Boat owners love being out in the water, and they also know they should have enough insurance coverage. Just like a home or a car, accidents involving boats can and do happen, and this is why getting protection is important. Anything can happen to your boat, and you want to do what you can to protect your investment.
If you finance a boat, then you will usually need to get insurance for it, as the lending company or financial institution will require it. The reason why they require this is because the lending company has a lot to lose. Insurance not only covers you, but it covers the company in the event something happens to your boat. You don’t want to get just any old insurance, so when you get coverage you want to make sure it includes:
1. Physical Damage- This makes sure your insurance company pays for damage done to your boat or pays for replacement of your boat. The company will cover your boat in the event of storm damage, fire, vandalism and lightening. The boat trailer, boat, engines and motors.
2. Liability- This covers you in the event you cause damage to another vehicle as a result of an accident. This is similar to liability coverage on automobiles. For example, if your boat collides with another boat, then your liability insurance will cover the damage done to the other boat.
3. Uninsured Coverage And Passenger Medical Coverage- Uninsured boat coverage covers your boat’s replacement or repairs if your boat collides with another boat that is not insured. Passenger medical coverage covers passengers on your boat, if they were injured while on it. For example, if they incur medical expenses as a result of being injured while on your boat, then those expenses will be covered.
4. Towing And Assistance- This coverage helps you get reimbursed for any costs you incur if you need emergency assistance. For example, you might need to have your boat towed in to port or you may have to pay someone to fix your boat’s engine. If that happens, then you will be covered.
As previously mentioned, boat insurance is something you should buy. Your boat is a major investment and you want to protect it. With that said, you should find a good insurance company and purchase a good insurance policy.