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How Boat Customizations Affect Your Boat Insurance

How Boat Customizations Affect Your Boat Insurance

Whether you enjoy cruising on the waters of Grand Lake or Lake Eufaula, Oklahoma, you need the right boat insurance to properly protect your investment. When you customize your boat, you change it from the condition in which you originally insured it. That means you need to update your policy with Insurance Source Solutions.

What qualifies as customization that requires a boat insurance update? Many items qualify, including:

  • custom paint, such as a mural,
  • upgraded motor,
  • adding an awning,
  • redecorating or remodeling the galley or berth.

You need the updated insurance because your policy only covers your watercraft as you initially purchased it and insured it. Yes, your updated insurance might slightly raise your premium but think about the alternative. After all the money you spent on the customizations, if you don’t update your policy, none of your changes are covered. That means if you have an accident in the boat, you’ll only receive compensation for the original boat. When you update your coverage, if something happens, you receive compensation to cover the boat with the changes, meaning you can buy a new boat that’s just as nice as the one you lost.

When you buy boat insurance, think in terms of full coverage. The liability protection you buy protects everyone on your boat and on another boat if you cause an accident. The property damage coverage pays for damage you cause to someone else’s watercraft. You need collision and comprehensive policies to cover your own watercraft though.

Contact Insurance Source Solutions to learn how to update your boat insurance so you can continue to protect your watercraft on the Oklahoma lakes and rivers. Call us today.

What Does Boat Insurance Cover?

Oklahoma City has many great lakes providing the perfect venue for various boating activities and giving most boat owners a chance to enjoy their investment. However, it would help if you also protect that investment by insuring it in case anything happens. Here at Insurance Source Solutions, we can help you with the coverage you need, ensuring you have peace of mind. Read on to find out what boat insurance covers.

Physical Damage

Boat insurance offers you coverage against risks like collision, theft, sinking, and fire. Whether your boat is at sea or on land, it will still be protected. Usually, the property covered ranges to different components depending on your policy, but it can include things like motors, batteries, anchors, and safety equipment like floatation devices and fire extinguishers. However, first, talk to your insurance agent to understand what will be covered.

Liability Coverage

Your boat may get into an accident which results in damage to other structures, including other ships. Boat insurance can help cover any expenses resulting from the damage you have caused. This includes medical expenses for injuries caused and repair expenses to damaged property. In addition, if the injured party decides to sue you for damages, this coverage will also cover legal fees.

Underinsured Boat Coverage

You may also get into an accident with a boater who lacks sufficient insurance to cover the damage caused. This type of coverage will help cover those expenses, including medical bills and repair costs. Therefore, you will not have to dig back into your pocket to cover those costs, saving yourself from financial loss.

If you own a boat in Oklahoma, it is essential that you understand how you can benefit from insuring your boat. Here at Insurance Source Solutions, we offer different types of coverage that can adequately protect you and your boat. Contact us today for assistance, and we will help you choose the right policy.

Are you required to have boat insurance in Oklahoma

Oklahoma has more than 200 human-made lakes making it a great place to own or even live on a boat. A boat is an investment in your entertainment or your lifestyle. Whether it is a bass boat, party boat, speed boat, or houseboat, you may wonder what type of insurance you need to have on your boat. Insurance Source Solutions offers residents a place to come for all their insurance needs. As an independent agency, we can offer plenty of carrier and policy choices. 

The state of Oklahoma does not require boat owners to carry boat insurance. While the state may not require it, if you have financed your boat, chances are the lender will require that you carry insurance to protect their investment in your boat. On average, about 80 boating accidents happen every year in Oklahoma. Some of them involve fatalities. With the rise in boating popularity, the waters have become more crowded and raised the chances of accidents. 

Liability insurance is an important coverage. If you have a boat accident and there are injuries, you could be held liable for the medical bills and lost work time. If the injured people decided to sue, it could end up being a costly accident. Why take the risk when boat insurance can provide the protection you need at a reasonable price?  Property damage can happen both to your boat and to another boat or even a dock. Having to pay for the damage out of your own pocket can be devastating to your finances. 

If you have a boat that you use frequently and enjoy, protecting it and yourself makes good sense. In Oklahoma, talking to the knowledgeable team at Insurance Source Solutions can provide you with the information you need about boat insurance. Give our office a call or stop by to discuss your needs. 

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