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Important Reasons You Need Boat Insurance Coverage
from: Mark HarrisYou need boat insurance coverage for several important reasons. Accidents can occur at any time when you own a boat. Having insurance allows you to pay for damages to the boat or to personal property on the boat. If you are involved in a boating collision, you may be responsible for covering damages to another boat. Insurance will help you cover these costs.
As with all forms of insurance coverage, you have the recurring expense of a premium payment. Until something happens, you may feel the insurance isn't worth the extra expense. But in the event you have and accident, or someone is injured on your boat, or your boat is stolen, you will be thankful that you are covered.
So what kinds of things can go wrong, and what sort of things do you need to cover? There may be some situations you haven't considered. Here is a list of typical boat insurance options:
* Bodily Injury Liability
* Property Damage Liability
* Uninsured Boater
* Medical Payments
* Comprehensive and Collision (various types of replacement coverage)
* Personal Property - replacement cost
* On-Water Towing
* Roadside Assistance
* Fishing Equipment
* Fuel Spill Liability
* Wreckage Removal
* Mexico Physical Damage
* Water Sports
To some degree, you don't necessarily have a choice whether to insure your boat. Many marinas insist you have insurance before you can use their docks. In a marina, boats come in close proximity to one another, and the potential for damage is imminent. Most marinas do not take responsibility for damages that occur while your boat is docked or while you are underway within the marina. The requirement that all boat owners in the marina have insurance protects everyone. Typically, the marina will ask you to produce proof of insurance when you rent a docking slip. Some marinas may offer insurance, but shop carefully and make sure you understand what the policy covers.
No matter how safe and careful you are, certain disasters are unforeseeable. Mother nature can be very unpredictable and you need to protect against natural disasters including hurricanes, earthquakes, fire, and tropical storms. If you are in an area where these disasters occur more frequently, you may actually be required to purchase coverage for these kinds of natural disasters. Even if you're not required to purchase this type of insurance, you should still consider the protection.
Boat insurance provides protection against theft or excessive water damage to your boat. Boats are stolen from marinas, and private property disappears off of boats all the time. Proper insurance coverage will enable you to replace your boat in the event its stolen. If a stolen boat is recovered, you may still have damage to repair and you'll be glad you have coverage for that. Your boat is exposed to the water and elements constantly. Excessive water damage includes damage to the external parts including the hull, propeller, rudder, etc., and the internal parts including flooring, upholstery, etc. Excessive water damage to a boat can be very expensive to repair without boat insurance.
Clearly, you have many strong incentives to obtain adequate boat insurance coverage. Shop carefully. There are many policies to choose from. Understand the policy options and select the coverage that best meets your needs. Your boat is an expensive investment, and with the rise in law suits and liability litigation today, having the right insurance coverage will help keep your boating experience pleasurable and enjoyable.
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