Boat Insurance Arkansas
What Is Boat Insurance?
Boat insurance protects boat owners against the many risks that come with having and operating a watercraft. Boat insurance is different from car or home insurance because it is designed to meet the specific needs and challenges of boat owners.
This type of insurance usually covers harm to the boat, liability in case of accidents or injuries, medical bills for the owner and passengers who get hurt, and theft, vandalism, and other dangers. Knowing about the different kinds of boat insurance coverage, choosing the right amount of coverage based on the type and value of the boat, and knowing what the policy doesn’t cover and what it does cover are all important parts of understanding boat insurance.
Importance Of Boat Insurance Arkansas
Arkansas is a great place to go boating because it has so many rivers, such as the Arkansas River, Lake Ouachita, and Greers Ferry Lake. But while boating is fun, it also comes with risks, such as accidents, crashes, theft, and damage from bad weather. Being able to afford the right boat insurance is very important in Arkansas, where many people enjoy fishing as a hobby.
Boat insurance does more than just protect the investment in the boat itself. It also gives owners financial protection and peace of mind in case something unexpected happens. Also, getting boat insurance in Arkansas as required by law makes sure you follow state laws and lowers the risk of getting in trouble with the law.
Realizing how important boat insurance is in Arkansas means protecting not only your boat but also your finances and your reputation as a responsible boat owner.
What is Arkansas’s Boat Insurance Law?
Getting a boat is a big purchase. It should have insurance to protect it. By law, all personal boats with an engine of 50 horsepower or more must have liability insurance worth $50,000 in Arkansas. On any given day, police could ask boat owners to show proof of insurance. If you can’t show this proof, you could get a $50 to $250 fine for the first offense, and the fees go up for each subsequent violation.
Do you know what to look for in an Arkansas watercraft insurance policy? Chenal Insurance can help you determine the right amount of coverage to meet your specific needs. Just contact us today to get started.
Arkansas Boat Insurance Coverages
When you look for Arkansas boat insurance, here are some things you should think about.
- Navigational Area
Know what parts of your body are under water. Some insurance companies will cover you up to 75 miles from the U.S. coastline, as well as in coastal or inland seas of Canada and the Pacific coast of Mexico. In California, Florida, and Oregon, you can buy extra coverage for certain places.
- Agreed Value Coverage
Like cars, boats lose value over time. If your boat is stolen or ruined, it may be hard to get a new one because of an actual cash value policy. In other words, if your boat is totaled, you will get back the amount of money you paid for the insurance, less any penalty.
- Liability
If you are at blame in an accident on the water, personal liability coverage will protect other boaters and boat owners, just like car insurance does. After an accident on your boat that you caused, this insurance will pay to fix or replace someone else’s property, as well as pay for their medical bills, lost wages, and other costs.
- Medical Payments
If you get hurt while fishing, your medical payments coverage will pay for the care you need. This coverage ranges from $500 to $10,000 and protects you, your guests, and even your water skiers or tubers, even if someone else is at fault.
- Physical Damage Coverage
Physical damage coverage will pay to fix or replace your watercraft, its motor, any equipment that stays connected, and your trailer if they are lost or stolen.
- Uninsured/Underinsured Watercraft Bodily Injury
People who boat don’t always have to have insurance, so a lot of them choose not to. This kind of insurance pays for your medical bills, lost wages, and other costs related to the accident if you get hurt by another boater who isn’t covered or doesn’t have enough insurance.
- Fuel Spill Liability and Wreckage Removal
It’s possible that oil or fuel could leak into the water if your boat sinks or gets badly damaged. By law, as the owner of the boat, you have to get this cleaned up, which can take a lot of time and cost a lot of money.
- Personal Effects
A lot of things that are special to you may be covered by your policy, like clothes, jewelry, cell phones, scuba/snorkeling gear, and fishing gear. Different states have different limits, so ask us what Arkansas’s rules are. Things like jewelry, watches, and furs are not covered by personal belongings coverage.
- Unattached Equipment Coverage
This helps pay to fix or replace gear that isn’t permanently tied to your boat or personal watercraft but is mostly used on boats. This includes things like water skis, buoys, oars, fire extinguishers, tarps, and other things that can save lives.
- Emergency Assistance
If the watercraft breaks down while it’s on the water, the Emergency Assistance Package covers towing, work, and delivery of gas, oil, or a loaned battery.
Is Boat Insurance Required In Arkansas?
“Do you have to have boat insurance in Arkansas?” is a question that a lot of people have asked. Yes, that’s the right answer. Arkansas is one of only two states in the US that makes it a law to have boat insurance. In Arkansas, you need boat insurance for any motorboat with an engine of 50 HP or more and for any personal watercraft. At least $50,000 in liability coverage for boating accidents must be included in your policy.
That’s why the clear answer to “Do you need insurance on a boat in Arkansas?” is “Yes.” At any time when you’re running your boat on public waters in Arkansas, the police may ask to see proof that you have boat insurance. Also, remember that boats that are moved by a motor or sail, even trolling motors, need to be registered with the state before they can be used on public water.
What Boat Insurance Arkansas Won’t Cover
Many things can go wrong with a boat in Arkansas, but there are some things that the insurance won’t cover. Before you buy Arkansas boat insurance, keep these things in mind.
- General wear and tear damage to boats
- Damage or destruction to boats caused by animals or marine life
- Mold damage to boats
- Gradual deterioration or weathering damage to boats
- Insect damage or destruction to boats
When you know what your boat insurance doesn’t cover, you can be better ready for different situations that might need extra safety or planning in a different way.
Average Cost of Boat Insurance In Arkansas
In Arkansas, it costs about $263 a year to cover a boat. That being said, the price of your boat insurance may change depending on the things below:
- The type, size, and age of your boat
- The size of the motor and how it’s powered
- Where and how often your boat is operated
- The coverage options you choose and the deductible amount
- Your boat insurance claims history
What Boat Insurance Discounts Are Available In Arkansas?
There are many boat insurance discounts available in Arkansas that can help you save money on your coverage. These can vary by carrier, but often include.
- Lay-up discounts
If you only use your boat in the summer, you can usually get this deal.
- Boater safety course discounts
If you take an approved boater safety training, you can often get a big discount on your boat insurance.
- Bundling discounts
When you get your boat insurance and other types of insurance from the same company, like home or car insurance, you can often save money on all of them.
- Affiliation discounts
You may be able to get cheaper boat insurance if you belong to certain groups or are affiliated with the company you work for.
- Loyalty discounts
If you keep your boat insurance with the same company for a few years, you may get a discount over time.
- Security discounts
Getting protection devices for your boat to keep it safe from theft is a good way to get discounts from many boat insurance companies.
