What needs to be taken into consideration: Boat Insurance
Heading out on the water can be a relaxing way to spend time with family and friends. Boat insurance can help protect not only your vessel but also protect you should someone get injured while you’re operating your boat. There are several different types of coverages that you can purchase with a boat insurance policy:
- Liability coverage, also known as Bodily Injury and Property Damage (BI/PD), includes protection for any injuries sustained by someone else, as well as damage to another person’s property, if you’re responsible (liable) for the accident. This coverage also will pay for the significant expenses of salvage recovery should your vessel sink.
- On-Water Towing is available should you find your vessel disabled and need assistance getting back to shore. Oftentimes this service is provided with no out-of pocket expenses for the owner of the boat.
- Comprehensive coverage pays for damage to your vessel caused by wind, hail, hurricanes, theft, vandalism, and more. Essentially, Comprehensive coverage protects your vehicle from any damage not caused by a collision.
- Personal Effects coverage can be purchased to cover all of the property you carry on your boat. Examples include fishing gear, navigational equipment, portable speakers, cellphones, SCUBA gear, etc.
ALSO CHECK: What you need to know about Auto Insurance.
Who Needs Boat Insurance?
Very few states have mandatory boat insurance laws. But that doesn’t mean that you don’t need it. Even if you aren’t concerned about damage to your vessel, there are significant liability risks associated with operating a boat. Should someone get injured while on your boat or as a result of you operating your vessel, you run the risk of exposing your personal assets to litigation if you don’t have adequate insurance to protect yourself.
Is Boat Insurance Expensive?
Many different factors play a role when determining the cost of boat insurance: where you primarily operate the vessel, your age and marital status, the type of boat that you own, the horsepower of any engines that you have, whether you own a home, even your credit score can all have an impact on how much you’ll pay for insurance. The best way to find out what your premium will be is to ask a licensed agent in our office to provide you with some quotes from several of the top insurance companies.