Category: Boat/Watercraft Insurance

Here’s Why You Should Update Your Boat and Watercraft Insurance

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If you have a boat or a personal watercraft, having them properly insured can give you increased peace of mind and help protect you on the water. At Ellis Insurance Agency, we want to help you get the boat and watercraft insurance coverage you need and feel comfortable with throughout the San Antonio, TX area. Here’s what to consider when you’re looking for the right policy for your specific situation.

An Annual Review Helps Protect Your Vessel

Updating your vessel’s insurance every year may not always be necessary, but it’s a good idea to review your coverage with your agent at least annually. By doing that, you’ll be properly protected and have the coverage that works for your situation. There may be adjustments needed on your policy, or maybe another insurer would be a better choice. We can provide you with quotes from multiple insurers, so you have options.

Making Changes to Your Boat May Mean Adjusting Your Insurance

If you’ve updated or upgraded your boat or watercraft, you may need to adjust your insurance policy, as well. Anytime there are changes made to any type of vessel you own, it’s a good idea to work with your agent. Then, you’ll know if you need a different policy, a rider on your existing one, or just some adjustments to your coverage level.

Working With an Agent Helps Keep You Safe

Get in touch with us today at Ellis Insurance Agency if you’re in the San Antonio, TX area and looking for boat and watercraft insurance. We’re here to help you get the coverage you need, so you can feel safe and secure when you’re on the water. Working with a trusted agent means having someone you can rely on to answer your questions and help you choose a policy you feel good about.

Do You Need Boat Insurance In The Off Season?

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When your boat is parked during the off-season, it might seem unnecessary to continue paying monthly premiums for insurance. After all, why pay for coverage for a boat you’re not actively using? However, there are several important reasons to maintain your policy year-round.

Natural Disasters

San Antonio experiences natural disasters throughout the year. Hurricane season runs until November 1, with storms often making landfall in September. These storms can spawn tornadoes and cause significant damage to cities, including areas where your boat is stored.

Winter may seem safer, but it comes with its own risks. As the Polar Vortex weakens, frigid temperatures can lead to cracked engine blocks. Heavy snow can cause marina roofs to collapse, resulting in significant damage to your vessel. Without proper insurance, you may be left responsible for covering these costs.

Maintaining coverage through a company like Ellis Insurance Agency ensures your boat or watercraft is protected against these unexpected events.

Higher Coverage Costs

Letting your boat insurance policy lapse can lead to higher premiums in the future. Insurance providers often view gaps in coverage as a risk factor, which can lead to higher monthly costs. When you compare the cost of higher premiums to the expense of maintaining your policy during the off-season, it’s often more affordable to keep your coverage active year-round.

Lender Requirements

If you financed your boat, your lender likely requires you to maintain a minimum level of insurance coverage. Allowing your policy to lapse could result in the lender repossessing your boat, causing you to lose the money you’ve already invested in it. Be sure to understand your lender’s requirements before making any changes to your policy.

We understand the desire to reduce expenses during the off-season. Agents at Ellis Insurance Agency can help you explore options to downgrade your boat or watercraft policy to save money while still maintaining essential coverage. Contact us today to learn more! We proudly serve San Antonio, TX, and the surrounding areas.

Boat Insurance Gaps: Stranded & Stored Risks

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Owning a boat in San Antonio, TX, allows you to enjoy the beautiful waterways of Texas. However, it’s equally important to ensure you have the right insurance coverage to protect your investment. Various risks can arise, and your policy needs to address them all. At Ellis Insurance Agency, our agents can review your existing coverage and help you fill in any gaps to ensure you’re fully protected.

Stranded at Sea

Many boat insurance policies fall short when it comes to covering situations where you’re stranded at sea. If your engine suddenly fails, are you covered? This is a critical question to ask when reviewing your policy.

Being stranded can lead to towing expenses, emergency services, and even damage to your vessel. Additionally, if you’re outside a designated navigation area, your coverage may be limited. Filing a claim only to discover you’re not fully reimbursed can be costly. Addressing these gaps in your policy beforehand is essential.

Storage of Your Boat

Even when your boat is in storage—whether in a garage, marina, or dry dock—it’s not completely safe. Risks such as weather damage, theft, vandalism, or even rodent infestations can occur.

Is your boat covered against all these scenarios? Many policies have gray areas that could leave you responsible for unexpected expenses. Reviewing your coverage can help you avoid these risks.

Partner with an Agent Today

With so many potential risks, especially when it comes to being stranded or storing your boat, working with a licensed insurance agent is invaluable. At Ellis Insurance Agency, we’ve helped numerous clients throughout San Antonio, TX, secure comprehensive coverage.

We’ll take the time to review your current policy and recommend options to fill in any gaps. Let us navigate the insurance waters so you can enjoy the open waters worry-free. Contact us today to get started.

If Watercraft Insurance is Not Required in Texas, Why Should I Get It?

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Just like when you’re driving a vehicle, unforeseen situations can arise, leading to accidents. While your car insurance provides peace of mind, watercraft insurance is not required in Texas, leaving you unprotected.

Texas Watercraft Coverage

Although Texas does not require watercraft to be insured, owners can purchase coverage. The types of watercraft that owners often inquire about include powerboats, canoes, kayaks, jet skis, fishing boats, cabin cruisers, and sailboats.

When you contact our agents at Ellis Insurance Agency, serving the San Antonio, TX community, we can answer any questions you may have about watercraft coverage, such as the types of insurance available and additional options. You can also request a quote using our convenient online form.

Benefits of Watercraft Coverage

There are many unexpected situations where having your watercraft insured can make a significant financial difference. Insurance can help if your watercraft is involved in an accident, damaged due to fire, stolen or vandalized, or affected by weather-related situations such as lightning, or if you and property damage cause injuries to others.

When you speak with our agents, we can discuss different policies, such as collision, comprehensive, property damage liability, personal property coverage, medical payments, bodily injury liability, and incidents involving uninsured and underinsured boaters.

Contact Ellis Insurance Agency in San Antonio

If you need information about watercraft insurance in San Antonio, TX, contact our customer-friendly team at Ellis Insurance Agency. Our staff stays up-to-date on what customers need to know about coverage for watercraft. With this information, you will be better informed about what type of coverage suits your needs while providing protection.

A First-time Buyer’s Guide to Boat Insurance

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Owning a boat is more than a luxury item as it is a way of life. Still, your investment needs protection. 

Boat insurance is more detailed than other types of insurance. The policies vary in coverage as the agreement’s content can be puzzling. Ellis Insurance Agency in San Antonio, TX offers their knowledge and expertise to create a policy that gives a first-time buyer peace of mind.

What is Boat Insurance?

A standard boat insurance policy will protect your watercraft from damage caused by a sea accident, destroyed by fire, or struck by lightning. The coverage protects your wealth. Without boat insurance, you would be legally responsible for paying for all damages and injuries suffered in the accident. It would be quite an expensive endeavor that could bankrupt you. But boat insurance will cover all repairs, medical care, and legal fees for a potential lawsuit.

Liability Coverage is a Must-Have

Your boat insurance policy should have liability coverage that exceeds the amount required by state regulation. Usually, it comes in the form of property damage and bodily injury liability coverage. Each protects policyholders by paying for all damage to another person’s boat or property in an on-water accident because you were at fault. Also, liability coverage will pay all medical bills, lost wages, and other related expenses.

Other Boat Insurance Coverage Options

Attaching additional coverage to your existing boat insurance policy is optional. But, it is wise to research and choose coverage options that further protect your watercraft. Collision coverage is a valuable addition if your boat is involved in an on-water accident. The addition covers the repairs and possible replacement of your boat. Salvage coverage assists when your boat is deemed unworkable and beyond repair. Most salvage companies request to be paid upfront before towing your boat away. The coverage pays for all expenses.

If you are unsure if boat insurance is needed to protect your watercraft, speak with Ellis Insurance Agency in San Antonio, TX. Our staff can assist in creating a policy that meets your boat insurance needs. Call and schedule an appointment today. 

The Positives of Boat Insurance

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There are positives to getting boat insurance in San Antonio, TX and other locations throughout Texas. Few states in the US require boat owners to have boat insurance, but Texas is not one of those states. The option, however, is available to boat owners as it has many beneficial factors. 

The primary benefits cover the repairs or replacement if something happens to the boat. It all depends on what is underwritten within the policy.

The Various Benefits

Any damages covered in the policy of boat insurance can call the boat a total loss if the damages exceed the boat’s value. The entire book value of the boat may be compensated when filing a claim minus the deductible. That payment can go towards getting a new boat.

Other benefits can pay for repairs on the boat if something breaks or is damaged. The insurance company considers the book value, and the balance after the deductible goes to the repair payment. The third benefit that the underwriters may have in a clause is to pay the total agreed-upon capped value at the time of the insurance purchase. Likewise, this may cover either the repair or replacement of the boat. 

Let Ellis Insurance Agency Assist You

The positives come with knowing that the boat is covered if damage or an accident happens. Owning a boat is a favored luxury for boating and fishing. When something happens, and it stops you from these hobbies, you want to know that you can get back out on the water as soon as possible. 

Here at Ellis Insurance Agency, we create an environment filled with knowledge to assist you in getting the proper coverage in San Antonio, TX and surrounding areas. Once we know the book value of the boat, we can take it from there. Contact us today!  

Why does someone need to have a boat insurance plan in Texas?

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If you are in the San Antonio, TX area, owning a boat can be a great option. When you are a boat owner here, you will be able to have a lot of fun during the warmest months of the year. While boats can be a lot of fun, you do need to make sure that you are properly insured with a boat insurance plan. 

Why Boat Insurance?

Cover Your Watercraft

An important reason to have a boat insurance plan is so they can cover their watercraft. Any type of boat is going to take a big purchase and investment to acquire and care for. When you do own a boat, you will want to know that it is as well covered as possible. With a boat insurance plan, you will have coverage that can mitigate the risks of various types of loss including theft or accident damage. 

Reduce Liability Risks

While a boat can be a lot of fun to operate, it can also come with risks. If you have a boat insurance plan, you can offset some of these concerns. When driving a boat, if you were to cause an accident, you would need to cover the damages incurred by the other parties. Your liability insurance in the boat coverage plan will provide the support you need to offset this risk.

Get Coverage Today

If you want to invest in a boat in the San Antonio, TX area, you also need to make sure that you have the right insurance for it. When you are looking for a new boat insurance plan, you can start your search by calling the team with the Ellis Insurance Agency. There are a lot of choices to make when shopping for coverage and the Ellis Insurance Agency can help you build your next policy. 

Boat Insurance Basics

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San Antonio, TX, is a delight for boat owners. Following the San Antonio River, this city offers many opportunities for watercraft enthusiasts to enjoy themselves. But before you hitch up your boat, make sure that you have the right boat insurance for your needs by speaking to the friendly insurance agents at Ellis Insurance Agency serving San Antonio TX.

Breaking Down the Basics

To some extent, your homeowner’s policy will provide financial cover for your boat, but this is only for physical damage or loss, subject to the way the policy is structured. Comprehensive boat insurance should provide financial cover in two ways.

Physical Damage or Loss

Does your policy afford you financial protection against the possibility of accidental loss, damage, or theft of your boat? You will structure this area of your boat insurance policy in one of three ways.

Replacement Cost

Pay to repair or replace your boat.

Actual Cash Value

This type of insurance also pays to replace or repair your boat against accidental damage or loss but at a depreciated value.

Agreed Amount Value

You insure your boat for a set maximum value.

The type of policy you select depends on your financial obligations and your needs and should be reviewed at the time of renewal annually.

Liability

Liability is always a big one. Boats are fun, and good fun is often shared with friends and family. A boat insurance policy with liability cover provides financial assistance, depending on your policy wording, with injuries, disability, and death if you are legally responsible.

Don’t let this one sail by you; contact the Ellis Insurance Agency serving San Antonio, TX, today! And make sure you are covered adequately with insurance for your boating assets.