The Lowdown on Boat Insurance
So you have spotted your dreamboat, it is the one you
absolutely must have. Once you have purchased your boat you will
definitely want to consider boat insurance. While I'm sure
you're aware that boat insurance exists, however, you may not be
aware that there are various types of boat insurances available
to you.
In general, insurance companies will offer a boat owner a
standard Watercraft Liability policy. Some insurance companies
offer optional coverage at an additional fee. As with purchasing
a new car, if your boat has been financed, the finance company
will probably insist on mandatory boat insurance that may not be
covered through the standard watercraft liability policy.
Most states make the standard boat insurance a requirement, it
is important to abide by the law and obtain boat insurance
immediately. Obtaining the minimum coverage will not only
satisfy the law, but provide you and any passengers' protection
as well. The standard insurance policy will offer coverage of
any damage that may arise that is a direct result of actions on
the boat. This is true no matter if the damage occurs while in
transport or actually on the water.
It is possible that medical payment coverage is a requirement in
your area. This type of coverage will pay for any medical
expenses to a previously specified amount, which arises as a
direct result of an accident covered by the boat insurance
policy. As a suggestion, regardless of whether or not medical
payment coverage is required, it would be wise to consider it.
Medical expenses as a result of an accident can become extremely
high and unaffordable, this type of insurance will help in
covering these costs
Another additional type of coverage to the standard liability
coverage is the wreck removal and pollution coverage. If your
boat sinks or is involved in an accident for any reason, you
are, by law, responsible for the removal of the boat at once. If
any type of fuel spills into the water as a result of an
accident, you will be held responsible, which may include a
monetary sanction against you. The wreck removal and pollution
coverage provides coverage for this type of incident, without
the coverage you will be required to pay for the removal and
fines out of your own pocket.
Just like in automobile coverage, you must definitely consider
insuring you and your boat against an uninsured boat. If another
boater does not carry any type of insurance or enough coverage,
and an accident occurs between the uninsured boater and your
boat within the water, this coverage will provide coverage for
replacing your boat or any needed repairs it may requires as a
result of an accident.
Sometimes other additional coverage will be available to you,
such as coverage for theft, vandalism, collision and other
damages that could occur by acts of god. You should speak with
an insurance agent and find out what types of boat insurance
coverage is available to you.