Boat Insurance

Boats are expensive, and boat owners pay lots of money to own them. That is why boat owners should have boat insurance. A boat insurance policy offers protection in case of an accident due to collision or bad weather. There are also options to protect against damage from other sources, such as vandalism.

There are several reasons to purchase boat insurance. It is just smart to protect such an expensive item. A person with a very expensive boat is likely to purchase insurance. The more expensive the boat, the more likely the owner is to have insurance. However, a boat owner with an inexpensive boat should consider insurance too.

Most insurance companies provide policies for boat owners. These policies are similar to automobile coverage. With boat coverage, the boat and anyone in it has coverage in the case of injury. These policies provide liability coverage for the policyholder. Which means the insurance company pays if the policyholder causes an accident. You should note that vessels that sail the ocean and boats used on inland bodies of water require different insurance.

Boat insurance is worth the expense. However, that does not mean a policyholder wants to pay a large premium. Insurance companies assume a boat will get a lot of use. This can affect the price when determining premiums. A large boat can cost a few hundred dollars a month to cover, even if it is not often used. A smaller boat can cost less, even if it gets more use. The insurance company believes that the more often a boat is in use, and the faster it can go, then the more likely it is to have an accident – which is why it often costs more to insure a larger boat.

At the very least, a boat owner should have basic liability coverage for any boat that travels at high speed.

Boat insurance offers peace of mind for boat owners. Even a small boat should have basic liability coverage. Protecting such a large investment is a good idea. It also helps in case a lawsuit should occur. You will enjoy your boat more if you know it has protection.