Before you hit the water in your new boat for the first time, you need to explore your insurance options. Without a good insurance policy, you may have to face serious legal issues, expensive repairs, and overwhelming medical bills on your own. Here is a closer look at some of the benefits of boat insurance and a few add-ons that you might want to include in your policy.
A Look at Basic Coverage
This type of insurance is not a legal requirement in most states, but some marinas and docks won’t let you use their facilities unless you have liability coverage. A basic policy will cover issues such as boat collisions, damage to docking facilities, and bodily injuries. It can also cover any damage that takes place while you are towing your boat on a public roadway. Most auto policies will not cover any damage to a towed vessel— unless a passenger was specifically added to the insurance policy.
One of the best ways to protect your boat at all times is to have a comprehensive boat insurance policy. Comprehensive policies cover a wide array of risks ranging from pollution fines to vandalism. This type of coverage will also help you replace your boat if it is stolen or damaged to the point that it cannot be repaired. Many boat owners choose comprehensive policies when they use their watercraft throughout the year at different locations. A comprehensive policy will also help you cover any damage that occurs while your boat is in storage.
Benefits of a Boat Policy
An accident or injury can happen in the blink of an eye, and many boat owners don’t realize just how expensive those mishaps cost without the proper insurance. Following an accident, you could end up dealing with huge medical bills and ongoing repairs. If any other parties were involved, then you might face a lawsuit as well. A comprehensive policy is the best way to protect yourself, your crew, and your boat.