Boat Insurance

Protecting All Your Toys

Purchasing a boat or another watercraft can be quite an investment. To protect that investment, people purchase boat insurance policies to cover damage to your watercraft or to someone else’s watercraft or personal property. This type of insurance is much like car insurance and some states require it if you own watercraft. Whether or not it is required in your state, it is smart to purchase coverage.

Why Should I Buy Boat Insurance?

Whether you have just a small fishing boat or a multi-million dollar yacht, you have put out money to purchase it. Protecting this financial investment is very important. In addition, if you are involved in an accident on the water and are at fault, this could cost you money as well. Insurance coverage can help cover repairs and expenses, and can help cover you if you are sued.
Finding the right coverage for you and your needs is essential. A boat insurance policy covers your boat, as well as those who are on it. In addition, you are covered if there are liability issues. Additional policy coverage can include search and rescue costs, damage that occurs when you are on your way to the water, and more.

Is Boat Insurance Expensive?

How often that you need it is not going to be a determinant in your insurance. An insurance company will assume that the boat is used all of the time and this can mean that your costs will be much higher than you expect. A more expensive, larger boat can cost a few hundred dollars each month, but a smaller boat or watercraft, like a wave runner, will be somewhat less. You need, however, to purchase at least liability coverage, however, for any watercraft that you are going to be operating at a higher than normal speed. Injury risk is commensurate with the speed in which the watercraft is operated.
Boat insurance will give you peace of mind in knowing that when you are enjoying the lakes and open water you are protected. The premiums paid can be greatly worth it in the long run if you have an accident and the coverage can protect you against lawsuits as well.