Boat Insurance Information for Boat Owners
If you enjoy the rest and recreational time spent on a boat, it’s advised that you purchase boat insurance. In a similar manner to automobile coverage, it is important to remember that one is mandated to be covered by liability insurance with a boat you own as a well.
A pleasure craft is a passionate but costly side pursuit. Boat insurance is designed for people who are owners of either a motorized or sail boat. Should you like to canoe or kayak every once and a while or to row a boat out onto a fishing pond then you probably don’t need this coverage. Keep in mind that some personal watercraft types, like a jet ski for example, will likely be a part of proper boat insurance coverage.
Inherent in boat ownership are the high risks of damage, injury and other potentially harmful situations. Boat insurance is available to help by providing boat owners with financial coverage for the unexpected and often unwelcomed things that happen in life on the water (or when towed on a trailer).
Boat insurance would be similar to a hybrid of a homeowner and a car insurance policies. Individuals with bigger boats will likely benefit from coverage that is akin to a homeowner’s insurance policy. People with a small recreational boat, like a waterskiing boat, would be better served by coverage that more resembles an auto insurance policy. Most boat owners will benefit from obtaining coverage that is targeted to help with both bodily injury and property damage. With injuries that occur on the boat and injuries or deaths that might happen to other parties as well, this can be very valuable.
When one buys insurance for a boat, implicit in that is the promise to make monthly payments, or “premium.” If a boat is damaged or involved in an accident that results in property damage or injury, a claim is best filed immediately.
Arguably one of the most important aspects of boat insurance is liability protection coverage. This type of coverage helps to pay for bodily injuries that happen as a result of policyholder error. No matter who is at fault in a boat accident, liability coverage provides good but limited help with medical expenses. Risk coverage helps with incidents like a capsizing, a boat sinking or running aground, even from an explosion (and more). Personal belongings that are situated on the boat can also be covered for damage or complete loss. Towing is another option for coverage that can be added to a boat insurance plan.
Owners of boats who have good boat insurance coverage can have the peace of mind in knowing that their water craft are shielded from minor and even worst case scenarios. Even with a boat at dock, this policy coverage protects against vandalism and theft. Call one of our agents for more info!