Uninsured Boaters Face Costly Risks on Congested Waterways
NORTHBROOK, Ill. - -U.S. waterways are more congested with boaters and water skiers than ever before. U.S. Coast Guard statistics show that there were 12,173,935 recreational vessels registered by the states in 2011.
In 2011, the Coast Guard counted 4,588 accidents that involved 758 deaths, 3,081 injuries and approximately $52 million dollars of damage to property as a result of recreational boating accidents.
Unless boat owners are insured, the cost of repairs or injuries will probably come straight from the owner’s wallet.
Some boat owners may find that purchasing insurance is required by their lender or by the marina or yacht club where the boat is docked. However, owners may want to consider insuring their boats as they would any vehicle with potential liability exposures, even if it’s not a requirement. Many owners have invested significant time, energy and money into their boat. So, it makes sense that boat owners would want to protect their investment.
Owners should consider insurance that provides the following types of protection:
-Physical damage coverage
-Watercraft liability coverage
-Medical payments coverage
Physical damage insurance typically helps protect against theft, vandalism, storm and fire damage. Liability coverage is needed in the event that the boat owner or a member of the owner’s family accidentally injures another person in a covered boating accident. Medical payments coverage can help provide protection for necessary medical expenses for injuries suffered by the boat owner and passengers during an accident.
Allstate offers a number of ways to save money on boat insurance premiums. Depending on the state the policy is written in, a boat owner may be eligible for discounts. Boaters can save money by bundling their insurance products; a person who purchases their auto and homeowners insurance through Allstate can save up to 20 percent. Certified boaters who have completed an approved course in boating education could qualify for a discount. Members of qualifying boating organizations are eligible for an additional discount. Also, owners of a new boat may qualify for a discount of up to 40 percent. The discount amount is adjusted annually based on the boat’s age with the newest boats usually receiving the greatest discount. Additionally, if the boat is equipped with safety gear such as an automatic fire extinguisher system, burglar alarm or a ship-to-shore radio, owners could be eligible for a discount of up to 15 percent.
Insurance and discounts are subject to availability and qualifications. Discount amounts may be lower. Insurance coverage is subject to policy terms and conditions. Allstate Insurance Company, Northbrook, IL
The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer, serving approximately 16 million households through its Allstate, Encompass, Esurance and Answer Financial brand names and Allstate Financial business segment. Allstate branded insurance products (auto, home, life and retirement) and services are offered through Allstate agencies, independent agencies, and Allstate exclusive financial representatives, as well as via www.allstate.com, www.allstate.com/financial and 1-800 Allstate®, and are widely known through the slogan “You’re In Good Hands With Allstate®.” As part of Allstate’s commitment to strengthen local communities, The Allstate Foundation, Allstate employees, agency owners and the corporation provided $29 million in 2012 to thousands of nonprofit organizations and important causes across the United States.
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