If you own a boat, you possibly never thought you could, or should insure it. Just because the boat is not likely to be stolen, it does not mean that you should not have boat insurance. Similar to car insurance, boat insurance will cover the damages to your boat in the event of a collision, fire and property and personal damages. Your regular insurance company will probably offer cover for watercraft, but they will need to be specified as with a car. In addition, if you took out financing on your boat, the bank will probably require you to insure the boat for the amount loaned. Most marinas and yacht clubs will also require at least insurance against third party personal and property claims before allowing you too launch or moor your boat from their facilities.
Although your current insurance company will most likely cover your boat, you may need to get specialized cover if you have an unusual boat. These will include boats that travel far from shore, have excessive power that allows them to travel at above normal speeds, boats used for business purposes or house boats that are used as main residences. Jet-skis and other personal watercraft will likely also need specialized insurance cover.
The type of cover available for your boat will often differ from company to company, but they generally cover the same incidents as normal vehicle insurance. These include bodily injury, property damage and physical damage to the boat. Optional coverage would include medical expense cover, uninsured or underinsured boater cover, fishing equipment cover, roadside assistance for when you are towing your boat, personal property damage for personal items you may lose while boating and cleanup costs in the event of a fuel spill or accident. Cover for a boat is usually different to that of yachts and ships that travel long distances as these vessels typically require some form of marine insurance and not general short-term insurance.
More detailed explanations of these additional cover options can be requested from and explained in more depth by your insurance broker. Insuring your boat with the insurance company that covers your other short term insurance needs could reduce your monthly insurance premium. Like with car insurance, additional safety measures and devices such as fire suppression systems and lower horsepower diesel engines could also play a factor in reducing your premiums. If you have a seafaring boat, be sure to check that your boat insurance policy covers all risks. Verify that a specialized marine insurance policy is not required.
Even though you may not be required to insure your boat, it is definitely something to consider as it may save you a significant amount of money in the event of an accident. Shopping around will give you a range of options to assist you in choosing the best insurance policy to suit your needs and your budget. Boat insurance policies typically fall under general short term insurance so getting quotes from insurance companies can be easy. Some insurance comparison sites also provide comparative quotes for boat insurance.
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