You bought a small speed boat that you plan to use recreationally a few times a year. Since it will be on a trailer in your garage most of the year, you assume you don’t need boat insurance. After all, what could go wrong when you average just a few hours of leisurely cruising on your boat per year?
Well, perhaps you haven’t considered what you would do if an uninsured boater ran into the side of your boat while trying to dock in a strong wind. What about the possibility that your boat motor and expensive ski gear could be stolen from your watercraft while your boat is docked for the evening or sitting on your trailer. If your answer to either of these questions was to turn it in to your homeowners insurance, think again. In many, if not most cases, your homeowners insurance won’t help you. Fortunately though, there is a way to protect yourself from losses, whether you are at fault or not. Continue reading to learn more about who needs a boat policy, and how you can be covered properly without breaking the bank.
What is Boat Insurance?
Boat insurance is very different from your homeowners and auto insurance coverage. As pointed out by Bankrate.com, it resembles a combination of the two coverage types – except exclusively for your boat and related belongings. Like auto and home coverage, liability protection is a primary component of boat insurance. This is the coverage that protects you if you cause property damage or injury to other people while boating. When you purchase the policy, you will have the choice of insuring your boat for its actual cash value or replacement value in the event of a total loss.
In addition, boat insurance can include additional types of coverage, such as protection against uninsured or underinsured boaters who cause damage to your boat, or injury to you or your passengers. You can also purchase comprehensive protection that extends to fishing gear and other belongings, protecting your boat and its contents against theft, fire, vandalism and other non-collision related events. Roadside assistance and wreck removal can also be included to foot the bill when you need a tow.
Do I Need Boat Insurance Year-Round?
It may seem counterintuitive to keep boat insurance year-round – especially if you only plan to use the vessel recreationally between Memorial Day and Labor Day. However, it is not unusual for boat claims to occur during the ‘offseason’, when most boats are stored safely away for winter.
A fire could break out where your boat is stored, or a neighborhood child could become injured while playing on it in your yard. And contrary to what some people might tell you, Homeowners insurance doesn’t always provide coverage, as most policies are limited to small, non-motorized vessels and boats with motors that are 25-HP or less. Whether it is vandalism, theft or some other unforeseen circumstance, boat insurance gives you the year-round protection you need both in and out of the water.
Get the Boat Insurance Coverage You Need Today
Don’t put off getting the coverage you actually need. Contrary to what you might think, you don’t have to wait for your renewal or the off-season to get the right coverage. Whether you are new to boat ownership, or have owned your watercraft for many years, our agents are happy to help you find insurance that fits your lifestyle and needs. Call us today or complete the simple form on our website to request your free, no-obligation quote. We look forward to serving you soon!
