When shopping for boat insurance, you may be surprised to find
that there are different types of boat insurance policies
available. Many insurance companies will only offer one standard
watercraft liability coverage policy, while others will offer
optional coverage that you can purchase. In fact, if you have
financed your boat, your lender may require you to carry
specific optional coverage. There are several different types of
coverage that you can add to your policy.
The standard insurance is the watercraft liability insurance
coverage which is required by many states. This insurance will
cover you in the event that damage is caused to another person
or another person's property by actions taken with your boat -
whether it is during transport or on the water. Again, many
states now require this liability coverage, and each state has
its own requirements as to how much liability coverage you need
to have. Check with your insurance agent to find out what you
are required to have.
Watercraft medical payments coverage may also be required in
your state. This coverage pays the medical expenses, up to a
specific amount, for you and any occupant of your boat which
results from a covered accident. Even if this insurance is not
required, you should definitely consider it. Medical expenses
are quite high. If you think that you cannot afford this
coverage, think about whether or not you could afford the
medical bills you will have in the event of an accident without
the coverage.
Wreck removal and pollution coverage should also be strongly
considered. By law, if your vessel is wrecked or sinks, you will
be required to remove it. If oil or gas leaks into the lake,
river, or ocean, you will be fined - just like the big oil
companies are fined when they have spills in the ocean! These
fines, as well as the wreckage removal and spill cleanup can be
quite expensive without this coverage. Don't make the mistake of
thinking that something like this won't happen to you!
You should insure yourself against uninsured watercrafts as
well. This works just like uninsured motorist insurance when you
purchase coverage for your automobiles. If someone who does not
have insurance - or adequate coverage - collides with your boat
on the water, your insurance will pay for the replacement of
your boat, or for the needed repairs.
Towing and assistance coverage should also be strongly
considered. Getting towed back to shore often costs more than
having a car towed to a garage! Especially if you are out in the
middle of the ocean! You should also ask about coverage to
recover your boat and protect it from further damage after a
mechanical failure or an accident. These costs do indeed add up.
Again, don't make the mistake of thinking that nothing bad will
happen, and don't make the mistake of thinking that you cannot
afford the coverage. If you can't afford the coverage, you
certainly won't be able to afford these expenses!
Most insurance policies should cover your boat, the motor, and
the trailer used to transport the boat. Liability coverage isn't
the only type of coverage that you need in most cases. You
should make sure that you protect your boat, just as you protect
your automobiles with coverage that includes theft and
vandalism, as well as losses caused by storms, fire, sinking,
capsizing, stranding, collision, and even explosions. Talk with
your insurance agent to find out what type of insurance is
required by your state and what type of coverage they offer.
Also talk with your boat dealer and lender to find out what type
of coverage you are required to have as well.
CopyRight Ian D. Major 2005.
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Ian D. Major makes it easy to understand Boat Insurance, quickly
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