Boat Insurance Basics for Oklahoma Lakes: Liability, Hull & Gear

There are all kinds of lakes around the Tulsa, Oklahoma, area and beyond that offer serene getaways and exhilarating adventures — but as with any vehicle, owning a boat means embracing both the fun and the responsibilities. Whether you’re cruising, fishing or waterskiing, you’re going to want the right boat insurance to protect you, your passengers and your investment as a whole. Today we’re going to dive into some of the basics of boat insurance to help owners ensure they have the proper coverage, particularly for liability, their hull and any extra gear.

Widely considered the most important insurance for any vessel owner, boat liability insurance is a must-have on busy lakes where crowded shorelines, marinas and fluctuating water levels often heighten the risk of accidents. If you were to cause bodily injury or property damage while operating your boat, liability coverage can protect you from what might otherwise amount to steep financial losses. Here are some examples of what’s covered by liability insurance:

• Bodily injury to other boaters, swimmers or passengers
• Property damage to other boats, docks or lakefront property
• Legal expenses related to lawsuits or settlements

If you want to get more specialized protection, which is never a bad idea, hull coverage might be one of the smartest options. The hull of your boat is constantly exposed to all kinds of hazards, from submerged rocks, to sudden storms and even trailer accidents while transporting. Having hull insurance can help to cover the cost of repairing or replacing the vessel due to this kind of physical damage. There are two common types of hull coverage: Agreed Value and Actual Cash Value (ACV).

With an Agreed Value policy, you and your insurer decide on the value of your boat up front, then you receive the agreed-upon amount in the event of a total loss without worrying about depreciation. ACV, on the other hand, pays the current market value of your boat, which factors in depreciation. You’ll have lower premiums with the latter option, but the payout can be much less.

Depending on the boat you own, you’ve probably got all kinds of gear and equipment on board at any given time. Depth finder, trolling motors, navigation systems, fishing gear and so on, all of these things are great to have but they’re every bit as susceptible to damage or theft than the boat itself — maybe even more so. While they’re typically not covered with a standard policy, most insurers will allow you to add personal effects and equipment coverage to make sure these things are protected.

In order to ensure proper coverage of all your gear and equipment, you should create an inventory of your onboard gear, noting serial numbers and estimated value, to cover all of your bases. You should also be storing expensive equipment securely whenever your boat is docked or trailered, to help mitigate the risk of theft. Speaking of which, you should certainly check to make sure your policy covers items stolen off the boat while unattended, as that’s certainly a risk. Here are a few more examples of things that might be covered with this type of policy add-on:

• Any other onboard electronics, such as radios
• Rods, tackle, bait, plus their storage units
• Safety gear like fire extinguishers and first-aid kits

If you own a boat in the Tulsa area of Oklahoma and don’t yet have boat insurance, you should definitely consider picking up a policy. We’d be happy to help you right here at Glover Family Independent Insurance, so just give us a call. Plus, we can help you decide if you need other optional add-ons, such as uninsured boater protection, environmental liability or towing and assistance. We look forward to helping you make sure your boating experience is as care free as possible!