Purchasing a boat is an extremely costly investment. That is why it’s important to always have it protected. Not only do some states require your boat to have insurance, but many banks that could provide you with a loan for your boat also require boater’s insurance. There are many reasons why having this type of insurance will be beneficial and can save you in the long run.
Boat Insurance: What it Covers
Most boater’s insurance coverage will include watercrafts with motors. This includes:
- Fishing boats
- Pontoon boats
- Paddle boats
- Leisure crafts
The insurance will protect you from:
- Collision damage
- Property damage
- Bodily injury
- Any additional coverage options you may want
When you decide on what you buy, a few factors will go into it. Specifically, the type of watercraft you own, how you plan on using it, the size and age of your boat, and what type of waters you will keep it in. With all of this factored in, you can then decide the type of boat insurance coverage you’ll need in order to protect yourself and your boat to the best of your abilities.
How Your Boat Insurance Can Protect You
Boats weigh a ton, pun intended. They can be very difficult to maneuver and if you aren’t use to it, boats can be easy to have an accident with. Whether you accidentally hit something in the water, another boat or do not know the proper ways way to run your boat, it is very easy to have an incident. With something so big and heavy, a small incident can turn into a catastrophic event, for many reasons. In a boating accident, people can get hurt, your boat can get wrecked or someone else’s boat could be damaged.
Boater’s insurance will protect you financially when an incident occurs. Whether it be from repairs, replacements or even lawsuits. It’s critical to be safe while on the water and essential to minimize any unnecessary risks. With insurance, you will ensure that in all situations you will be protected and covered, to help yourself and others.
The number of people that are not physically required to purchase boater’s insurance is very small, however, it is still just as important for them to have it. In the long run, it can actually become a smart investment for all boat owners. Choose the right policy for your boat insurance and then you’ll be on your way to enjoying the open waters freely.