Boat Insurance

Boat insurance policies cover the boat in cases of major damage and/or liability. Whether you’re about to purchase a boat or a long time boat owners, boat insurance is very important in protecting your asset. While boat owners are not required to carry boat insurance, it could be a critical decision in your future whether or not to.

There are many forms of policies and protection available to boat owners. Most boat insurance companies provide the following services with their policies that are important to consider when shopping for boat insurance:

• Salvage Assistance
  
• Hurricane Haul Out Coverage
  
• Fuel Spill Liability
  
• Physical Damage Coverage
  
• Medical Payments Coverage
  
• Towing and Assistance Coverage
  
• Uninsured Boat Coverage
  

There is no way to avoid accidents; however you can plan to be prepared when they occur. While most boat owners are concerned with damage coverage to their boat, medical coverage’s can be just as important in case that your passengers are injured while on your boat. While even the safest captain can have a bad day on the water, it is up to you to have a policy that protects you. A good boat insurance policy will help greatly with the financial burden of an accident.

Let’s go over the basic boat insurance coverage’s you should be looking into:

Liability:
Boat liability insurance covers you financially if you are found to be responsible for an accident. In many cases, this is not the part of your policy you want to go short on. Identify with your boat insurance company that correct policy for you. This will cover your legal obligations to third parties.

Physical Damage:
If your boat is damaged, a good policy generally pays for the boat to be fixed as deemed necessary by the insurance company. A good policy provided “all risk” coverage which means that if the cause of the loss is not excluded from your policy than it will be covered.

Uninsured Boaters Coverage
Boat insurance is not mandatory to include in your boat ownership. Because of this, it is important that you have your own insurance that is caused by an uninsured boater. This will cover you and your passengers injuries caused in an accident.

Towing Assistance Coverage
While there are many private towing companies available, you can save your self the extra cost by incorporating this coverage in your policy. If you have ever been stuck on the water with dead batteries or engines, you will find that getting a tow back to your marina without a tow company policy can be extremely expensive. Companies such as SeaTow are great value; however we recommend you look into your coverage with your insurance company.