Every boat owner who values their boat knows how important it is to make sure you have the proper amount of insurance coverage just in the event that something were to happen to it. With a boat, just like with a car or home, accidents can happen. And it is important to make sure that such a valuable investment is covered in case of mishap.
When you finance a boat, most of the time the lending company or financial institution will require that you insure your boat just like they would if you were purchasing a car or house. This is because they have as much to lose as you do. Having insurance coverage protects both them and you in the event that something should happen to the boat.
As with other insurance policies, the premium costs for boat insurance will vary depending upon various factors. Those factors include age, gender, type of boat, how old the boat is, and the location that you live.
When you purchase boat insurance, you should be sure that your coverage includes the following:
Physical Damage Coverage – this makes sure that the insurer pays you for the repairs or the replacement of your boat in the event of: storm damage, lightning, fire, theft, and vandalism. This coverage should cover the boat, the motors, engines and the boat trailer.
Liability Coverage – this covers the damage done to another vehicle if you are involved in an accident.
Uninsured Boat Coverage – this covers your boat’s repairs or replacement in the event that there is a collision with a boat that is uninsured or whose insurance may have expired.
Passenger Medical Coverage – this covers medical expenses of people who get injured while on your boat.
Towing and Assistance Coverage – with this coverage, you will get reimbursed for costs incurred if you required emergency assistance. For example, if your boat breaks down and you have to be towed in to port, or if you paid for someone to repair your engine, etc.
Boat insurance is important. If you own a boat, do not take that investment likely. If you do not presently have boat insurance, find an insurance company that can help you get the proper coverage for your boat.