Boat Insurance for New Boat Owners
No matter what type of boat you have, having boat insurance is a smart idea. Some boat owners are required to have coverage. If that’s you, then you need a policy to legally use the boat. Some lenders require boat owners to maintain replacement coverage until the loan is paid in full. And some US states require boaters to maintain a liability policy with minimum coverage.
It’s a good idea to carefully review any policy you’re considering. You have to make sure it offers exactly what you need. At the least, the policy should provide you with the minimum guidelines for coverage. Purchasing extra coverage is always an option. An example is liability coverage, which pays for legal fees, judgments, medical expenses and more if you cause damage to another boat. But keep in mind this coverage will not pay to replace your boat or for other losses that are yours. Replacement and repair coverage will pays for your expenses related to an accident or other events that result in partial or total loss to you.
Optional coverage is available for personal property damage, personal injury, towing, boat trailer damage and more. There are many options, and they all depend on your situation. For example, if you do not have a trailer that you use regularly, then trailer coverage or towing insurance may not be beneficial. If you have health insurance, then personal injury coverage may be unnecessary.
Boat insurance is a good idea. No matter how large or small your vessel is, you can lose a fortune if your boat is damaged or you cause an accident. Boat insurance minimizes your losses. Just pay the premium regularly to keep your policy active, and pay the deductible when you file a claim.