Understanding your Boat Insurance
Whether you utilize your boat for fishing, waterskiing, or simply relaxing and making some memories with family and friends, there is need to protect this remarkable investment that you have done. Boat insurance will cover you in the case of loss or destruction to your boat. It protects most watercraft with motors, such as paddle boats, yachts, leisure crafts, fishing boats, and pontoon boats. Boat insurance usually does not cover kayaks, canoes, or personal watercrafts.
How does it work?
When buying insurance for your boat, you must decide on what deductible you want for your coverage. In the event of an accident, theft, or any other loss that is included in your policy, you will only file a claim and get a settlement covering the loss.
If, for instance, you find yourself in a crash with another boat and your vessel receives serious damage, one of the below things would happen, depending on the insurance protection that you and the other person own and your state regulations.
If you were the one at fault, the liability insurance of your boat would cover the harm up to your policy limits.
If the other person were at fault, his insurance would cater for your damages, up to his/her policy limits.
If the other person was at fault, but he/she did not have coverage, or did not have adequate insurance to cover your damages, uninsured/underinsured boaters insurance would come in to cater for the costs.
What are the different types of coverage?
Your boat insurance policy includes:
Comprehensive coverage- offers compensation in case your boat is stolen, damaged, or vandalized
Collision damage- covers for a replacement or repairs to your boat. However, it may or may not cover clean-up of wreckage, but you can buy additional optional coverage.
Property damage liability- caters for the harm you might cause to another person’s dock, boat, or other structures or property.
Bodily injury liability- provides for damage you might cause another person while using your boat, including medical bills, pain and suffering, lost income, and legal fees.
Additional coverage options
You can buy extra coverage for fishing equipment, personal property, oil spills, and roadside assistance. Also, consider the uninsured/underinsured coverage that covers injuries and damages from crashes caused by underinsured or uninsured boaters.