The Importance of Boat Insurance
Your state might not legally require boaters to have boat insurance, but it’s still a wise investment. Boat insurance helps protect you from financial losses associated with boating accidents. A comprehensive policy is one way to protect your investment and your wallet. Boat coverage protects you against physical damage to your boat and liability if you hurt someone else.
What Type of Incidents Does Boat Insurance Cover?
Liability coverage and physical damage coverage are the main components of boat insurance. Physical damage coverage deals with incidents such as fire, storms, theft, collision, sinking, and capsizing. Basically, anything that damages your boat is possibly covered. This includes the hull of the boat, the motor, equipment, and towing trailer. Liability coverage deals with damage you cause to someone’s property or body. This coverage is for use against lawsuits, judgments, and costly legal fees.
Boat Insurance Options
Most boat insurance policies also offer additional forms of protection.
For instance, watercraft medical payments is for medical expenses if you or someone on your boat is hurt during a collision. And emergency service coverage pays for towing, fuel delivery, labor, and wreck removal. You can also get repair cost coverage, uninsured watercraft coverage, and coverage for personal belongings.