What Does Boat Insurance Cover? Every boater needs boat insurance to protect you against many possible losses. For example, boat insurance will help to cover the cost to replace your boat in case it is damaged in an accident or stolen. In addition, insurance will protect you against many liability claims, which occur if you cause injury or damage to others while on the water.
The main type of boat insurance is liability coverage. Liability coverage pays for medical and legal expenses caused by an injured person on your boat. This might include damages to personal property that you own, such as furniture, clothes, electronics, and even computers. If someone’s boat is damaged, they may sue you, so having enough insurance is vital to boating safety.
Another type of insurance that you should have is comprehensive coverage. This kind of insurance is more expensive than liability coverage, but it provides the most protection. Comprehensive coverage includes not just boats, but also trailers and motor homes. Therefore, comprehensive insurance will pay for damage to the structure of your vehicle, or the property of someone else that you hit, as well as injuries to you or other people on your boat.
If you are interested in getting more than the liability and comprehensive coverage limits offered by your existing agent, you should consider taking up boating insurance. Boats depreciate over time. When you buy a new boat, you may have to put some money down. However, since you will probably never use your boat as much as you did when you first bought it, your boat will soon begin to lose value. So, you can often get great rates on additional coverage options when you take up boating insurance.
There are two main kinds of general boat insurance policies that you can take up. These are personal property liability coverage and bodily injury liability coverage. Personal property liability coverage protects you for damage or loss that you cause to another individual’s boat or property because of an accident with you. Bodily injury liability coverage protects you if you cause an injury to another person while on the water. It also covers medical payments and other expenses if you get injured. Generally speaking, you want to get boat insurance that provides adequate protection for your needs so that you can get paid for your losses in the event of a disaster or accident.
The other major kind of insurance is sinking boat insurance. As the boat is floating on a body of water, it is subject to becoming damaged at any time. Sinking insurance provides protection against the costs of replacing your vessel if it sinks. It is typically required in the event of a major accident where your boat sinks or catches fire.
As with any kind of insurance, it is important that you buy boat insurance that fits your specific needs. Some of the coverage you might need including emergency assistance, personal watercraft theft, damage due to vandalism, collision, and storm damage. There are plenty of areas where you can get good coverage, but you have to assess how much you can afford to pay for insurance. Don’t forget to consider how much you can afford to spend on repairs and replacement of your vessel after an accident or even a theft. If you are planning on traveling, consider getting insurance for travel as well.
Boat insurance is usually not included in your homeowners policy because it is generally considered a personal liability expense. However, most homeowners insurance policies come with some form of coverage for boat damages. Find out what your policy offers specifically for this purpose. You may be able to add additional coverage or you may be required to pay more out of pocket initially. Talk to a qualified home insurance professional to discuss what is best for your needs.