Boat Insurance

Information on Boat Insurance

Boat insurance is a special version of motor vehicle insurance that is designed to protect boat owners from the financial loss from damages and/or injuries that can happen to anyone and at anytime while enjoying boating. In some cases boating insurance is a legal mandate.

Who Benefits?

Good boat insurance insurance coverage is tailored toward those who own several kinds of watercraft. Even if your boat isn’t very costly or you aren’t legally required to have the coverage, it is always smart to look into insurance. A small collision with another boat can mean not just physical property damage but serious injury as well. Even if one is not at fault, one can easily spend a lot out-of-pocket for legal fees while defending one’s self. At the very least, boat owners are well served in purchasing coverage for bodily injuries and property damage protection. This will include injuries that happen on the boat and injuries or deaths that might occur to other related parties.

Policy Aspects

Boat owners are well served in learning the various components to their boat insurance and it all can differ from vehicle and homeowners policies. For most boat owners, coverage is not designed to be in effect for the entire year, usually being least often used during the off-season in which a boat is likely put out of the water. Note that supplementary coverage is also offered for damages that might occur during these off-season times.

It is important to keep in mind that, like a car, a boat can depreciate in its monetary value over time. Actually, the moment you start your boat’s motor and commence with cruising it will quickly decrease in value. This is where an “agreed value” policy can be helpful as it this kind of coverage that provides the boat owner with the ability to have the boat replaced or to be provided with a cash value that was previously agreed upon before the policy was enacted. Market value policies have coverage that is determined by the current appraised value of the water craft, taking into account its depreciation. This can mean a lower payout, but it also can mean lower premium costs too.

Additional Coverage

Boat owners are wise to determine when, where, and how often they plan on using their boat when looking for the right policy. Some policies only cover freshwater locations while others can be designed for vessels that venture out certain distances beyond the coast. Boat owners are smart in seeking the many discounts that can be had to lower their costs like taking a boating safety course or by installing safety extras like an engine kill-switch, and more. Talk with an insurance agent today for more information on finding the best boat insurance policy that fits your needs and budget.