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!
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.
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.
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.
The author sells contact lens and train horns and works on plastic packaing.