You wouldn’t even consider driving off down the road without auto insurance, so why take to the water without boat insurance? Although certain kinds of small boats may be covered under your homeowners’ insurance policy, for most watercraft with a motor you’re going to want a separate boat insurance policy. The good news is that boat coverage is usually surprisingly affordable.
Boat insurance coverages are broadly similar to car insurance, and can include collision damage protection, compensation for theft or damage to your boat, bodily injury and property damage liability, medical payments, additional equipment …. and even roadside assistance (probably best referred to as waterside assistance!).
As with auto insurance, it is important to include uninsured/underinsured boaters coverage. That way, if you get hit by an uninsured boater while out on the water, or if that boater doesn’t have enough insurance, your own boat policy would step in to cover the damages.
The cost of your boat insurance will vary depending on where you live, the type of boat you wish to insure (especially how fast/powerful it is), whether you use your boat on inland waters or the open sea, and which coverage options you select.
As always, your independent insurance agent is on hand to not only give you expert guidance about which coverages you need, but also to shop your requirements with a variety of different carriers to find the policy that works best for you.
Happy boating this summer season!