Buying coverage for your boat is an essential step to take immediately after making your vessel purchase, and you should also periodically update your coverage to meet changing needs over the years. Boat insurance is available for many types of vessels, and it provides you with a means to comply with local boating insurance laws in your area as well as to comply with your boat lender’s insurance requirements. In addition to compliance with laws and lender requirements, boater’s insurance also provides you with an effective way to reduce out-of-pocket costs in the event of an accident or other mishap. In fact, when filing a claim, you may only need to pay your deductible.
There are multiple types of boat coverage included in a typical policy. Coverage types of limits vary, and they can be customized to some degree based on your needs and budget. Liability insurance is one of the more common types of boat insurance. It provides you with financial protection against a liability event, such as if you cause injuries to others while operating your vehicle. A boat policy may also provide you with coverage for your own vehicle’s repairs or for a full replacement in the event of a complete loss. These types of events may include a boating accident on the water, a towing accident on land, severe weather, theft and more. Some policies specifically exclude towing-related damages unless you purchase a separate rider for the trailer and its use.
In addition to these common types of coverage, you may add personal injury coverage to the policy. This pays for medical bills for you and others in your own vessel if injuries occur while on the boat. Personal property coverage may also be added to your policy. This includes coverage for any personal items on the vehicle, such as water skis, a portable radio, life jackets and more.
Whether you are buying a new vessel or you are ready to update your coverage, now is a time to ascertain your needs as a first step. Remember to keep your coverage active at all times so that you can enjoy the full benefits that your policy provides.