While many states mandate boaters to complete boating safety courses, only a few require boat insurance. However, the absence of legal requirements doesn’t mean you should forego boat insurance. Even if you aren’t concerned about theft or damage, the potential liability risks demand attention.
Liability Risks and Financial Protection
Insufficient liability coverage can jeopardize not only your savings but also your passengers’ financial security. Even in states without insurance mandates, your bank, lending institution, or marina might stipulate insurance as a requirement, particularly if you finance or rent your boat.
Understanding Boat Insurance Coverage
Boat insurance is customizable, safeguarding your boat, passengers, belongings, and yourself. boat coverage options encompass:
- Bodily Injury Liability: Covers others’ injury expenses from a covered accident where you’re legally liable. It includes defending against related lawsuits.
- Property Damage Liability: Addresses property damage due to a covered accident where you’re legally liable. This also covers fuel spills causing property damage, with lawsuit defense included.
- Medical Payments: Covers medical expenses stemming from an accident while on, boarding, leaving, or towed by an insured watercraft, irrespective of fault.
- Uninsured/Underinsured Boaters Bodily Injury: Covers medical expenses, income loss, and damages owed to you by an uninsured/underinsured boater or hit-and-run boater.
- Uninsured/Underinsured Boaters Property Damage: Protects against damages to your watercraft by uninsured/underinsured boaters or hit-and-run boaters.
- Collision: Pays for watercraft damage from collisions with other watercraft or objects, as well as rollovers.
- Comprehensive: Covers watercraft damage from vandalism, theft, weather events, and animal-related accidents.
- Personal Effects: Provides coverage for personal property loss or damage aboard or in transit, including boat hoists and lifts.
- Fishing Equipment: Shields fishing gear used in legal fishing activities, encompassing rods, reels, lures, tackle boxes, and fish-finding electronic gear.
- Roadside Assistance: Offers towing to a qualified repair facility and labor for disabled tow vehicles or watercraft trailers.
Remember that the specific policy language, coverages, exclusions, and state laws are decisive in any situation.
Getting a Quote and Discounts
Some insurers offer insurance for various types of boats, from sailboats to cabin cruisers. A quote can be obtained by calling or visiting the boat insurance page. Take advantage of boat insurance discounts from your preferred insurance company, such as those for completing a boating safety course.
If you’re considering financing a new or used boat, or refinancing an existing loan, offers boat loans that can cater to your needs.
The decision to acquire boat insurance isn’t solely about legal mandates; it’s a measure to safeguard yourself, your passengers, and your financial assets. An insurance expert can guide you through these decisions and help you secure appropriate coverage.