What is Boat Insurance?
A boat insurance policy is one that provides coverage for damages to your boat and the equipment in it, injuries to people traveling in it along with any damages caused to other boats due to an accident. Most boat insurance policies provide coverage to any kind of boat that comes with an engine or a sail. But if you own a Jet Ski, Waverunner or a Wavejammer, then you may need to check with your insurance agent as not all companies provide coverage for these personal watercrafts.
A boat insurance policy can come in various forms and it largely depends on the type of boat you own, the frequency of usage and whether it is still financed or not. And some companies offer various benefits for boat owners like no-claim bonuses to provide for a 20% of the premium amount if the boat owner hasn’t made any claims till date. A boat insurance policy will provide coverage for your boat both on and off of the water. But some policies are generally limited to within the country or state and hence make sure to read through the policy documentation to understand the complete coverage. Some policies may also provide coverage against fire, flood, storm damages, theft and vandalism etc.
But a basic boat insurance policy can provide you with the following coverage:
- Bodily injuries: Any injuries sustained by yourself of others while on the boat
- Property damage to your boat—any kind of damages caused due to fire, storm, theft or vandalism etc.
- Property damage by your boat—when you cause damage to other boats due to an accident
Who needs Boat Insurance?
Even though most states don’t require boat owners to have boat insurance, it is always good to have boat insurance when you want to get yourself and your boat covered against unforeseen incidents. If you are involved in an accident or if your boat is damaged in a major storm or if your valuable equipment is stolen—you may need to pay out of your pocket to repair and/or buy new equipment if you don’t have boat insurance. But if you do have one, then the cost of repairs or any legal or medical bills will be taken care of your insurance provider.
The short answer: Financial security. If a covered accident happens and you have the proper insurance, you’re usually responsible for paying the deductible and insurance can cover the rest. But without insurance, you could get stuck paying out of pocket (or draining your savings) for the full cost of repairs to your boat (or someone else’s); legal costs; or even someone else’s medical bills. Overall, a boat insurance policy will provide complete protection for your boat wherever you go.
If you believe that you homeowners insurance policy gives coverage for your boat, then go through your policy again as it only provides for some limited coverage. But a boat insurance policy is specially designed to take care of the complete requirements of boat owners.
With our thorough knowledge of all the services we support and the industries we serve, we make educated recommendations which help our customers take advantage of the best, most economical coverage possible. At Brookhaven Insurance agency we help you choose policies that address your needs and ensure protection. And we do it all clearly and with purpose.