Thinking About Buying A Boat? Three Things To Consider

If you’re thinking about enjoying some time on the water with a new boat, it’s important that you carefully consider how you’ll protect your assets. Here, we’ll take a look at what you need to think about before deciding whether to purchase a boat. 

Can You Afford Boat Maintenance?

Boats are expensive and difficult to maintain. Experts recommend that you set aside at least 10% of the boat’s purchase price each year for regular maintenance costs. This only includes standard, scheduled maintenance—not the amount you’ll need to pay if something breaks. 

Is The Boat You Want The Right Fit For Your Area?

You’ll need to consider whether the boat you want to buy makes sense for the body of water in which you wish to sail (or motorboat, or yacht, etc.). Research what types of boats work best in your area and try to steer your shopping in the right direction. 

Consider The Cost Of Boat Insurance. 

Purchasing a boat is a large investment, and it’s important that you fully protect yourself against damages. Working with a qualified insurance agent is key to ensuring you have the right policy for your needs. Your agent can help you understand the differences between boat insurance policies and help you decide on the level of coverage best for your watercraft and your financial situation.

Looking For Boat Insurance? Collum Insurance Group LLC, Serving Richardson, TX, Can Help

If you’re looking for boat insurance, reach out to an agent at Collum Insurance Group LLC, serving Richardson, TX. A qualified agent will work closely with you to help you choose the right boat insurance policy for your needs. 

What Does Boat Insurance Cover?

Boat insurance is a type of policy designed to cover multiple water vessels, like sailboats, motorboats, and personal watercraft. While this allows you to get protection for various boating assets on the go, understanding your Richardson, TX insurance will be essential in helping you understand different covered perils. Collum Insurance Group LLC breaks down items covered by boat insurance.

Property Coverage

Property coverage protects your boat when you are involved in a boating accident, both on water or land. When this happens, this policy helps you pay for your repair expenses. Property coverage also comes in handy when your boat is stolen, compensating you for the replacement expenses incurred.

Liability Coverage

Liability coverage is another item covered by boat insurance and will kick in when you damage someone else’s property or cause injury during a boating accident. This policy helps you pay for 3rd party repair expenses or replacement costs when the destruction caused is significant. Treatment costs are also covered by liability insurance, allowing you to get compensation for 3rd party medical bills.

Uninsured Watercraft Coverage

If your boat collides with uninsured watercraft, uninsured watercraft coverage helps you pay for the resulting expenses. Your medical costs and that of injured passengers are covered, helping you eliminate any out-of-pocket expenses.

Medical Payments Coverage

If you are injured during an accident, medical payments coverage takes care of your hospital bills. Injured passengers are also covered by this insurance, with some examples of covered expenses being X-rays and medication.

Towing Coverage

Towing coverage comes in handy when your boat breaks down. This coverage often includes towing options both on and off the water, allowing you to take care of repairs easily.

If looking for boat insurance to keep you covered during your stay within Richardson, TX, consider giving Collum Insurance Group LLC a call today. We will help you get boat insurance with the proper boating safeguards in place.

An Overview of Boat Insurance in Texas

Boat insurance protects you from the unexpected perils similar to how auto and home insurance policies would cover you. And even though it is not required in the state of Texas, it will still be a smart choice to obtain it for your jet ski, boat, personal watercraft, or any watercraft. 

Different Types of Boat Insurance

As with auto insurance, there is liability insurance available. With this insurance, others’ injuries will be covered if you are at-fault while on your boat. Other insurance types include the following: 

Replacement Cost

With this coverage, you can repair or replace your boat when it is damaged.

Actual Cash Value

This coverage reimburses according to your boat’s current value.

Agreed Amount

This is a reimbursement amount previously agreed upon instead of the current boat value. 


Comprehensive boat insurance typically covers almost everything except for intentional damage and normal wear. 

Limited or Named-Peril

Named-peril insurance policies cover losses specifically listed, such as vandalism, lightning, collisions,  fire, tornadoes, and collisions. 

Boat insurance is not required to have in Texas, but it is surely good to have. Even if you are hardly using it and it’s in the garage, home insurance policies usually won’t cover your boat, jet ski, or other watercraft in case of damages occurring to your home and property. 

So, for more information about boat insurance, contact a professional, reliable, and experienced insurance agency today. Collum Insurance Group LLC in Richardson, TX has been providing top-notch insurance products for approximately 30 years. So, if you live in Richardson, TX, or surrounding areas, contact them today. Collum Insurance Group LLC is more than happy to assist you.