Fall is upon us! 2017 is approaching, boat show season is right around the corner, most of the championship tournaments have concluded. It may be time for you to buy your first bass boat. Maybe, it is the year you upgrade to that dream rig.
Next to your house and/or maybe your tow vehicle, a bass boat can be your biggest investment and something we all want to protect. To help anglers do so, WesternBass takes a look at common myths and readers’ questions relating to bass boat insurance. This will be a monthly series provided by Ben Green Insurance.
Comments and requests are appreciated and we will do our best to address them in upcoming editions.
In all cases, please consult your agent or contact Ben Green Insurance Agency for a comprehensive review.
Myth #1- The replacement cost of my rods and reels are covered if they are in my boat.
Insurance policies vary like the amount of colors on everyone’s favorite soft plastic stick bait. Some companies call these “Personal Effects”.
It is often a misconception when this coverage is assumed to be in place under “Unattached Equipment”.
Here is the difference between the two according to one National Company: Unattached Equipment requires that a boat is essential for its use (e.g. marine electronics and water-ski equipment). Personal effects do not require the use of a boat (e.g. scuba equipment, fishing equipment, etc.).
The carrier referenced above enhances the definition of “Fishing Equipment” to include: A tackle box or any other container used to store lures, hooks, baits, and any other fishing tackle is considered one item. A rod and reel are considered two separate items. The most we will pay for any one item is $1,000.
Often anglers that fish tournaments have more than the standard $5,000 of coverage that most policies contain. Be certain that you have an adequate coverage and check the declaration pages, not the quote for the limit that any one item is covered.
Myth #2- My boat policy covers the replacement cost of my electronics.
Similar to the answer above, you must consult the policy.
Electronics are considered “Permanent Equipment”, if they are attached by bolts or brackets including ball mounts and slide mounts.
If the electronics are portable they are most likely covered under “Unattached Equipment”. Be very careful here. Some policies only cover up to a specified limit for each piece of unattached equipment.
Myth #3-If my boat is stolen, my loan will be paid off.
Here is one of the major misconceptions in boat insurance. “Actual Cash Value” takes into effect the depreciation of the boat and a carrier will only settle for the market value of the insured item, minus any deductible.
If you have boat insurance based on actual cash value, you are at the mercy of the adjuster’s valuation at the time of settlement. This could be a costly mistake and many carriers write this type of coverage. “Agreed Value” is typically the amount of insurance shown in the declaration page, minus any deductible.
If you buy a new boat, consider supplying the sales contract to your insurance agent via e-mail. Make certain that the declarations page of the policy matches the cost of the boat. If you have a pro-staff deal and did not pay market value for the boat, make sure that this is communicated to the insurance company.
Some companies advertise no depreciation. Be sure to read the entire policy and understand what this truly means.
We all have the common desire to have fun, protect our investment and make sure others are covered in the event of an accident. “If you call an insurance provider and they do not know what a bass boat is, consider hanging up the phone and calling an agent that does.” You shouldn’t have to look further than this website
It's not just about the boat...
Read more insurance myths here. This time we're talking trailers!
We will be posting more answers to your questions. Keep them coming!
Tight lines!
-Ben
Ben Green Insurance Agency is a full service agency dedicated to protecting the assets of Bass Fisherman. Ben is a tournament angler and is active in the fishing community. For more information. He can be reached at (626) 290-0888. LIC#0D03631. www.bengreenins.com Follow on Facebook.
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