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5 Things You Should Know About Boat Insurance Feb 01

beautiful boat

You wouldn’t drive a car or motorcycle without insurance, so what makes you think that it’s okay to take your motorboat out on the water without a policy in place to cover you, your guests, and your property in case of accident or injury? Although you’re probably more likely to get in a fender bender on land, you might easily run aground or fall victim to inclement weather during a boating excursion. Or a passenger might fall overboard, get knocked unconscious by a swinging boom on your sailboat, or suffer from severe seasickness that lands them in the E.R. The point is that you need to be prepared for anything that could go wrong on your boat if you don’t want to pay the price (literally). So here are a few things you should know about boat insurance.

  1. If you have a boat you should insure it. Most people don’t realize that their homeowner’s insurance policy could extend to their boat. However, the coverage is extremely limited, so you’ll definitely want to get the particulars before you rely on this policy to pay for your boat in the case of a loss. If you have an expensive water craft or you plan to take guests out on it, you’ll almost certainly want to beef up your coverage by obtaining a policy particular to your boat. If someone gets hurt or you end up with a total loss due to an accident of some sort, you’re foresight in this area will pay off.
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5 Considerations When Purchasing a Fishing Boat Jan 11

Fishing Boat

There are a lot of ways that you and your family can have an exciting and fun time while engaging with the outdoors. You can get into hiking, or you can start playing sports. All sorts of ways exist that you and your family can reconnect with nature, but one of the best ways to do this involves heading out on the water. That’s right, a boat is good for a lot more fun activities than you might have thought. You can fish, ski, and do all sorts of great relaxing while you’re out on the water with your brand new boat. One of the things you’re going to have to make sure you keep in mind, however, is the fact that getting a boat is a pretty big commitment. There’s a lot of extra responsibility that comes along with owning a boat, and if you only have experience driving cars around, you might be dealing with some brand new things that you’ve never had to deal with before. We’ll talk about five of the most important things you should consider when you’re thinking about buying a fishing boat, so you can make sure you’re getting the best deal possible for your money.

1. Consider Your Budget. Consider it in a very big way. Boats are expensive, and you want to make sure that you analyze your financial situation both now and in the long run before you pull the trigger on buying that boat that you’re so excited about. Unless you’ve found something relatively cheap that you can pay for with cash so that you own it free and clear, you might want to speak with an accountant or some other financial professional to make sure you can handle the purchase.

2. Think About Your License. If you’re licensed to operate a car and have ever thought about owning a motorcycle, you’ve probably learned that another classification of license is required before you can operate that other type of vehicle. With boats, you’ll need a whole other type of license. You will want to make sure you study up and pass that test, so you can actually drive that new boat.

3. Off-Season Storage. The thing about boats is that they’re really only fun to use during part of the year. When the weather isn’t really conducive to trips out on the lake, you’re going to have to figure out where to keep your boat. Sometimes water levels drop, and some docks require that you find another place to store your boat while you’re not using it during the off-season.

4. Insurance. Just like when you’re driving a car, you have to make sure you pay for insurance when you’re operating a boat. Look into what it’ll cost to ensure your new boat (some boats, just like some cars, are more expensive to insure than others are) and guarantee that you’re going to be able to afford to pay what it’ll cost to safely and legally operate your new boat. If you want to do things like take people out on fishing charters, your insurance situation might even be a bit more complicated.

5. Transportation. Sure, a boat is a method of transportation in and of itself — but you’re going to have to get that boat to and from the water every once in a while. Make sure you can figure out a way to affordably transport your boat. If you don’t have a car that’s capable of towing it, you might want to hold off on that purchase.

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