Boating is one of those hobbies that is time-consuming and requires a lot of maintenance, but the payoff is worth it. Feeling that fresh breeze on your face and the feeling of freedom you get from being out in open waters is an exhilarating experience. Whether you use your boat to sail, fish, or simply relax on the dock with your family and friends, one thing is certain; you absolutely need boat insurance. As any experienced captain can tell you, accidents can happen whether you are on the water or tied to the dock.
The sea is the same as it has been since before men ever went on it in boats.
– Ernest Hemingway
Not All Boats Are Created Equal, So Not All Insurance Is Equal.
You love your boat: you name it, maintain it, and sail it. It’s unique, so the boat insurance you buy needs to be unique as well. It’s not enough to just buy a boat insurance policy–you need to make sure you have the right coverage. If you don’t have appropriate coverage, not only are you left with major insurance gaps on your boat, but you are also open to major liability suits. That means that your boat and all of your property is at risk of being taken away. So let’s take a look at what kind of coverage is included in a boat insurance policy.
Boat Insurance Policy – The Basics.
- Liability Coverage – Protection against legal obligations to third parties due to damages, injuries, and loss of life.
- Physical Damage Coverage – Coverage for external and machinery physical damage to your boat. This also covers windstorms, vandalism, and collisions with the dock.
- Medical Payments – Payment for medical bills for any covered insured on your policy as well as any injured passengers on your boat.
- Towing assistance – Lost at sea? Towing assistance covers emergency boat towing, repairs, and fuel delivery.
- Personal Property – Your fishing gear, and any personal property would be reimbursed if lost or damaged.
- Uninsured Boater – If you get hit by another boater and they have no insurance, your policy would compensate you for any damages to you and your passengers.
Boat insurance covers a wide range of factors, but not all coverages are mandatory. Depending on what state you are living in, insurance requirements may vary. As with any insurance policy, there are exclusions to what’s covered.
What Kind of Boat Insurance Do I need? Am I Paying Too Much?
Depending on the size of your boat, motor, and the state you are living in, the premium for your boat insurance may vary. There are also discounts available for taking safety courses, installing safety equipment, or having a favorable boating history. You can also save on your premium by getting rid of unnecessary coverage on your policy. But remember–don’t risk your property just to save yourself a few bucks. You are the number one priority when it comes to boat insurance.
If you are interested in boat insurance with Effective Coverage, or you would like a review of your current policy, just call one of our boating insurance experts at (800)892-4308 or click to get covered - whether you need renters insurance quotes online or coverage anywhere else!
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