in Boaters Insurance from State Farm
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Where does State Farm do business?
State Farm is an insurance carrier with headquarters in Bloomington, IL. The company was established in 1922 and offers boat insurance in 48 states (and Washington, DC).
What types of boat insurance coverage does State Farm offer?
Although we often talk about boat insurance in the singular, it really includes several types of coverage. State Farm offers the following types of coverage:
- Bodily Injury Coverage: This insurance pays for your legal defense and for the costs associated with injuries to other people involved in an accident.
- Property Damage Coverage: Usually, this insurance will look after the property damage you cause to another boat or property when at fault in an accident.
- Collision Coverage: Collision coverage is an optional policy that pays for the cost of repairing or replacing your boat after an accident. If you have a lease, the lender may require you to buy collision insurance.
- Comprehensive Coverage: If your boat is damaged in an event other than a collision, comprehensive coverage will pay for the cost of the repair. Covered events include storms, floods, fire, vandalism, and theft.
- Salvage/Wreckage Removal: Some standard insurance policies will subtract salvage costs from the insured value of the boat or only offer a small percentage of the coverage amount for salvage. This endorsement protects from the specific costs and liability that go with a wreckage or salvage.
State Farm also provides access to the following endorsements:
- Hurricane Coverage: Pays for the damages caused by tropical storms, tornadoes, windstorms, and hurricanes.
- Total Loss Replacement: If it's a total loss, this policy will pay you based on the agreed value, actual cash value or the replacement cost value.
- Medical Payments Coverage: Medical payments insurance covers for the medical costs caused by an accident regardless of who is at fault. Most policies will also cover funeral expenses.
- Personal Injury Protection: Personal injury protection, also known as PIP, typically covers medical expenses, loss of essential services, funeral services, and loss of income. It is similar to medical payments coverage, or MedPay for short. The difference is that MedPay will only cover for reasonable medical expenses.
- Travel Expenses / Trip Interruption Coverage: This coverage helps pay for non-refundable expenses if your trip is delayed or canceled due to an accident, mechanical breakdown, theft, injury, unexpected illness, or some other covered event.
- Transport Trailer Coverage: This covers non-motorized trailers used to tow your boat. If the trailer is damaged or causes damage, this policy will cover the costs and tow your boat.
What benefits does State Farm offer?
State Farm offers the following benefits to its customers:
- Local Agents: Perfect for people who prefer the personal touch of a local insurance agent.
What is the financial strength rating of State Farm?
The financial strength rating of an insurance company scores its ability to pay contracts and policies. Each agency has its own standards and rating scale and a company's rating can change any day. It's a good idea to check the financial rating of an insurance company before you purchase a policy. There are five main rating agencies. SuperMoney's financial strength rating is based, among other factors, on the average score of available ratings.
State Farm scores an A+, SuperMoney's highest available rating.
One State Farm Plaza
Bloomington, IL 61701 USA
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Other Services by State Farm
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
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