Why You Need Boat Insurance;

Some people simply overlook boat insurance. They think
that nothing bad is going to happen, when in reality, bad
things often happen involving boats!
If you own a boat, you need boat insurance. In fact,
many states now require boat owners to carry Watercraft
Liability insurance before they transport or operate a
boat. If your boat has been financed, your lender will
almost always require you to carry full coverage boat
insurance.
Again, most people don’t think anything bad will happen
– but bad things do indeed occur!
Vandalism is one problem that you may encounter. This
is especially true if you dock your boat in a marina.
Vandalism can also occur when you park your boat at
your home, or at a hotel when traveling.
When you shop for insurance, make sure that vandalism
is covered on your policy. Most issuers of boat insurance
will only offer you the Watercraft Liability – but in most
cases, you need more coverage than that! Theft is
another possibility. Cars are stolen all the time – but
boats are stolen as well. In fact, stealing a boat is easier
than stealing a car!
Boat insurance should cover you in the event of
vandalism, theft, sinking, fire, storms, capsizing,
stranding, collision, and explosion. Furthermore, the
insurance should cover the boat, the motor, and the
trailer used to transport the boat. The boat should be
covered no matter who is operating the boat, as long as
they are legally allowed to operate the vessel.
Boat insurance will typically cover you in the event of
malfunction as well. If something happens to your
motor, it should be covered by your insurance. It should
also cover you in the event that your boat needs to be
towed back to shore.
What you are covered for depends on what type of
coverage you purchased through your insurance agent.
For this reason, it is important to know what type of
coverage is available. Not all insurance companies will
offer all types of coverage, but they will offer Watercraft
Liability and Watercraft Medical payments.
Watercraft liability covers you just like car liability
insurance protects you in the event of an accident where
you are found to be at fault. Medical payments will cover
medical expenses incurred by you and the occupants of
your boat that are the result of a boating accident in the
covered water vessel.
Optional insurance usually includes coverage for
reasonable repairs, emergency services to your boat,
motor, or boat trailer, and wreck removal. Wreck
removal is very important coverage to have. If you boat
sinks, it will need to be raised before an insurance
company can access the damages and pay your claim.
This is very expensive, and in most states, the law
requires you to remove wrecked or sunken vessels.
Boats may be luxury items – but they are very expensive
luxury items.
Repairing or replacing a boat may not be something that
you can easily afford – but in most cases, you will find
that boat insurance is quite affordable. However, if you
are thinking in terms of cost, and you think that you
cannot afford the boat coverage, you can be certain that
you will not be able to afford to repair or replace the boat
either!
No matter how you look at it, you need boat insurance,
even if you just purchase the watercraft liability
coverage. Again, most states now require this liability
coverage for water vessels, and if the boat is financed,
the optional coverage may be required as well.
Discuss your boat insurance coverage needs with your
insurance agent to determine what coverage is right for
you and your boat.

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