Owning a boat gives you an extraordinary sense of freedom, letting you explore the open water, fish in tranquil lakes, or cruise along the beautiful coastlines. But having a thrill in boating also gives you the responsibility to secure your investment. That’s why having comprehensive boat insurance is very important.
This blog guide is intended to provide you with all the information you need to know about boat insurance coverages and boat insurance policies to help you reach an informed decision.
Understanding Boat Insurance
Just like other types of insurance, boat insurance provides financial protection in case of accidental incidents, thefts, and damages. Whether you’re a proud owner of a small fishing boat, a luxury yacht, or a personal watercraft, putting insurance on it ensures security against potential risks on and off the water.
Why is Boat Insurance Necessary?
To keep your boat safe and financially secure in future uncertain circumstances, the need for boat insurance coverage becomes essential. Without coverage, you could end up contending with a huge repair bill or liability claim in the event of an accident. In fact, most marinas and boat finance companies insist on insurance in their contractual agreement.
What Coverages Does Boat Insurance Offer?
Before choosing boat insurance policies, it’s essential to understand the types of boat insurance coverages that are on offer. Here are some of the most common coverages provided by boat insurance:
Covers damages or injuries you may cause to persons other than yourself while using your boat and usually includes bodily injury liability and property damage liability.
Protects your boat against damages which may arise from collisions, fire, theft, vandalism, etc. This coverage usually applies to the hull, motor, and other equipment.
Covers medical bills for you and your passengers if injured during a boating accident, regardless of fault.
4. Uninsured/Underinsured Boater Coverage
Provides cover in instances where you have an accident with an uninsured or an underinsured boater.
Insures personal property on your boat such as fishing gears, electronics, and watersport equipment.
6. Towing and Assistance Coverage
Offers coverage for towing your boat if it breaks down on the water.
Tips for Choosing the Right Boat Insurance Policies
Selecting the right boat insurance policies depends on several factors that include your boat’s value, usage, and storage location. Here are a few tips to help you choose the best coverage:
Think about how much you are going to use your boat, the place of storage, and the types of waters you will be conducting navigation.
Insurance companies will offer different boat insurance. Search the market so that you can settle for one that will match both your boating needs and budget.
Some insurance companies provide a discount because of safety features incorporated into the boat or have gone through a safety course, or have other policies bundled together.
Know what is excluded from your policy, such as wear and tear or inadequate maintenance causing damage.
Trust Whitman Insurance Agency to Safeguard Your Vessel!
Keeping your prized possession safe is of prime importance for us at Whitman Insurance Agency. We assist our clients in finding boat insurance policies that specifically address their needs and budgets. Whether you are a sailor at heart or a weekend boater, we’ve got you covered.
Call us today at 830-632-2900 or email us at whitman@whitmaninsurance.com to get a personalized quote and secure peace of mind on and off the water!
