What You Should Know About Boat Insurance

Posted on: 18 February 2016

If you have a boat, accidents and injuries related to the boat might not be covered by your other insurance policies. It helps to get additional coverage in case you bump someone in the water or someone is injured while on the boat. Here are some things to know about getting boat insurance and what is covered.

Why You Need Boat Insurance

The first thing you should understand is exactly why you want to have a boat insurance policy instead of using one of your other policies. Something you may not be aware of is that your boat is probably not covered under your homeowners' insurance ore renter's insurance in most cases. While it is something you own and might be parked on your property, most incidents occurring with the boat are not going to be included in those policies. Unless it is a sailboat or similarly small boat with a small engine, it is probably going to need its own policy. Consider the cost of damage to your boat in an accident or due to natural disasters, and you understand the important of boat insurance.

What Boat Insurance May Cover

Boat insurance covers a wide range of incidents with you, the boat, and others involved in these incidents. For example, it often covers damage to the boat, including the trailer, motor, and sails. It might also cover damage to the interior and furnishings of the boat. The amount of coverage for your boat depends on the type of policy, similar to auto insurance policies. For example, a basic liability insurance policy for your boat might cover a limited number of damages to the boat, depending on who is at fault for the incident, while a comprehensive policy includes additional coverage. The comprehensive policies often include bodily injury coverage and coverage for uninsured boaters.

Coverage Add-Ons

As with other types of insurance polices, you can also choose to add on other areas of coverage to your boat insurance policy. For example, you might want to pay for towing services in case you are unable to tow the boat on your own. You can request add-ons like hurricane hauling, ice coverage, and covering specialty equipment like scuba diving or fishing equipment. The actual areas of coverage and add-ons of course depend on who you are getting the policy from.

Before you take your boat out to the water, make sure it is properly insured. This helps to protect your assets and get the repairs done if needed. Contact companies like Fulton Insurance Agencies Ltd Insurance for more information on your insurance needs.