Facts about Boat Insurance
There are many ways in which you can enjoy owning a boat. You can use it for fishing, waterskiing, or relaxing and spending time with family and friends. Considering the cost and importance of your boat, you need to protect the investment. This is why you need boat insurance to provide financial assistance in the case of loss or destruction to your boat. This coverage is for most watercraft with motors, such as paddle boats, yachts, leisure crafts, fishing boats, and pontoon boats. Coverage usually excludes kayaks and canoes.
How it Works
This coverage is like insurance for your car or home. The only difference is that boat insurance is specifically for a boat and things that can go wrong with it. This includes accidents, theft, or any other loss that is included in your policy. When a covered event takes place, you file a claim, pay a deductible, and then the policy will do its part.
For example, your policy would provide assistance if you were in a crash with another boat. You might also have coverage if your boat were to breakdown and need a tow. Several types of things might be covered, depending on your policy.
If you are at fault for a mishap, then liability coverage will cover the harm up to policy limits.
If the other person is at fault, then their insurance should cover the damages. But it is possible the other person might not have any or enough insurance. If that happens, you will have to pay for your own expenses. A possible exception is if you have uninsured/underinsured coverage for your boat.
Several options are available for boat insurance. They include:
1. Comprehensive coverage to help in case your boat is stolen, damaged, or vandalized.
2. Collision damage that helps pay for a replacement or repairs to your boat.
3. Property damage or liability coverage is for expenses to pay for damage you cause to another person’s dock, boat, or other structures or property.
4. Bodily injury helps pay for damages you cause another person in the operation of your boat, including medical bills, pain and suffering, lost income, and legal fees.
You can also purchase additional coverage for your boat. What is available depends on your insurance company. But you generally can get coverage for fishing equipment, personal property, oil spills, and roadside assistance.