Boat insurance, like vehicle insurance, is a good idea for both the protection of the property and also for any liability the owner may face in the event of an accident. Loss can be great, even with a minor mishap. Most likely, if the boat is financed it will be required for the owner to carry insurance coverage, at minimum, equal to the value of the boat. This is so if the boat were damaged or destroyed, the insurance policy limit will be enough to pay off the value of the loan. Of course, there are many types of insurance coverage available to protect a boat, and depending on the specific needs of the boat owner, a policy can be selected to cover just what is necessary. It's always suggested to request an insurance quote
from a few different companies to ensure the best price possible for the insurance required.
It's important to be sure that the boat policy covers the actual value for replacement of the boat, not a depreciated amount. Without this coverage, many owners are stunned to learn they don't have enough money to purchase another boat, if their boat is destroyed. It's also necessary to be certain that coverage is in force for the many catastrophes the boat may face while in the water or while docked such as theft, fire or even sinking, to name only a few. Many boaters who frequent the water often keep numerous supplies on their boat, from beach and water gear to fishing equipment and supplies. Due to the high cost to replace some of these items, it's always recommended to ensure that personal property is covered, in addition to the watercraft, as the value of property loss can mount quickly.
Even when the boater's craft isn't valued a great deal, boat insurance
is always a good decision. Just one small accident, causing damage or injury, can add up quickly, well past the cost of the insurance premium. Don't wait and wish the boat were covered
after the fact. Learn more about boat insurance and how to keep the boat protected both in the water and when in the dock.