Why Do I Need Boat Insurance?
Owning a boat is a life enhancer in many ways, but with all of that fun does come with a certain set of responsibilities. Following good boat safety practices can help reduce risks before you’re ever faced with an insurance claim. The joys of boating are plentiful, but there are also several risks involved that one should be aware of, especially when purchasing a boat. Some of the risks are obvious, while others are not so obvious. Boat insurance is a crucial component of boat ownership. Boat insurance provides financial protection and peace of mind. In this post, we’ll go over why every boat owner should consider securing a boat insurance policy. If you have any immediate questions, don’t hesitate to contact us and we’ll be sure to help you with anything and everything related to boat insurance.
Protection Against Accidents
Boating has many different variables, much more than driving a car on the (mostly) stable roads we all drive on each and every day. Waterways, on the other hand, can be truly unpredictable. Collisions with other boats, hidden objects or rock formations submerged below the surface of the lake or sea, and even unsteady, older docks could cause damage to your boat if you’re not careful. With all this being said, boat insurance offers you coverage for repairs to your boat, and it may also cover damage to other boats if there happens to be an accident where you’re partially or fully at-fault. Boat insurance could cover salvage costs if your boat needs to be recovered from a body of water post-accident. See your specific policy for coverage specifications and details.
Liability Coverage
Boating accidents can involve many variables, much more than a car accident in some cases. Boating accidents may result in injuries to passengers on your boat, swimmers in the lake or ocean you’re passing by, or people in other boats in the same vicinity as your boat. Liability coverage helps protect you from out-of-pocket expenses if you are found legally responsible for causing injury to others or damaging property in some way, shape, or form. These damages could include everything from medical bills, to legal fees, to other boat accident related costs.
Theft & Vandalism
Boats can be extremely valuable assets, and as such, may be a target for theft and vandalism. Boat insurance may be able to cover the loss or damage of the boat itself, as well as the expensive equipment and accessories often found on boats such as motor engines, navigation tools, fishing gear, and more. This boat coverage will likely cover theft and vandalism whether the theft occurs at home, at the marina, or out on the water.
Natural Disasters
Natural disasters pose an even greater threat to boats, primarily because they can be docked out on the vulnerable waters and be quite susceptible to raging storms, high winds, flooding, etc… A comprehensive boat insurance plan may cover the repairs or total loss of your boat due to these natural disaster events. Similar weather events can also affect your home, making it worthwhile to understand how storm-related property damage may be handled under other insurance policies. This in turn can help you replace or repair the boat without having to burden yourself with the entire financial responsibility.
Towing & Assistance
Towing and assistance for a boat is something you’ll always wish you had when you truly need it. Otherwise, you’ll usually forget about it. For this reason, it’s important to have a towing and assistance plan baked into your boat insurance, as boats can be particularly sensitive to various elements of the lake or sea. The last thing you’ll want to deal with is being stuck out on the water and having to spend a whole lot of extra money, when you could have just had a towing and assistance package incorporated into your boat insurance policy.
Meeting Legal & Marina Requirements
In some states, there are legal requirements for carrying boat insurance, especially if your boat has a lien against it. Additionally, many marinas and harbors require proof of boat insurance and liability insurance to dock or use their facilities. Having the right level of coverage will allow you to use and store your boat with greater confidence. Working with an independent insurance agency can also make it easier to compare coverage options that fit your boating needs.
Peace of Mind
Insurance of all types offers one of the greatest benefits: peace of mind. Boat insurance grants you peace of mind so you’re able to fully enjoy your time out on the water without having to worry about potential financial losses from accidents, theft, or other damages. When you, your fellow passengers, and your investment into your boat are fully protected, you’re going to be able to enjoy your boating experience that much more every time you go out on the water.
Choose Portsmouth Atlantic Insurance for All of Your Boat Insurance Needs
If you’re searching for boat insurance and you want the coverage you need, with an excellent level of support you’d expect, we’re here for you at Portsmouth Atlantic Insurance! Boat insurance is not only a wise financial decision, it’s also a truly essential aspect of boat ownership. The yearly costs of boat insurance are minimal compared to the potential costs and liabilities if you don’t have boat insurance. Whether you’re an occasional boater or spend every chance you get on the water, you can request a personalized insurance review to discuss coverage that fits your boat and how you use it. If you already have a policy with us and need assistance, you can also visit our Service Center for policy support and account services.