What Does Boat Insurance Cover?
You should always, of course, exercise due caution to avoid a boat theft and follow all boating safety regulations when going on a boating excursion, but no matter how careful and conscientious you are, an accident or theft is still possible. Hence, the rationale for protecting your investment in you boat and accompanying equipment via boat insurance.
You can insure nearly any type of personal watercraft (motor and trailer inclusive), from small fishing boats to pontoons to kayaks to sailboats or yachts. You can also buy special coverage for your jet ski if you own one. Sometimes, a homeowner’s insurance policy can cover a boat to a limited degree, but for full coverage, you need a separate policy for your boat.
In general, a boat insurance policy will cover any or all of the following:
- Collision: This will cover repairing or replacing your boat if it’s damaged or destroyed in an accident.
- Property Damage: This is liability coverage for if you damage another person’s boat, a boat dock, or some other type of property.
- Bodily Injury: This covers medical bills and legal expenses you are liable for if you accidentally cause injuries to others while using your boat.
- Medical Payments: This covers your own medical bills if you injure yourself in or with your boat.
- Comprehensive: Optionally, you can add coverage for such things as boat theft, accidents caused by underinsured boaters, roadside assistance, loss of fishing equipment, and more. You’ll just have to ask your boat insurer for the specifics of what “extra” coverage they offer.
The amount of coverage will, of course, depend on such factors as what kind of boat you are insuring, your typical usage, and how high a premium you are willing to pay. You’ll need to investigate the details of deductibles, limits, exclusions, and what value is assigned to your insured boat for the purposes of filing a claim.
Consider Adding Underinsured Boaters Coverage
If you are the at-fault party in a boating accident, your boat insurance policy will cover all or part of the damages. If the other boater was at-fault, his boat insurance will cover it. In either case, the cover is only up to the limits of the policy, but that may well be quite substantial.
But there are many uninsured and underinsured boaters out there, and many of them may “drive” their boat recklessly or while drinking alcohol, increasing the risk of an accident.
To be covered even if the other boater is at fault and has no boat insurance (or not enough), you need to add underinsured boaters coverage to your policy. Some “riders” may or may not be worth it for an individual boat owner, but this is one of those categories that we feel is always worth adding.
For many Florida residents, boat insurance makes as much sense as auto insurance and should not be neglected. To learn more, or for a free, no-obligation quote, contact Flagler County Insurance Agency today.