Do I Need Boat Insurance?
Owning a boat is exciting. Sailing on a boat is almost as exciting as owning your own boat. But before you start having fun, it’s important to think about insurance. There are several options for buying boat insurance. Your state might even require all boat owners to have insurance. Even if it doesn’t, you should consider getting insurance to protect your investment.
Boat Owners Need Coverage
Even if the policy is not required by law, you should want to protect your investment. Some boat owners assume their homeowners insurance will cover the boat when it is parked on their property. That is not always how it works. The only way the boat is covered at all times is to have a boat policy. Some marines and storage facilities require proof of insurance before the boat can be moored or parked.
Most simple boat insurance policies are affordable. Many things affect the price. The value of the boat helps determine the monthly premiums and the amount of coverage needed. Owners who complete a boating safety course may receive a discount on their premiums.
A basic boat insurance policy covers damage to the boat, and pays for damage caused by the boat. The basic policy should also cover medical bills for injured passengers, and pay for minor lawsuits. Repairs for damage to the boat are covered as well. For some incidents, such as vandalism or theft of belongings, insurance may cover only a portion of the cost. Speak with an insurance agent for more details.