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.
- 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.