Many boat owners are concerned about the safety and protection of their watercraft while in use, the take pride in their vessel. But, what about when on land? While transporting? Your insurance policy may or may not be covering your boat at all depths. Here are some of the basics of boat insurance to know if you are covered and when.
Something that many boat owners may not realize that depending on the type of boat you have, you may not even need to purchase separate boat insurance. If your boat is small, slow, has a smaller engine, is a canoe, and relatively inexpensive it is probably covered under your homeowners insurance. But, still check with your insurance agent just to be sure since every homeowners policy is different.
Another case where insurance coverage may overlap is when you are transporting your watercraft with your insured vehicle. When you are using your car to move your boat from one place to another the boat and its attachments may be covered under your auto insurance plan.
Now, getting into the actual boat insurance. If your boat is not covered under your homeowners insurance, there is coverage for physical damage while your boat is being stored around your home. Damages protected can include fire, lightning, vandalism, or theft.
Some policies cover the equipment. This means you are covered for damage, theft, etc of any accessory not originally installed by the manufacturer.
Then, there is liability coverage. There is liability coverage paired with collision to pay for damages to other individuals’ boat as well as medical payments for any injury. There is also personal liability that covers costs of injury to you or your family.
It is impossible for one policy to cover everything, so it is crucial that you sit down with an insurance agent to assess your needs and what their company’s policies cover. There are also optional extras that you can add to your insurance policy.
The most important thing as a boat owner is to stay safe by maintaining your boat and operating it appropriately. It does not hurt to take a boating safety class. These are only a few small boat safety tips to protect you, your passengers, and your insurance premiums.
It is necessary for boat owners new or with years of experience to obtain boating insurance. It is also crucial to brush up and thoroughly comprehend what your policy covers or what other policies you may have covers. It is also important to fill in any gaps you may find in your coverage to fit your needs.