When you're looking for boat insurance, you might feel confused because there are so many different kinds of policies. Most insurance companies only offer one policy for general watercraft liability coverage, but some may offer extra coverage that you can buy. If you got a loan to buy your dream boat, the lender will probably want you to get certain coverage. You can add many different kinds of coverage to your standard policy.
Most states require you to have the standard policy, which is liability insurance for your boat. This insurance policy protects you if someone or something gets hurt because of something you did on your boat. This is true whether it's on the way to the water or on the water itself. This type of liability insurance is required by law, and each area will have its own rules about how much you need. It's a good idea to talk to an insurance agent to find out what you need to do to meet the law.
In your area, it may be required to have medical payment coverage. This type of coverage pays up to a certain amount for your medical bills and those of anyone else on your boat who gets hurt in an accident that the policy covers. Whether or not this insurance is required, it would be a good idea to think about getting it. After an accident, the cost of medical care can get very high.
The wreck removal and pollution coverage is an extra type of coverage that can be added to the standard liability coverage. This should also be carefully thought about. If your boat sinks or gets into an accident for any reason, the law says you have to get it off the water right away. If you have an accident and oil or gas leaks into the water, you will be fined. The wreck removal and pollution coverage pays for this kind of accident. If you don't have this coverage, you'll have to pay for the cleanup and any fines yourself.
Just like you should get insurance for your car, you should also get insurance against boats that aren't covered. This works in the same manner as uninsured motorist insurance your automobiles. If another boater who doesn't have any insurance or enough insurance hits your boat and does not have enough insurance, this coverage will pay to replace your boat and fix any damage.
Most of the insurance you buy should cover your boat, its motor, and the trailer you use to move it. Liability insurance is not the only kind of insurance you will probably need in many situations. Make sure you protect your boat with optional coverage that includes theft, vandalism, and losses caused by storms, fire, sinking, capsizing, stranding, and collision. Talk to your insurance agent to find out what kind of insurance is required in your area and what kinds of coverage they can give you.
