Boat insurance financially protects your boat from any covered disasters, but what are the intricacies of this policy?
Boat insurance covers you in the event that your boat succumbs to a covered loss or damage. It covers most water vessels with motors, including boats such as fishing boats, pontoon boats, leisure crafts, yachts, and paddle boats (we are aware not all paddle boats have motors). Boat insurance usually does not cover canoes or kayaks because of the risky nature of their recreational use. If you own a boat and want to get it insured, here are a few things that you have to know regarding boat insurance.
What Does Boat Insurance Cover?
Boat insurance protects your boat from covered perils. Accidents are not just a road-only thing, they can happen in the water and that is why it is important to have boating insurance. Boat insurance includes the following coverage for your watercraft.
- Collision Damage – This can include repair or replacement of your boat if it suffers damage from a covered peril. General policies may not cover clean-up of a wreckage, but you can always purchase additional coverage.
- Property Damage – If you cause damage to someone else’s boat, dock, or some other property, boat insurance can help cover these wrecks.
- Bodily Injury – This coverage offers protection if you cause injury to someone while using your boat. This coverage includes things like medical bills, and legal expenses.
- Comprehensive – If your boat is damaged in a non-collision related accident, comprehensive coverage pays for the damages. Damages include things like burglary, hitting a rock, or other damage that did not come with hitting another vehicle.
- Additional Coverage Options – You can also add additional coverages which protect fishing equipment, oil spills, personal property, and road- and seaside assistance.