A Guide to Boat Insurance Coverage
Boats are cars on water…okay, maybe they are a little bit more fun. Driving a boat is exciting and relaxing – wind in your hair. Planning to take your boat out soon? Perhaps during Memorial Day Weekend?
Aside from the usual things you need to do before boating season to prepare your boat, be sure you have boat insurance. The same way you would want coverage for your vehicle in the event of an accident, theft, and other issues, you want to be sure you have that coverage on your boat. Most people just get the basics when it comes to boat insurance, but it’s good to know what coverages you have and where you may even need more coverage.
Let’s learn a little more about boat insurance coverage:
Small Boat Coverage:
If you have a small boat without an engine, like a row boat, your home insurance coverage may be all of the coverage you need. A home insurance carrier may vary in what will and will not be covered. The best thing to do if you have a small boat and you aren’t sure if you need separate boat insurance is to call your agent directly. Have the information on hand you may need to help them figure out if your home insurance is enough. This information will include: if it has a motor or not and if it does, the power and size of that motor, and the size of the boat itself.
Physical Damage and Personal Property Coverage:
Physical damage provides coverage for damage to your boat. Personal property is the coverage for your belongings on your boat. Everything from coolers and clothing to scuba gear and skis needs covered in the event of theft. You can also get coverage for other equipment customarily kept in or on your watercraft. Some examples are: anchors, oars, lights, fire extinguishers, safety and lifesaving equipment, water skis, wakeboards, and deck chairs.
Most people are familiar with what liability coverage can offer you when it comes to protection. Much like your home insurance and your car insurance liability, your boat insurance liability provides coverage for bodily injury to others and damage to someone else’s property. In the event that you damage someone else’s boat or you get in an accident an injure someone, this coverage will help you afford the costs incurred.
Have you ever considered that there may be people driving boats where you ride that do not have boat insurance? If you were to get into an accident with one of these people, what would happen? The aftermath can be very messy and a huge headache for you, even though you were responsible enough to get the coverage you needed. Having uninsured/underinsured coverage is for damages the policy holder is legally entitled to recover from the owner or operator of a boat that doesn’t have insurance or has less insurance than the policy holder.
One of the best parts about having a boat is sharing a day on your boat with friends and family. Whenever you have guests, you will want to be sure if anything happens they will have the coverage they need. Having medical payments coverage provides medical and related expenses to each person who incurs an injury while in, on, or getting into or out of the watercraft.
Other Coverages to Ask About:
One coverage that will come in handy, especially if you have an older boat is emergency assistance. Emergency Assistance provides coverage for towing, labor and delivery of gas, oil or loaned battery in case of disablement on the water. In the event that you are in an accident, another coverage you may be grateful you have is wreckage removal which is available. You can also get coverage for a boat trailer if you have one.
Have more questions about your boat insurance before you hit the water? Our agents can help you navigate the waters of boat insurance (see what I did there) and help you break down what you need to know about coverages.