Some people believe that whoever has the most toys wins. Boating definitely fits this mentality; it is fun and represents an exciting lifestyle. Buying a boat is a big investment that extends past the purchase price of your craft. You wouldn’t buy a car without thinking about protecting it against damage or theft. You shouldn’t overlook this important piece of the puzzle when you own a boat either. The benefits of boat insurance easily justify the cost.
The Benefits of Boat Insurance
In 2016, more than 4,600 boating accidents resulted in 49 million dollars of property damage for U.S. recreational boaters. That alone should get you thinking about the benefits of having boat insurance and maybe even make you get a boat insurance quote today.
1. Extensive Property Damage Coverage
Some quick math shows that the average property damage resulting from a boating accident last year was well over $10,000. And that’s just the average. Your repairs could be significantly higher. The majority of this money goes to boating repairs. But, the dollars can really add up when you figure the cost of trailering your vessel to the repair facility and maybe again to a specialty shop like a maritime electrician or mechanic. A quality boat insurance policy will put your mind at ease and allow you to concentrate on having fun on the water.
2. Coverage for Physical Injuries
When large objects collide at great speed injuries tend to happen. Boat insurance extends to include coverage for treatment and hospitalization in the result of a boating accident injury. Some policies will even cover missing wages for lost work. A good policy can turn a catastrophic loss into a manageable inconvenience, which is another benefit to having boat insurance.
3. Liability Coverage
Even the best boaters have a bad day. Maybe you know everything about boating and did everything right, but the sudden storm with fifty-knot winds blew you into a moored vessel on the way back to the slip. Without liability coverage, you are on the hook for the full amount.
4. Uninsured Boater Coverage
Just like on the road, not every operator on the water is carrying coverage. Unfortunately, the damage is still real when the at-fault party is not insured. Boater’s insurance can include uninsured boater coverage for just this occasion. You won’t be left high and dry, no matter who damages your vessel.
5. Emergency Assistance and Towing
Can you imagine being in the water miles offshore with no friends to come to your rescue? Having a professional tow service come get you isn’t cheap. With a good boat insurance policy, you won’t care. It’s covered.
6. Total Loss Replacement
If your vessel sinks or is a total loss due to irreparable damage or fire, that’s a big financial hit to bear. Policies can be written to include total loss replacement so you can be back on the water in short time. If boating is your passion or a prime family activity, this benefit of boat insurance is well worth the investment.
If you own a boat, seriously consider getting a boat insurance policy. It is the best way to protect your investment and allow yourself to enjoy boating without stressing over potential accidents. Boats are about relaxation, and so is boat insurance.