Getting out on the water should be carefree, but owning and running a boat brings several financial risks. Watercraft insurance means you can stop worrying about those risks and get back to relaxing on your boat.
Boat insurance (or watercraft insurance) policies usually have two standard elements, with two optional extras that are worth considering. One standard feature is insurance coverage for physical damage to the boat, whether that be from a collision, fire, severe weather, theft or vandalism. The other standard feature in a boat insurance policy is liability, meaning you’re covered for damage you cause to other boats or people, along with the associated legal costs. Look for insurance policies that cover the costs of cleaning up any oil spillages if your boat is severely damaged, as well.
One optional element of watercraft insurance is coverage for theft of or damage to your personal possessions kept or used on your boat. This is well worth considering when you think about the costs of sports or fishing equipment and expensive gadgets. You can also get optional boat towing and assistance coverage that protects you against the costs that come up if your boat breaks down while out on the water.
Home and auto insurance policies may provide limited coverage for personal watercraft. Talk to your insurance representative about coverage limits. You may want to consider purchasing a personal watercraft policy to protect you and your water vehicle in the event of an accident.
Spending time on the water is fun. Talk with us about getting the proper boat insurance coverage in place today.