Key Things to Know About Boat Insurance
If you enjoy spending your leisure time aboard a boat, it’s important to obtain boat insurance. Just as your automobile must be covered by liability insuranace, so too should any boat you own.
One of the most important reasons to invest in this type of insurance is that it covers you for liability in the event an individual is injured while aboard your boat or your boat is involved in an accident which causes injury to others. You also want an insurance policy that covers you in the event your boat hits something, runs aground, or damages the property of others such as the dock or another boat.
This type of insurance can also be purchased to protect your seagoing vessel from theft, vandalism, flooding and fire damage. You can also obtain insurance coverage for your equipment or fishing gear stowed on board, insurance against other boaters who lack insurance, as well as coverage for getting towing assistance should your engine quit.
You can obtain insurance for any type of boat you plan to use in the water, from yachts to speedboats and even live-aboard houseboats. Some of the details about your boat that your insurance agent will need to know in order to determine the kind of coveage you can obtain and the rate include the age, length and value of the vessel, along with its speed or horsepower. The condition of the boat will influence your ability to insure it, as will your usage of it for business, pleasure or as a primary residence.
Where the boat will be operated, such as on the ocean, on the bay, lakefront or river, also influences the availability and price of boat insurance. Whether the boat has one primary owner or several owners can affect insurance rates, as will the type of boat being insured, such as cruiser, fishing boat, bassboat or outboard.
Even the smallest boat represents an investment of time and money that you might possibly lose. Having the right insurance policy in place protects you and your boat against financial liability.