Boat Insurance Facts
If you enjoy boating in your spare time, then you should purchase boat insurance. Your boat needs insurance coverage the same as your car or house. The main reason is because a boat is an expensive investment, and you want to keep it safe.
Liability Coverage is the Most Basic
One of the biggest benefits of boat insurance is the liability option. It covers you for liability in case anyone is injured on your boat or your boat causes harm in an accident. The policy should also cover you in the event your boat hits something, runs aground, or damages property on a dock or another boat.
Comprehensive Coverage is Inclusive
For additional protection, comprehensive coverage is the best choice. This insurance can protect your boat from theft, vandalism, flooding, and fire damage. The insurance can also cover boating equipment or fishing gear stowed on the boat. Comprehensive coverage helps when you’re in an accident with an uninsured boater.
Decide if You Need Boat Insurance
You can obtain insurance for any type of boat – from yachts to speedboats to houseboats. Your insurance agent will need to know details about your boat to determine the coverage you need and your insurance rate. The agent will need to know things like the age, length and value of the boat, along with its speed. The condition of the boat influences your ability to insure it, as does usage and purpose.
Where you plan to operate the boat is also important. Will you be on the ocean, on the bay, lakefront or river? It all affects your insurance rate. The number of owners and type of boat matters, too. Several things affect how much you will pay for your boat insurance.
The main benefit of having boat insurance is the protection it provides. It won’t stop you from having an accident, but it will make the aftermath easier to handle.