Everything You Need to Know About Getting Boat Insurance
Boats are expensive to buy and maintain, and their value can depreciate quickly. You may become legally liable for accidents or damages caused by your boat. Luckily, there’s boat insurance. Boat insurance covers your liability and other damages should you be involved in an accident or your boat becomes damaged.
Even if you don’t use your boat often, it’s worth considering taking out insurance just in case. If you’re already daydreaming about the waves and the fish you’re going to catch, make sure you have the right insurance policy in place.
Why You Should Get Boat Insurance
1) Coverage for Injuries on the Boat
If you or your passenger is injured on the boat, boat insurance can cover injury-related costs like medical bills and lost wages. You’re also covered for liability if someone sues you for injury or damages caused by you or your boat.
The worst-case scenario is having substantial medical bills, no health insurance, and no boat insurance.
2) Coverage for Property Damage
Boat insurance can also pay to repair or replace any property damaged by your boats, such as docks, homes or other buildings.
3) Storage Privileges
Boat insurance can help pay to dry dock or store your boat if it’s damaged.
4) Separate Coverage from Home Insurance
If you own a large item like a boat, car, or RV, you probably also have a home insurance policy that covers the contents of your home. Boat insurance can help cover your home if the boat is stolen or damaged in a flood.
Boat insurance is usually separate from home insurance, so you’ll have to pay the premium for both policies. However, it’s usually worth the money to ensure you’re covered.
What Does Boat Insurance Cover
Boat insurance covers the following:
1) Liability
Your boat insurance covers any liability for accidents that are caused by you or your boat. For example, if you cause an accident that injures another person, you’re covered for medical expenses and legal defence costs.
2) Damage to Property
If your boat damages another boat or property, such as a dock, you’re covered for the cost of repairs or replacement.
3) Damage from Theft
If your boat is stolen, you’re covered for the cost of the boat. You’re also covered if your boat is damaged or lost while it’s being transported.
4) Uninsured Boaters
If you’re in an accident with an uninsured boater, your boat insurance can help cover your medical bills and property damage.
5) Pollution Removal
Boats can leak oil, gasoline, and other contaminants into the water. Your boat insurance can cover the removal of the pollutant from the water, called a pollution removal.
6) Liability for Watercraft with Towing Devices
If you own a boat or watercraft with a towing device, such as a tow rope, you’re legally liable for any accidents or damages that occur due to the use of the towing device.
Conclusion
Boat insurance is a good idea if you own a boat. It helps pay for medical bills and property damage caused by your boat, and it provides protection if you’re in an accident with an uninsured boater or if your boat is stolen. You can also get storage coverage to protect your boat while it’s not in use.
If you have any questions or concerns about boat insurance, the team at Saunders Insurance can help you out. We are an insurance agency in Taber that can help you learn more about your coverage. Get in touch with us today to learn more.
