Boat Insurance for Safety on the Water
Boat insurance will reimburse you for certain damages to your boat. Things such as theft and vandalism are covered. And if you have liability, then it will help when someone is injured on or by your boat. It’s important to note that watercraft without a motor, such as a canoe, is not eligible for coverage.
Is Coverage Mandatory?
Unlike car insurance, boat coverage is not a legal requirement. But if the boat is collateral for a loan, then the lender will probably make coverage mandatory. If your boat is docked in a marina, then the owner might require liability coverage.
How the Policy Works
A monthly premium is required to keep your coverage active. A deductible is also due when you file a claim. The deductible is the amount you pay before the insurance pays anything. When you file a claim, the insurance company will deny or approve the claim. If it is approved, then the insurance company will provide compensation.
Options
Liability is the least expensive and most basic coverage option. It pays expenses when your boat causes damages to someone or their property. This option doesn’t pay for damages to your boat or your injuries. You will need property coverage to help repair or replace your boat. This option covers your boat both on and off the water. And you can also combine this with medical payments coverage. That will help pay for medical costs related to the accident. Uninsured watercraft coverage is beneficial as well, as it helps pay for damages or injuries you receive in an accident with an uninsured person.
Benefits
Boat insurance coverage is beneficial for any owner who uses their boat. A boat is a huge investment, and repairs can be costly.