Boat insurance coverage is a specific product that is unlike other forms of coverage. No matter if you are a weekend boater or if you take your boat out for a fishing trip maybe just once a year, it is vital to obtain the proper insurance policy that fits want and needs and, of course, that will protect you and your family financial future.
A very frequent error so many new boat owners make is the erroneous assumption that existing other policies will somehow protect their water craft. Indeed a few home and auto policies can have riders that include some boat coverage, however most policies will not cover any boats with an engine. If your boat is big or small, often used or hardly ever taken out on the water, it will likely behoove you as a boat owners to purchase at least basic policy coverage.
Every boat insurance policy will vary, but usually what is included covers damage to the boat, any personal belongings on the boat, and even the trailer that hauls the boat. As far as the boat itself is concerned, the engine and/or sails are covered, any navigational devices, and cabin furnishings. These kinds of policies will often also cover medical expenses should there be injuries that happen on the boat from some kind of covered event. General liability coverage can also be a part of a policy and is what protects boat owners from legal action resulting from accidents and injuries.
It is best that boat owners talk to an insurance professional about precisely what they desire to have covered and importantly, for those keeping to a budget, how they can keep their premiums down. Factors determining premium levels include where the boat is to be used, how and where it is to be stored, the size of the craft and its engine and its included onboard safety features. The least expensive boats to insure are one used only seasonally and those that attain U.S. Coast Guard safety regulations. Boat owners are well advised to communicate with their insurance agents about further coverage that they might need to purchase down the road. Boat insurance policies can be expanded to cover all kinds of events and perils.