Some people simply overlook boat insurance. They think that
nothing bad is going to happen, when in reality, bad things
often happen involving boats!
If you own a boat, you need boat insurance. In fact, many states
now require boat owners to carry Watercraft Liability insurance
before they transport or operate a boat. If your boat has been
financed, your lender will almost always require you to carry
full coverage boat insurance.
Again, most people don't think anything bad will happen - but
bad things do indeed occur!
Vandalism is one problem that you may encounter. This is
especially true if you dock your boat in a marina. Vandalism can
also occur when you park your boat at your home, or at a hotel
when traveling.
When you shop for insurance, make sure that vandalism is covered
on your policy. Most issuers of boat insurance will only offer
you the Watercraft Liability - but in most cases, you need more
coverage than that! Theft is another possibility. Cars are
stolen all the time - but boats are stolen as well. In fact,
stealing a boat is easier than stealing a car!
Boat insurance should cover you in the event of vandalism,
theft, sinking, fire, storms, capsizing, stranding, collision,
and explosion. Furthermore, the insurance should cover the boat,
the motor, and the trailer used to transport the boat. The boat
should be covered no matter who is operating the boat, as long
as they are legally allowed to operate the vessel.
Boat insurance will typically cover you in the event of
malfunction as well. If something happens to your motor, it
should be covered by your insurance. It should also cover you in
the event that your boat needs to be towed back to shore.
What you are covered for depends on what type of coverage you
purchased through your insurance agent. For this reason, it is
important to know what type of coverage is available. Not all
insurance companies will offer all types of coverage, but they
will offer Watercraft Liability and Watercraft Medical payments.
Watercraft liability covers you just like car liability
insurance protects you in the event of an accident where you are
found to be at fault. Medical payments will cover medical
expenses incurred by you and the occupants of your boat that are
the result of a boating accident in the covered water vessel.
Optional insurance usually includes coverage for reasonable
repairs, emergency services to your boat, motor, or boat
trailer, and wreck removal. Wreck removal is very important
coverage to have. If you boat sinks, it will need to be raised
before an insurance company can access the damages and pay your
claim. This is very expensive, and in most states, the law
requires you to remove wrecked or sunken vessels.
Boats may be luxury items - but they are very expensive luxury
items.
Repairing or replacing a boat may not be something that you can
easily afford - but in most cases, you will find that boat
insurance is quite affordable. However, if you are thinking in
terms of cost, and you think that you cannot afford the boat
coverage, you can be certain that you will not be able to afford
to repair or replace the boat either!
No matter how you look at it, you need boat insurance, even if
you just purchase the watercraft liability coverage. Again, most
states now require this liability coverage for water vessels,
and if the boat is financed, the optional coverage may be
required as well.
Discuss your boat insurance coverage needs with your insurance
agent to determine what coverage is right for you and your boat.
CopyRight Ian D. Major 2005.
About the author:
Ian D. Major makes it easy to understand Boat Insurance, quickly
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