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Next to the continued maintenance of your boat, boat insurance is the most important aspect of owning a boat. You admit that you would never consider driving your car without car insurance.
Likewise, you ought to never think about using your boat without some form of boat insurance. It will protect you, your boat, and anyone traveling in your boat. It will also provide you with a great deal of peace of mind. That is priceless!
Boat insurance is available from a variety of sources. Many car and property insurance companies also insure boats. Alternatively, you can purchase boat insurance from one of many specialized companies that focus exclusively on marine vessels. Which type of insurer you choose will depend on many factors including price and the type of boat you own.
Boat insurance is very similar to car insurance. Your basic policy will cover physical damage to the boat itself from many different causes. Depending on your specific policy, acts of vandalism, acts of God and even latent defects in craftsmanship may be covered. Generally your boat trailer will also will be insured at no additional charge, but you should always check your policy documents to make sure.
In the event of a boating accident, your medical expenses and those of your guests will also be covered. This is true whether the accident occurs in the water or while entering or exiting the boat at boat docks.
As with a car insurance policy, the limits of this coverage will vary by policy. Safe boating should always be your first priority, but when an accident strikes, will you be prepared with the right policy in place to protect you?
Your boat insurance policy will cover those that you hire to work on your boat as long as they are contractors and not regular employees of the boatyard. Covered contractors may include carpenters, cleaners and others. Again, check your policy for specific information.
Optional coverage's that you may wish to consider include uninsured boater (similar to uninsured motorist); personal property (replacement value of personal items on board); and even fishing equipment coverage. Whether to purchase these optional items depends on your individual circumstances.
There are many special considerations for boat insurance. Make sure that you understand your insurer's policies on these considerations. One of the biggest concerns is the possibility of grounding the boat. Depending on your insurer's policies, this could be handled in a couple of different ways.
The vessel could be towed out, which might result in further damage, or it could be considered a salvage, which involves special procedures to protect the boat. Another consideration is wreck removal. If your vessel is completely wrecked, you will be held responsible for removing it from the water.
Some insurance companies cover this while others do not. Also be sure that your insurer will cover towing, which is no longer provided free of charge by the Coast Guard.
If you own a boat that is over 40 feet long, you might consider insuring it as a yacht. but expect to pay quite a bit more. However, the upside is that you will enjoy a form of insurance that comprehensively covers your needs as the owner of a very large boat.
Make sure that your boat insurance is the right one for you and your needs. Owning a boat is an expensive endeavor. Spend the money necessary to properly insure your boat and you will be better off for it.
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