Some boat owners either aren’t aware or choose not to obtain boat insurance. These kinds of policies are actually very important. Boat insurance will protect a boat and its owner from various kinds of losses. This kind of a policy will generally cover all motorized types of water craft, including jet skis, yachts, speed or ski boats, pontoon boats, and fishing boats. What would not be covered are craft such as paddle boats, kayaks or canoes. Though your homeowner’s policy might provide some coverage, this specialized coverage is tailor-made for your boat and offers specialized coverage you may not yet know about that can be very valuable.
Standard boat coverage usually includes Collision, Comprehensive, Uninsured Boater’s, and Bodily Injury and Property Damage Liability.
Most insurance providers offer the usual kind of coverage but many also can offer specialized coverage for boats. Such special coverage can really be a financial life-saver. For example, emergency towing and wreckage removal can be a very costly endeavor should you not have the coverage necessary.
Replacement cost for personal effects – With this coverage your personal belongings are protected, items such as a cell phone, a camera, clothing, etc.
Replacement of fishing equipment – This offers coverage for the replacement of fishing gear for up to $10,000. This would be for things like rods and reels, tackle, etc.
Disappearing deductibles – With this option, the deductible is decreased by 25 percent when you renew, if you have been accident-free.
Total loss replacement – This coverage provides full compensation to replace your boat with a brand new and similar one to that which was lost. This is usually only available on previously untitled boats that are generally one model year old. Other coverage for boats includes actual cash value or agreed value options. Make sure you understand your policy fully when you read it.
Wreckage removal coverage – This is coverage for the removal of wreckage on the water.
Emergency towing and labor – This provides on-water towing services.
24-hour roadside assistance – This covers your tow vehicle and its trailer.
The limit of liability for your boat coverage will vary determined by whether or not you are legally required to remove, raise or destroy the craft.
You can obtain a simple policy to cover your boat. Discuss with the agent what you want when you are ready to purchase your policy so as to receive the best coverage for your particular needs.