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All You Need to Know About Boat Insurance

Boat accidents are not that uncommon as you may think. Moreover, these accidents can lead to a hefty dent in your pocket. Thus, it is best to have boat insurance to protect yourself and your boat from the liabilities that might arise due to an unforeseen risk element or accident. Boat insurance is a special insurance policy designed specifically for boat owners. This policy provides coverage for the costs of damages and injuries that might result from an accident or any other incident caused while boating. So, if you own a boat, do not think too much. Get this policy right away and protect your boat. Click here to learn more about boat insurance. https://quotezebra.com/boat-insurance/

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All You Need to Know About Boat Insurance

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  1. Boat Insurance Keep Your Heads Above Water

  2. What is boat insurance? • Boat insurance is an insurance policy that protects you from the costs of damages and injuries that might result from an accident or any other incident caused while boating. • It provides coverage for your watercraft or trailer.   • In general, boat insurance covers property damage to your boat, liability for bodily injury, and property damage of third parties. 

  3. Why do you need boat insurance? • Boat accidents are not as uncommon as you may think.  • 2019 Recreational Boating Statistics reports that the US Coast Guard recorded 4,168 accidents, including 2,559 injuries and 613 deaths. • Moreover, the damage to property amounted to around $55 million. Both the number of injuries and accidents increased by 1.9% and 0.6%, respectively, compared to 2018 data.  

  4. Why do you need boat insurance? • If you live in Arkansas or Utah and have a powerboat, you are required by law to have liability coverage in place.  • However, even if your state law does not mandate boat insurance, it’s common for your creditor, marina, or boating event organization to require you to be protected by boat insurance.  • Boat insurance is a financial safety net for you. • It not only covers losses due to gratuitous damages to your boat but also protects you from any liabilities that may follow. 

  5. Types of boat insurance • Personal Watercraft (PWC) Insurance  • Yacht Insurance  • Sailboat Insurance  • Boat Club Insurance 

  6. What does boat insurance cover? • Damage to your boat   • Damages from uninsured/underinsured watercraft  • Injury during water sports  • Medical payments for injuries to boat owner and passengers  • Fuel spill liability   • Damages to expensive equipment like fishing gear and other personal effects  • Hurricane haul-out coverage  • On-water assistance and towing required due to breakdowns  • Ice and freeze coverages  • Emergency services such as battery assistance, oil, fuel deliveries, towing, etc. 

  7. Commonly covered perils of boat insurance • Sinking  • Fire  • Collision • Capsizing  • Theft  • Stranding  • Explosion  • Storms 

  8. Endorsements of boat insurance policy • Specialized coverage • Salvage • Consequential Damage • Towing • Cruising Extension

  9. Things to consider before buying boat insurance  Value Coverage: • Understand whether your insurance provider offers an Actual Cash Value (ACV) or Agreed Value (AV) coverage.  Lay-up Period: • Your boat is exposed to potential damage even when it is off-water. Remember to get coverage for your boat during off-seasons too.  Navigational Territory: • You must be aware of the nautical territory accepted by your insurer. Your insurance policy can only provide coverage for specific locations in water. 

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