Boat Insurance

Boat Insurance: What you need to Know

Boat insurance is a policy that covers you and your motorboat, personal watercraft or sailboat against liability or damage. Sometimes this policy may also protect you in case you harm someone accidentally or damage property with your boat. The type and coverage amount you get will depend on the vessel policy you buy.

Who is it for?

This insurance cover is ideal for anyone who owns a watercraft. Even if your boat isn’t so expensive or you aren’t otherwise required to have the insurance policy, you should still insure it. A minor collision with a small powerboat can result in serious injuries. Even if you were not responsible, you might spend a lot of money in legal fees while defending yourself.

Common types of coverage include:

Property coverage: This plan protects the boat from certain risks. For example, the policy can help you to pay for your damaged boat’s repair costs after an accident. It can also help you to replace it in case it has been stolen. This coverage will protect the boat whether it is on land or on water.

Medical payments coverage: In the event, you and your passengers are injured because of an accident while on your boat; this coverage will pay the hospital bills, x-rays, and your medication in general.

Liability coverage: If you provoke an accident and end up damaging someone else’s property, or you injure someone who wasn’t on the boat, liability coverage will cover for those incurred expenses.

Uninsured Watercraft coverage: What happens if your watercraft is hit by an uninsured boater and you or your passengers get injured? When you have this policy, the resulting expenses will be covered.

Some benefits of boat coverages include:

The loss or damage on your boat will be covered as long as the accident happens within its navigational limits whether it’s afloat or ashore.

Other passengers who were in the boat during an accident are covered.

If you injure someone or destroy their property with your vessel, they will get compensated. You won’t have to dig in your pockets to cover all the expenses.