Boat Insurance

Boat InsuranceYou’ve brought her home. You’ve named her. You’ve christened her. You sit back sometimes and just gaze at her in sheer wonderment.

No, it’s not a new baby daughter. It’s a different kind of “baby” — it’s your new boat.

Now that you’ve purchased a boat, you’re probably starting to think about boat insurance. What types of boat insurance are available to you? What is a reasonable insurance rate? Is boat insurance required? This article will answer all your questions about insurance for your new baby, plus more questions you probably didn’t even think to ask.

Question: “Do I have to get boat insurance?”

Answer: In most states, just as car insurance is mandatory, boat insurance is also mandatory. Whether you get an expensive comprehensive policy or a simple liability policy, however, is up to you.

Question: “What does boat insurance cover?”

Answer: Boat insurance is halfway in between an auto insurance and home insurance policy. Like car insurance, most boat insurance policies will cover any kind of injury or property damage that your boat might inflict on others. We know – you don’t plan on crashing your baby into anyone else, but sometimes boat accidents do happen. Like home insurance, if anyone is injured in your boat, most boat policies will cover the damages.

Comprehensive boat insurance will also cover you against vandalism, theft, fire, flood, uninsured boaters, and will even provide roadside assistance. Comprehensive boat insurance usually provides for personal property coverage that you may keep inside your boat, such as fishing gear or life jackets.

Question: “Doesn’t my homeowners insurance already cover boats?”

Answer: Unfortunately, no. Homeowners insurance will often extend protection for a “boat” — but not the kind of boat you just bought. It is not uncommon for homeowners policies to include a minimal amount of coverage for small boats, but these are boats with no engine or else with an extremely small engine. For larger boats, you need to get a separate insurance policy.

Question: “Are there any deals out there that might make boat insurance less expensive?”

Homeowners insuranceAnswer: Yes. Just as your auto insurance company might send you sales letters about buying an insurance policy with them at a discounted rate, if you bundle your auto or home insurance with boat insurance, you may be able to get a discount. Check with your current auto or home insurance company to see if this kind of “bundle” discount is available to you for your boat.

Suggestion: Check out this website to find a variety of boat insurance policies and prices. The information contained here is quite complete and can definitely help you find a boat insurance policy that’s right for you.