Some people simply overlook boat insurance. They think thatnothing bad is going to happen, when in reality, bad things oftenhappen involving boats!
If you own a boat, you need boat insurance. In fact, many statesnow require boat owners to carry Watercraft Liability insurancebefore they transport or operate a boat. If your boat has beenfinanced, your lender will almost always require you to carryfull coverage boat insurance.
Again, most people don't think anything bad will happen - but badthings do indeed occur!
Vandalism is one problem that you may encounter. This isespecially true if you dock your boat in a marina. Vandalism canalso occur when you park your boat at your home, or at a hotelwhen traveling.
When you shop for insurance, make sure that vandalism is coveredon your policy. Most issuers of boat insurance will only offeryou the Watercraft Liability - but in most cases, you need morecoverage than that! Theft is another possibility. Cars are stolenall the time - but boats are stolen as well. In fact, stealing aboat is easier than stealing a car!
Boat insurance should cover you in the event of vandalism, theft,sinking, fire, storms, capsizing, stranding, collision, andexplosion. Furthermore, the insurance should cover the boat, themotor, and the trailer used to transport the boat. The boatshould be covered no matter who is operating the boat, as long asthey are legally allowed to operate the vessel.
Boat insurance will typically cover you in the event ofmalfunction as well. If something happens to your motor, itshould be covered by your insurance. It should also cover you inthe event that your boat needs to be towed back to shore.
What you are covered for depends on what type of coverage youpurchased through your insurance agent. For this reason, it isimportant to know what type of coverage is available. Not allinsurance companies will offer all types of coverage, but theywill offer Watercraft Liability and Watercraft Medical payments.
Watercraft liability covers you just like car liability insuranceprotects you in the event of an accident where you are found tobe at fault. Medical payments will cover medical expensesincurred by you and the occupants of your boat that are theresult of a boating accident in the covered water vessel.
Optional insurance usually includes coverage for reasonablerepairs, emergency services to your boat, motor, or boat trailer,and wreck removal. Wreck removal is very important coverage tohave. If you boat sinks, it will need to be raised before aninsurance company can access the damages and pay your claim. Thisis very expensive, and in most states, the law requires you toremove wrecked or sunken vessels.
Boats may be luxury items - but they are very expensive luxuryitems.
Repairing or replacing a boat may not be something that you caneasily afford - but in most cases, you will find that boatinsurance is quite affordable. However, if you are thinking interms of cost, and you think that you cannot afford the boatcoverage, you can be certain that you will not be able to affordto repair or replace the boat either!
No matter how you look at it, you need boat insurance, even ifyou just purchase the watercraft liability coverage. Again, moststates now require this liability coverage for water vessels, andif the boat is financed, the optional coverage may be required aswell.
Discuss your boat insurance coverage needs with your insuranceagent to determine what coverage is right for you and your boat.
CopyRight Ian D. Major 2005.
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