Understanding Boat Insurance

As a boat owner, here’s what you need to know about boat insurance.

While almost every state requires boat owners to pass a boating safety course before issuing them a license, many of these states do not require boaters to carry insurance. However, this does not mean that you’re safe to forgo coverage. Failing to secure the right boat insurance leaves you open to serious financial risks, especially if you are faced with major damages to your boat or hit with a serious liability issue. Fortunately, you can safeguard against the most pressing threats by securing the right boat insurance coverages. But what coverages are available and what can they do for you? Here’s what you need to know boat insurance and your various coverage options.

Boat Insurance Coverage Options

When you go to secure boat insurance, you have several coverage options you can choose from. Policyholders generally have the option to customize their coverage and choose which insurance types they want to secure. Here are some of the most common boat insurance coverage options to choose from.

  • Bodily injury liability: Offers coverage for the third-party injuries you may cause while operating your boat. This type of insurance will also help you pay for legal assistance if a lawsuit arises from a covered loss.
  • Property damage liability: Offers coverage for the third-party property damage you may cause while operating your boat. This coverage will also help you cover the cost of fuel spills and any lawsuits that arise as a result of a covered loss.
  • Medical payments: Offers coverage for the medical treatment that you and your passengers may sustain during a boating accident, regardless of who was at fault.
  • Uninsured/underinsured boater: Offers coverage for the medical treatment and repairs you may require after getting into a boating accident with a boater who does not have adequate insurance to offer the coverage you need.
  • Collision: Offers coverage for the repairs your boat may need after a collision with an object or another watercraft.
  • Comprehensive: Offers coverage for the repairs your boat may need after an act of vandalism, fire, storm, or other non-collision damage events.
  • Personal effects: Offers coverage for the loss of or damage to personal property while aboard your boat.
  • Roadside assistance: Offers coverage to have your vehicle and boat trailer serviced or towed to the nearest repair shop if you break down.

This is just a general layout of your boat insurance coverage options. Speak to a qualified insurer to learn about these coverages in more depth and to see what other coverages may be available to you.   For assistance with your boat coverage needs, contact the experts at Powersports Insurance Agency. Our dedicated team is ready to inform you about everything you need to know about boat insurance today.

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