Posted on: 11 May 2018
Having a boat enables you to head out on the water whenever you please. It's a lovely way to relax and have fun with your friends. But when you own a boat, there is another investment you need to make: boat insurance. Here are five reasons why boat insurance, which you can obtain from most companies that provide auto insurance, is a good investment.
1. Boat theft is not uncommon.
You're not the only one who wants a boat! Especially if you leave your boat docked in a public area, there is a real chance someone may steal it. If that happens, you will be out the entire cost of the boat -- unless you have insurance. Boat insurance will give you peace of mind, so you don't feel like you always have to check on your boat or worry that you'll lose out if someone decides to steal it. Make sure you insure your boat for its full value so that if it is stolen, you get the funds you deserve. You may want to get your boat appraised prior to insuring it so that you know what it's really worth.
2. Insurance protects you in an accident.
Nobody is a perfect boater. Even if you have driven boats for years, there is the potential for an accident. If you get into an accident that is your fault, you will be on the hook for damages if you are not insured. Damages can climb into the tens of thousands if you damage someone else's boat and your own -- and that does not include medical costs! Boat insurance, like car insurance, offers liability coverage in case of an accident. The policy will pay to cover damage not only to your boat, but also to the other boat you collide with.
3. Your insurance company can negotiate with another boater's insurance company.
What if you get in an accident that is the fault of the other boater? Negotiating with their insurance company can be a real challenge, but if you have boat insurance, your insurance company will take care of this for you. This way, you can take care of other things like getting your boat repaired or seeking medical care for any injuries you suffered in the accident.
4. Your insurance will cover medical costs.
It's no secret that healthcare in the United States is astronomically expensive. If you are injured in a boat accident, medical costs can climb quickly, and your health insurance policy might not quite cover everything. Luckily, a boat insurance policy will cover your medical costs in case of an accident, so you don't have to worry about an accident driving you towards bankruptcy. It will also cover the medical costs of any passengers who happen to become injured when they are riding with you.
5. Boat insurance is required in many areas.
Most municipalities actually require that your boat is insured for you to be sailing on public waters or docking in public slips. Check the regulations in your area. They may require a certain level of coverage -- for example, $50,000 of liability coverage and $100,000 of medical coverage. You might need to get a receipt from your insurance company and turn it in to the municipality as proof of coverage before they issue you a boating permit.
To learn more about boating insurance and the specific policies available to you, talk to an insurance company like Veronica's Auto Insurance in your area. If you tell them what type of boat you have and how often you use it, they can make recommendations that help you balance costs and coverage.Share