While there are few things as exhilarating as recreational boating, it is important for all boat owners to understand their options for boat insurance. Depending on where the boat is docked, piloted, and stored, insurance may even be required by law. Here is a quick glimpse at this form of coverage and some of the options you will have to make it as affordable as possible.
Who Needs It?
Even if an insurance policy is not required by law, failing to have at least some coverage could be disastrous. Many boat owners assume that their homeowners insurance will cover their craft when it is parked on their property, but that is not always the case. The only way that an owner can be sure that their boat is covered at all times is to have a dedicated boat policy. Many marines and storage facilities also require proof of insurance before the boat can be moored or parked on their property.
Types of Coverage
A basic policy is going to cover damage to the boat, damage that the boat causes, injured passengers, and any minor lawsuits that stem from accidents or injuries. As long as the owner is not being reckless with their craft, the policy will cover problems such as a cracked hull due to hitting a rock. If the boat is vandalized or personal possessions are stolen from the inside of the craft, then the policy may cover some or all of the costs for replacing and repairing those items. Passengers that are struck by the boat or hurt inside of the boat may have their medical bills covered as well.
An Affordable Policy
In order to keep these policies as affordable as possible, there are a few things that new owners must keep in mind. First, the value of the boat is going to dictate the monthly premiums and the total amount of coverage that is needed. Owners should also consider a boating safety course as it could drop their premiums. Even when out of the water, owners should do everything possible to minimize the risk of theft, damage, or vandalism to reduce monthly costs.