There are few things in life more exciting than buying that boat you’ve dreamed of owning for years – perhaps even decades. Buying the right boat and marine insurance coverage will help you protect that investment you’ve made in your own personal happiness and take some of the worry out of owning a boat. Before you buy though, there are five things you need to know about boat and marine insurance coverage so that you can get the right coverage for your needs.
Why is Boat and Marine Insurance Necessary?
Boat ownership, while a privilege, is still a responsibility. Boat insurance not only helps to protect your investment in the boat should covered events occur, but it also helps to protect your other assets if you are found to be at fault in an accident that causes injuries, takes lives, or damages the property of others (including docks, other boats, boat launches, etc.).
What is Covered by Boat and Marine Insurance?
The specifics of boat and marine insurance coverage will vary from one company to the next. There are some coverage types that are fairly universal. Standard coverage may include some or all of the coverage types listed below.
– Collision Coverage
– Comprehensive Coverage
– Uninsured or Underinsured Boater Coverage
– Medical Payments
– Water Towing
– Fishing Equipment Coverage
– Personal Effects Coverage
– Roadside Assistance
Because policies vary so greatly, it’s important to understand exactly what’s included in a standard policy so that you can make apples to apples comparisons when shopping around.
Available Optional Coverages
If any of the coverage types mentioned above aren’t available for your boat, it’s a good idea to consider them as endorsements or additional coverage options in addition to some or all of the options listed below.
– Emergency Services Coverage
– Boat Trailer Coverage
– Repair Cost Endorsement Coverage
– Fuel Spillage and Wreckage Removal Coverage