Boat Insurance

Boat Insurance Information for Boat Owners

Boats are at risk of damage – when they’re docked and when they’re on the water. Boat insurance is the perfect way to make sure you have the funds to handle any damage to your boat. You’ve already made a huge investment in purchasing your boat, so you might as well protect that investment.

If you own a boat, then you should have boat insurance. It is for anyone who holds an official title of ownership to a motorized marine vessel. Keep in mind that sailboats can also be insured with this type of coverage, even though sailboats are not motorized. Canoes, kayaks, and row boats do not classify under boat insurance. Personal watercraft such as jet skis can be added to an insurance policy for boats.

As with any insurance, the boat owner with a policy must make monthly premium payments. When a watercraft is damaged, involved in an accident or causes property damage or personal injuries, then a claim should be filed. Insurance companies, boating experts and marine patrol professionals work together when it’s necessary to inspect accidents that occur far away off shore or on marinas and docks.

Types of Coverage

Liability protection is a major component of insurance for boats. This coverage pays for injuries caused directly by an insured boat. No matter who is at fault in a boat accident, liability provides a certain amount of compensation. Coverage applies to incidents most likely to occur such as capsizing, sinking, and being stranded on the water. Personal possessions on board could also be insured against damage, destruction and loss. Towing is option that you will have to add separately.

Boat owners with the right insurance have no worries about financial loss. With insurance, the boat is covered against all types of mishaps on the water. A good policy also covers the vessel when on land against incidents such as vandalism or theft.