A Look at Boat Insurance

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Boat insurance is an extremely important issue to consider. You would not dream of driving a car without proper and sufficient insurance, yet many people do not think to insure their boats the same way. Like a car, a boat is a large and expensive vehicle. You will likely have guests on your boat and may operate the boat in crowded waterways. Boat insurance will protect both your peace of mind and your wallet in the event that something should go wrong. Boat insurance is, after maintenance, perhaps the single most important investment you can make in your new hobby.

Boat insurance is available from a variety of sources. Many car and property insurance companies also insure boats. Alternatively, you can purchase boat insurance from one of many specialized companies that focus exclusively on marine vessels. Which type of insurer you choose will depend on many factors including price and the type of boat you own.

Boat insurance is very similar to car insurance. Your basic policy will cover physical damage to the boat itself from many different causes. Depending on your specific policy, acts of vandalism, acts of God and even latent defects in craftsmanship may be covered. Generally your boat trailer will also will be insured at no additional charge, but you should always check your policy documents to make sure.

In the event of a boating accident, your medical expenses and those of your guests will also be covered. This is true whether the accident occurs in the water or while entering or exiting the boat at boat docks. As with a car insurance policy, the limits of this coverage will vary by policy. Safe boating should always be your first priority, but when an accident strikes, will you be prepared with the right policy in place to protect you?

Your boat insurance policy will cover those that you hire to work on your boat as long as they are contractors and not regular employees of the boatyard. Covered contractors may include carpenters, cleaners and others. Again, check your policy for specific information.

Optional coverage's that you may wish to consider include uninsured boater (similar to uninsured motorist); personal property (replacement value of personal items on board); and even fishing equipment coverage. Whether to purchase these optional items depends on your individual circumstances.

There are many special considerations for boat insurance. Make sure that you understand your insurer's policies on these considerations. One of the biggest concerns is the possibility of grounding the boat. Depending on your insurer's policies, this could be handled in a couple of different ways.

The vessel could be towed out, which might result in further damage, or it could be considered a salvage, which involves special procedures to protect the boat. Another consideration is wreck removal. If your vessel is completely wrecked, you will be held responsible for removing it from the water.

Some insurance companies cover this while others do not. Also be sure that your insurer will cover towing, which is no longer provided free of charge by the Coast Guard.

If your vessel is over 40 feet long or can be considered a classic boat, you might want to consider insuring it as a yacht. Yacht insurance is proportionately more costly than regular boat insurance. However, this type of insurance gives special consideration to the needs of owners of large vessels.

You will benefit if you plan on insuring your boat with the proper boat insurance. While a boat and its accompanying insurance can be quite expensive, the peace of mind that comes with knowing you are fully insured is well worth it.

So there you have it, hope you found this article informative.

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