Boat insurance helps protect you following mishaps involving your boat. Coverage also makes it possible to comply with boating insurance laws. While being in compliance with laws is important, it’s not the only benefit of having boat insurance. Coverage provides you with an effective way to reduce out-of-pocket costs associated with accidents. Without boat insurance, a simple accident could cost you thousands of dollars.
Types of Coverage
A typical policy covers several things. But limits vary, and you can often customize a policy to meet your needs and budget. Liability insurance is the most common type of coverage that people choose. It provides financial protection against a liability event, such as if you cause injuries to others during the operation of your boat.
Your boat policy may also provide coverage for your boat’s repairs. Full replacement following a complete loss is also an option, depending on your coverage. Types of events usually covered include accidents on the water, towing accidents that happen on land, severe weather, theft and vandalism. But some policies exclude towing-related damages unless you purchase a ride that specifically covers towing damages.
You can also add personal injury coverage to your policy. That coverage will pay for medical bills for you and others following mishaps that occur on your boat. If you add personal property coverage, then it will cover personal items inside your boat.
No matter what type of boat insurance you choose, make sure to keep the policy active. Should an incident occur during a period when you haven’t paid your premiums, it’s possible you can’t file a claim.