There are no state laws in Texas that require boat owners to obtain insurance. You should, however, consider purchasing a good indemnity plan if you own watercraft in Austin, TX. The best boat insurance policies prevent significant financial losses and may protect you from lawsuits. Southwest Insurance Center can help you create the boat insurance plan that best suits your budget and lifestyle.
What does boat insurance cover?
Boat insurance acts as a standard auto insurance plan by covering the following:
- Personal injury to individuals involved in an accident;
- Theft of the vessel;
- Damage to the vessel in an accident;
- Medical bills of those injured in an accident.
It may also be possible to purchase uninsured/underinsured motorist protection that guards you against financial loss if your boat is hit by another driver who lacks adequate coverage.
Does boat insurance pay for a new boat?
The best boat insurance policy will pay for a new vessel in the instance that your boat is damaged beyond repair. Not all policies, however, are equal.
Some boat insurance plans act as liability auto insurance coverage, which means they only pay for individuals injured and property damaged in an at-fault accident. You are responsible for all damages to your boat when you have this type of indemnity plan.
What type of policy should you choose?
Not everyone in Austin, TX can purchase a boat. You should, therefore, buy a plan that speaks of your accomplishment. While it may not be necessary to purchase the most expensive policy, you should certainly consider buying a boat insurance plan that at least pays to replace your vessel.
The agents at Southwest Insurance Center can help you fully understand what a boat insurance policy covers. Call them today to request a quote!
Some whole life policies offer a savings and investment account with them so you can protect your beneficiaries while saving and investing tax-free or tax-deferred. You might think you already have a 401K so what is the point?
Southwest Insurance Center, serving the Austin, TX metro, wants you to understand why you need both accounts to best protect your financial future. Traditional individual retirement accounts (IRAs) have a maximum amount that you can contribute annually. Once you reach that amount, you cannot place more funds into the IRA that year. That limits the amount you can invest tax-free or tax-deferred.
The cash value account tied to a life insurance plan has no such limitation. You can contribute to it after paying your life insurance premiums and do so to your heart’s content. The money in your cash-value account also gets invested in much the same way the funds in your IRA does. Many cash value accounts use the S&P index as their fund index. As it earns, so does your investment account.
This type of dual-purpose insurance policy provides the standard type of death benefit of other permanent insurance policies. When you die, your beneficiaries receive a payment, the death benefit, which is the value of the policy you purchase.
But providing an investment account now and a death benefit to your beneficiaries isn’t the only way this type of policy helps you. You can borrow from or against the cash value account throughout the time you have the policy. That lets you build credit more safely since you have the collateral in the cash value account to repay the loan. If you already have pristine credit, you can choose to withdraw from the cash value account although this may incur a penalty.
Contact Southwest Insurance Center serving Austin, TX to learn more about life insurance with cash value savings and investment accounts. You can boost your retirement savings while you protect your family from the financial effects of your death.