Navigating the open water in your very own boat can be a very pleasant experience. Accidents do happen however, and its important to have your boat insured if something were to happen. It is worth noting that most states do not require coverage on your boat, unlike auto insurance. On the other hand, even though your state may not require boat insurance, your marina or bank may regardless of where you reside. If your state, bank, or marina do in fact require boat insurance, homeowners policies will most likely not be acceptable, reason being that homeowners insurance is limited to low value boats that have a small outboard and with a total length of under 16 feet. Homeowners policies simply do not have the proper services for covering different types of boat damage that may occur to a boat.
Boat insurance is made to specifically address the needs of boaters, such as litigation and investment protection. Lawsuits are commonplace in todays world, as it is quite clear that people will easily sue others for accidents that may occur. For example, an afternoon ride out on the lake or river can turn an unfortunate turn as one of your passengers falls down after cruising over a significant wave. If this passenger gets injured in the process, he or she may decide to sue and hold you accountable for injury and medical bills. With boating insurance, a defense attorney will be provided to represent yourself in court as well as all covering all damages that you have to owe. Consider another scenario where you lose your boat, which is considered an investment, to a hurricane or a powerful storm. A proper boating policy will give you the peace of mind that your investment is covered.
WHAT POLICY SHOULD I CHOOSE?
Among the most widely utilized boating policies used today are all-risk policies. With this type of policy, you are covered for a wide array of accidental instances that may happen, such as fire, sinking, and theft. Also, it may be a wise decision to include non-emergency towing coverage in the event of your boat breaking down in the middle of your fishing trip. Generally speaking, the larger the boats value relative to your assets, the more vital it is to obtain the protection that boating insurance provides.
AT THE VERY LEAST
If you’re the gambling type and want to take a chance by not being insured under a sufficient policy, you can apply for a liability-only policy that provides a predetermined amount of coverage to yourself and others if an accident were to take place. Obviously, these policies are less expensive but more is at risk. Boat insurance is in fact very flexible and can accommodate to your situation and budget.