Best Watercraft Insurance for Your Boat
Whether you are a novice starting out or an experienced sailor thinking of purchasing a boat for recreational purposes, you need watercraft insurance. The benefits of boat insurance outweigh the negatives. You also need to understand the cover options, any restrictions, and exclusions. Thankfully, accidents on water are not nearly as frequent as encountered on our busy roadways. Even with this in mind, you must protect your boat as you do your auto in the event of a loss.
Shop Around for Watercraft Insurance
Flexible coverage is available through any business-minded insurance broker. There is a diverse range of liability limits, various deductibles and additional coverages on offer. This may seem a lucrative sector of the insurance market, you disregard watercraft insurance at your peril. Even if an accident is not your fault, the fact that you were there and involved has potentially onerous legal implications.
According to the Insurance Information Institute, watercraft insurance typically includes these deductibles/recoveries:
- $250 for property damage, $500 for theft, and $1,000 for medical payments
- Most insurers offer watercraft insurance with liability limits starting at $15,000, with options to increase them up to $300k
Depending on a boat owner’s preference, watercraft insurance is available as an add-on to home and auto insurance. We advise that you consult your insurance broker.
Other Important Considerations
Property damage – Knowing how costly third-party damage can be, one of the significant benefits of watercraft insurance is its coverage for this type of damage. In 2010, for example, recreational boating accident claims reached millions worth of damage to property. Damages claimed from some 4,600 incidents, equated to around $7,600 worth of property damage per incident.
Accident and injury – When considering watercraft insurance, coverage that protects you against injuries to yourself and others resulting from boat accidents are essential. If you find yourself hospitalized because of an injury on the water and are unable to work while recovering your family could face financial hardship. Picture the scenarios unfolding if it involves innocent third parties.
Liability coverage – Boat insurance should provide liability coverage. Boaters know that collisions can also happen on the water, just as you can strike another vehicle on the road. If you are responsible for a boat accident that involves another person, you need to have watercraft insurance in place that covers liability. Considering those boat accidents can be extremely expensive, this is an important type of coverage and benefit of obtaining boat insurance.
Finally, If you plan to venture out on our magnificent waterways, first make sure you have the right watercraft insurance in place. You surely would not drive your auto without adequate cover, right. The same applies to boating adventures.
Ask your insurance broker to explain the different types of boat insurance available. They will make recommendations to help you decide which deductibles and liability limits you should carry. Watercraft insurance should cover any form of motorized small craft and all types of waterways, including dams, rivers, lakes, and the ocean.
Hotwire Insurance Services, a full-service independent agency, works for you and not insurance companies and does not charge a broker’s fee. Hotwire Insurance Services local agents can answer all your insurance requests.[button color=”extra-color-1″ hover_text_color_override=”#fff” size=”large” url=”http://hotwireins.com/quote/” text=”Get a Free Quote” color_override=”” image=”fa-p