Boat Insurance

Boat Insurance Information

Recreational boating is popular in the US. It’s fun and relaxing, but there are risks. That’s why it’s important to have good boat insurance before hitting the water. At the very least, you should have boat insurance coverage for physical injuries and property damage.

Having insurance is also smart because it protects your investment. Certainly you want to keep a significant investment like your boat in good condition for as long as possible. But sometimes events such as severe storms or collisions with other boats happen. There are just some things you can’t control. But with boat insurance you can reduce the financial consequences caused by any damages.

Boat insurance is specifically for water vessels. Your state might even require that all boat owners have coverage. If that’s the case, then you’ll have to buy and keep up a minimum level of liability coverage. Liability is helpful because it pays for any damages that you cause while operating your boat. But keep in mind it doesn’t cover your own financial losses.

You can also get additional coverage for personal property, such as life jackets, water skis, scuba gear and more. This is worth considering, as it’s common for boats to have thousands of dollars of personal belongings onboard. A policy that has personal injury coverage is good as well to cover physical damage.

You’ll want significant financial protection from your policy, but it should also fit your budget. As for costs, boat insurance requires premium payments as well as an out-of-pocket deductible. If it suits you, you can increase your deductible to make the premiums more affordable. But never choose a deductible that you’ll have trouble paying. You’ll have to pay the deductible before your claim is met, so you need to have it readily available.

If you haven’ already done so, get boat insurance as soon as possible. You take a risk every time you’re out on the water without insurance coverage.