Boat Insurance

Whether you have a small sailboat, a large yacht, a powerboat or another vessel, you may benefit from investing in a boat insurance policy. Some boat owners may even be required to maintain a certain type of coverage. For example, some lenders will require you to maintain replacement coverage until your loan is paid in full. In some areas, boaters may be required by law to maintain a liability policy with minimum coverage.

Because of these requirements, you may review your own requirements for coverage before you purchase a policy. These requirements should provide you with the minimum guidelines for coverage, but you may benefit from purchasing more than what is required of you. Liability coverage, for example, will pay for legal fees, judgments, medical expenses and more if you cause damage to another party. This type of coverage will not pay to replace your own boat or for other replaced losses that are yours. Replacement and repair coverage is available to pay for your own expenses related to an accident, a natural weather event or other events that result in partial or total loss to you. Optional coverage is also available for personal property damage, personal injury, towing, boat trailer damage and more. Each boater will have a different need for optional insurance. For example, if you do not have a trailer that you use regularly with your boat, trailer coverage or towing insurance may not be needed or beneficial. If you have a sound medical insurance policy, personal injury coverage may not be needed.

Regardless of how large or small your vessel is, you can lose a small fortune if your boat is damaged or if you cause an accident. Boat insurance is available to help you minimize your losses. You will need to pay the premium regularly to keep your policy in force, and you will need to pay the deductible when you file a claim. These expenses may save you thousands of dollars or more in expenses related to a loss event. Consider learning more about the coverage options today, and review your requirements before you purchase your policy.