Millions and millions of Americans take part in recreational boating yearly, and this popular pursuit does come with some risks. Carrying good boat insurance before hitting the water is vital, but there are some unique aspects to this kind of coverage. At the very minimum, boat owners should carry coverage for bodily injuries and property damage. This would include injuries that happen on the boat and injuries or deaths that befall other parties.
It goes without saying that you would want to keep such a significant investment in good condition and working order for the life of its use. But often there are events and perils over which you have no control, such as severe storms, accidents with other boats, theft and so on. These other issues can damage or downright destroy your boat, but with carrying oat insurance to protect your property, you can hugely reduce the financial consequences of loss.
Boat insurance is a special kind of coverage that is engineered specifically for watercraft. It is not unusual that a boater owner will find him or herself mandated to buy and keep up a minimum level of liability coverage. Liability coverage is what pays out for the party for any damages for which you are responsible while operating your boat, however, it will not cover any of your own financial losses. Additional protection is available for boat damage as well personal property loss on the boat, such as life jackets, water skis, scuba gear and more. It is not uncommon that many boats have on board thousands of dollars of personal belongings that can be damaged, lost to theft or simply misplaced. Again, it is also helpful to carry a policy that also has personal injury coverage. This will pay for medical and other associated costs if you or a passenger is hurt on your boat.
When obtaining boat coverage, it is smart to ensure that it is as financially protective as possible, but that it also meets your budgetary needs. This kind of insurance will require a regular premium payment as well as an out-of-pocket deductible that you must come up with when you have a claim. (Deductibles can be increased to make the premiums more affordable. However, keep in mind that the deductible may need to be provided at a drop of the proverbial hat so always be prepared with some money socked away and with a deductible that is affordable. Since one can never predict when their boat will face some destructive event, one should certainly, as soon as possible, purchase insurance for their boat.