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Boat Insurance

Good Boat Insurance

Having a boat enables a boat owner to have a good time with friends and family on bodies of water both big and small, but sometimes small and even big accidents do also occur. Boat insurance is what can assist in ensuring that a policyholder is protected financially from possible liability and damages.

What is this kind of coverage?

Insurance for boats covers both policyholders and their covered crafts for claims made, either on the water or stored or towed on land. It can also protect the boat and owner from the hassle and the expense of damages.

Who Needs Coverage

When purchasing insurance for a boat, it is usually best to determine what is covered and what aspects are not. Coverage is generally available for all types of boats, such as sailboats, power boats, pontoon boats and fishing boats and more.

How it Functions

Insurance for boats is frequently sold in packages, but there are options that can be purchased on top of what is part of the normal offerings. Coverage ususally is offered for “”actual cash value,”” (less depreciation) or for an amount that is set prior to the purchase of the policy.

The Different Kinds of Coverage Available

A normal Insurance policy will provide coverage for many aspects of a boat and its related components, but it is also valuable to consider some of the options, such as wreckage removal coverage and towing services, as well as help with cleanup should there be a spill of oil, which can be very expensive to handle.

Here is what a typical boat insurance policy will include:

• Collision Coverage, which will pay out for repair or replacement of the boat.
• Property Damage Liability Coverage, which provides compensation for any covered damages to other boats, dock facilities, or other structures.
• Bodily Injury Liability Coverage is what pays out for any covered medical services provided to those who are hurt (or killed), as well as the provision of compensation for lost income, pain and suffering, and legal expenses.
• Comprehensive Coverage is what covers damages to your boat that originate from a source other than that resulting from an accident. Examples would include theft, vandalism, fire, and more.
• More Coverage Choices are available for any specialized electronic equipment, fishing gear, hurricane protection, roadway and towing assistance, and coverage for the boat and for any injuries caused by boaters who are under or uninsured.

Major Advantages of Coverage

A quality boat insurance policy will extend coverage to boat owners for just about any type of event or incident. Keep in mind that many states require certain bare minimum coverage and other levels of coverage may be necessary if one keeps his or her boat in a harbor slip. Discounts are also made available so keep an eye out and always ask. Also be sure to keep on top of the many companies and their offerings and reviews of service.