if you employ at least one person either full-time or part-time, you have to have Workees comp.

IL Personal Insurance

There are a couple of different types of personal insurance that are regulated by law in Illinois that you need to be concerned with. The first is auto insurance. Any private individual that operates a motor vehicle must carry liability insurance on that vehicle with certain limits reached. The insurance companies are already aware of these limits and the insurance that they offer provides them. The limits are 25 000 USD per person with a total maximum payout of 50 000 USD per accident. In addition, there must be another additional 25 000 USD provided for property damage.

There are also some regulations governing life insurance in Illinois that you should be concerned with. Life insurance is regulated under Title 215 in the State of Illinois Statutes. One regulation is that Illinois residents are given a minimum period of 10 days to evaluate the life insurance. You can cancel at any time during these 10 days and receive a full refund. In addition, insurance companies must provide a guarantee of death and claim payment as well as cash value. Finally, insurance companies must provide a timely payment of claims and keep your medical information private.