Maybe it was a childhood dream to cruise the open seas, or now that you've "made it" you want to enjoy the finer things. We can steer you in the right direction. You probably invested well into your prized boat as they are not a cheap little toy. Whether you own a bass fishing boat or a yacht, it’s important to find the right boat insurance that will come to the rescue if you have damage or theft.
Boat insurance covers you from loss or damage due to an event. It covers most watercraft with motors, including pontoon, fishing, and paddle boats. In addition, it covers leisure crafts and yachts. It does not, however, usually cover kayaks, canoes or PWCs (Personal Watercrafts).
So what does it cover?
- Bodily Injury: injuries that occur to you or others on the boat including medical bills, lost income, pain and suffering and legal expenses.
- Collision Damage: Repair or replacement of a boat. This may not cover clean-up unless purchased in additional coverage.
- Property Damage Liability: Unlike collision damage, this covers damage you may cause to someone else's boat (dock or other properties/structures as well)
- Comprehensive: Again, unlike collision damage, this covers damage if your vessel is vandalized, damaged, or stolen in any incident other than collision.
- Uninsured motorist: In the event that someone hits your boat and is either uninsured or a hit and run situation, uninsured motorist coverage will help pay for bodily injury.
Insure your boat and protect your assets. You are likely not required by law to have boat insurance, but that doesn't mean you don't need it. Most homeowners insurance policies will only cover losses that occurred to your boat on your property- for example in your driveway or in your garage.