Boat Insurance

Boat Insurance Info

Buying a boat is usually one of the biggest investments a family will make and it is important to remember that with normal home or auto insurance coverage your boat or other recreational vehicles are not included. If you are serious about buying a boat then it is likely time to get boat insurance. This also applies to watercraft already owned that is not insured.

One way that many boat owners can get in trouble is by assuming that their boat is fully or even partially covered with their home policies. The fact is, if you have not already bought insurance that covers the boat specifically, you need to look into it otherwise you are exposing yourself unnecessarily to risk. One way to cut costs for boat owners is to have higher deductibles in exchange for lower premiums. You can also bundle desired overage so that the boat is properly protected on the water, on a trailer or stored in a garage.

Owners of boats can be greatly helped by meeting with an insurance professional to figure out exactly how much insurance to purchase for their boat and their individual situation. Similar to other types of insurance, the amount of coverage is often determined by the boat’s value and by how much the owner would like to be compensated should the boat need repairs or replacement. Other aspects taken into consideration are the size and expense of the boat, its horsepower and size of engine, the location of its storage, how often it is to be used and where and, of course, how safe it is in the eyes of the insurance company.

Many boat owners mistakenly believe that an accident will never happen. Nothing is further from the truth and, in making the mistake one can pay dearly for it. With insurance not only is the repairing or replacing of a boat provided if necessary, but owners are also protected from serious injuries, property damage and even litigation. A good and comprehensive boat insurance policy protects one’s investment, ensuring year-round enjoyment for a long time to come.