You have finally done it, purchased the boat of your dreams in Rio Rancho, NM. With over 1200 lakes and 200 miles of river, New Mexico is a great place for boat owners. You may be wondering if the insurance that you already have will cover your boat. Is it covered under your auto insurance or your home insurance? The simplest answer is yes with lots of qualifications. This is where having a knowledgeable agent like those at Franklin Insurance Agency on your side.

If you have home insurance and your boat is damaged while it is sitting on a trailer in your yard, chances are your home insurance will cover it. If your boat is on a boat trailer traveling to a lake or river, the trailer is covered by your auto insurance but it is likely that the boat isn’t. What this means is that you need to carry boat insurance for a variety of very important reasons.

Liability is the most important thing to consider. If you are involved in an accident with another boat, jetski, or dock, just to name a few possibilities, someone may be injured. If you are at fault, the cost of their medical care or property damage will fall to you, Boat insurance will give you the liability coverage you need, the recommended minimum is one million dollars.

If you have a loan on your boat, your lender will require collision and comprehensive coverage which protects your boat from a variety of potential damage. Accidents are not the only thing that can damage your boat. You will also be covered for theft with this coverage.

Owning a boat can be a dream come true. Boat insurance can help to keep that dream from becoming a nightmare. At Franklin Insurance Agency in Rio Rancho, NM, we would love to sit down and talk to you about the best coverage for you. Stop by or give us a call today.