Riding a boat always prove to be such an exhilarating ride. Your boating experience can be a most enlivening experience. You can readily picture out the wind in your hair, the buzz of an outbound fishing line, even the snap of the mainsail. No wonder a vast majority of people engage in recreational boating. And where there are boaters, provision for indemnities naturally follow.
Boat insurance entails the coverage you have in the event of loss or casualties to your water transportation. It does not usually include canoes, personal watercraft or kayaks but covers most watercraft with motors like fishing boats, paddle boats, leisure crafts, pontoon boats, and yachts. Your small watercraft, however, may have boat insurance policy but usually with limited coverage.
Why Is There A Need For Boat Insurance?
Usually, in a lot of homeowner policies, small watercraft with no engine or with very small engine may be covered for a minimal amount. But if your watercraft costs more than $10,000, your home policies normally do not cover them. This is because of the premise that your boat has nothing to do with your home in the same way that your car is not included in your homeowner policy. Your boat, or car for that matter, are mobile while your home is not, so a separate policy is required.
What Does Your Boat Insurance Policy Usually Covers?
There are different policy coverage for different insurance, but your boat insurance policy usually covers the following:
-Property damage liability and bodily injury. Since your boat insurance is in place as a provision for indemnities, this coverage is to protect you when your boat damages other watercraft and injuries to other passengers and boaters. This includes medical bills, lost income and other pain and suffering caused to another. It also usually includes payment for legal expenses if the situation elevates to legal proceedings.
-Collision and comprehensive damage liability. This is the coverage to protect you in the event where your boat is stolen or damaged. It includes replacement, in some cases, and repairs needed to your boat’s damages. Purchasing for optional additional coverage may sometimes be beneficial for the inclusion of wreckage clean-up costs.
-Optional additional coverage. Also known as uninsured/underinsured boater liability. You may opt for add-ons to your normal boat insurance policy to cover wreckage cleanup costs. The additional circumstance under optional coverage is when a boater with no boat insurance hits your boat and causes bodily injuries to you. The coverage then will pay for your hospitalization and lost salary if the accident hinders you to work.
How Much Does Boat Insurance Cost?
The cost you will expend for a boat insurance depends on the state you live in, the size of the motor and its source of power. They also consider the type, age and size of the boat you wish insured, whether you selected optional additional coverage and where you are using your boat. Boat insurance may range from $80 to as much as $600 per year.
Discounts can also be availed from insurance companies for your boat insurance policy. Instances, where a discount may be given for boating in fresh water instead of in salt water or a layup discount, may be elected when you do not use your boat all-year-round. Additional discounts may also be availed if you have an unblemished driving record or when you’ve taken a boating safety course.
Having purchased safeguards in cases of eventualities, you can now set sail peacefully. Remember, a good basic knowledge on your boating insurance will go a long way to ensure an added thrill and enjoyment to your navigational experiences.