Choosing the right boat insurance policy for you can be a difficult task. This is especially true if you’re new to this and you don’t know what does my boat insurance cover. There are a few things that your policy will cover and it is best that you know what they are. This is vital so that you will enjoy using your boat without having any worries about no coverage should the worst happen.
Most boat insurance policies include cover for damage to your vessel, which also covers any repair. It is not uncommon to extend warranties or service packages to this policy. These are usually valuable assets while on board.
Boat insurance property coverage usually covers personal property that is on board the boat at the time of a loss. This may include boating equipment, fishing gear, entertainment systems, and electronic devices.
Check with your insurance company for details about the coverage under the policy that you are considering purchasing. If it is important to protect your valuables then this could be something that increases the value of your coverage.
Many people also take out liability coverage when they buy boat insurance. For injuries while you are operating your boat or if there is damage to their person or property, regardless of whether it was an accident or not, you will need this type of coverage in place.
So What does my boat insurance cover?
Boat insurance policies cover a lot of things. So, it is best to check with your agent before you make any claims. There may be exclusions or limitations that could affect you later down the road if something goes wrong. Here are several items that may fall under your boat insurance policy:
Liability coverage
This type of coverage provides against damage to properties. This is very important to have in place because if something happens it can protect you from any lawsuits that may come up after the incident.
Uninsured watercraft coverage
A lot of people assume that they can do away with uninsured watercraft coverage, but it is actually important to have one. Imagine you are on the lake and someone hits your boat while you are out boating and they don’t have insurance. If the person can’t pay for damages, then your property damage is beyond the coverage of your policy. Uninsured watercraft coverage protects you if this happens without having to buy a separate policy.
Emergency medical expense coverage
This may be a part of your boat insurance policy. If you have a passenger on the boat with injuries during an accident, then this type of coverage may take care of their expenses until they can get to a hospital or medical center. In some cases, it will cover their hospital stay and even transportation so they can get there faster. This is very important because if someone has serious injuries and they cannot wait around for an ambulance to arrive.
Towing Coverage
Towing coverage is also very valuable if you are out on the water. If your boat breaks down or you have a mechanical problem, then you may have coverage under this type of insurance. Most policies include towing for recreational vehicles and many people take advantage of this coverage when they buy insurance for their boats.
Boat Trailers
These vehicles are a personal property. Thus, they may fall under the coverage of your boat insurance policy. Check with your agent because some policies don’t cover the value of these items. But they do protect you financially if something happens to them while in tow.
Boat Accessories
Many boat accessories can also fall under the coverage of your boat insurance policy. Some of these items may include navigation equipment, such as GPS, and safety equipment like life jackets and flares. Other items are fishing rods and reels, diving gear for underwater exploring, and more. Check with your agent before you make a purchase or install anything expensive. This is vital because it may already be a part of your policy under a separate item.
How Much Is Boat Insurance?
Many people think it costs a fortune to get boat insurance, but that is not necessarily true. You can purchase different levels of coverage based on the amount of risk you take when out boating. The riskier you are, the more expensive the coverage you need. Insurance companies will check with your boat registration information to see how often you use the water craft and for what purposes. It is important to be honest with them because if something happens on the water but isn’t covered under the policy, then you could lose out financially. So, it’s really vital to know what does my boat insurance cover.
If you want to estimate how much it would cost for boat insurance, then there are a few things you can take into account. The first thing is the type of boat that you have and how often you use it. The next thing is the coverage level that fits your needs. You may need extra protection because you go out boating on rough waters or in areas with high crime rates.
Other factors could be the number of passengers, poor health conditions, and if any of them are minors. Likewise, your age and experience level at driving the watercraft. The same with history of accidents while using the boat, or others like it, and more. Check with several agencies to see what they offer in terms of boat insurance quotes before making a final decision.
By knowing what does my boat insurance cover, you can make wiser decisions about which company is right for you. The same with how much coverage you need according to your boating lifestyle.
Depending on your needs, boat insurance can provide coverage that is very valuable. Check all your options so that you know what exactly is part of the plan before making a decision. Then evaluate the provider carefully so you don’t get ripped off by someone trying to take advantage of you.
You want an agent or broker who will help you understand your coverage so nothing comes as a surprise later down the road? At Lopez Insurance, we can find the right boat insurance coverage that suits your needs. Get a boat insurance quote! Call us now.
