Recreational boating can be a whole of fun for the whole family and with friends, but it is vital for boat owners to be mindful of the many options available for boat insurance coverage. Greatly determined by where a boat is docked, how it is piloted, and how it is stored, insurance is some cases not only wise but actually required by law. Here is a quick rundown on this kind of coverage and a few of the choices you can make to help it be effective as well as being as affordable as possible.
Should a boat insurance policy be not mandated by law, not obtaining coverage could still be quite unwise and perhaps even disastrous. Many who own and operate boats make the erroneous assumption that their homeowners’ insurance policy will somehow cover their boat if it is parked on their property. This is not at all true. Really, the only way an owner can be certain that their boat is properly covered is to have a boat policy specifically. Often marinas and storage facilities also mandate that a boat owner provide proof of insurance before they will allow a boat to be moored or trailer-parked on their property.
Normally a standard policy will cover damage to a boat, any damage that a boat may cause, those passengers who are injured and any potential (minor) lawsuits that are a result of an accident or injury. Of course, if a boat owner is being reckless while operating a water craft, the policy will not cover damages. On the hand, responsible boat owners with coverage are assured that problems like a broken hull due to accidentally running aground will be handled. If one’s boat is vandalized or if a policyholder’s personal belongings are stolen from within the boat, then the policy will often cover some, and in many cases, all of the expense in replacing and repairing these items. Should a passenger be hit by the boat or injured while riding inside of the boat, he or she may have substantial help in paying their medical bills as well.
In the interest of keeping policies as affordable as possible, there are some things that new owners should remember: First of all, the boat’s value will dictate the amount of a monthly premium payment and also the amount of coverage that is called for. Owners would be wise to consider a boating safety course as by successfully completed one, an owner can treated to significantly lower premiums. Even with a boat being out of the water, owners can enjoy savings by doing everything possible to lower the risk of theft, damage and vandalism. Call us today for more information.