Boat Insurance Policies
Do You Need Boat Insurance?
Owning a boat is fun when you’re able to spend time boating. However, boat insurance is a good idea in case of an accident. Before you take the boat out on the water, do the responsible thing and get insurance. Just like you’d get insurance for your home, your boat needs coverage as well.
Boat liability coverage covers financial responsibilities if you are in an accident or cause an accident. The event might involve water skiers, boaters, swimmers, or even a dock. In any case, you risk financial destruction if you do not have boating insurance. Consider boat coverage that includes your passengers, which is a great idea.
When buying boat insurance, get coverage to cover your boat’s entire value. When the boat is a total loss, some policies do not include deprecation. An actual cash value policy will pay the depreciated value of the boat.
The best coverage includes liability and collision, but usually does not cover certain events. For instance, manufacturer defects, design defections, normal wear and tear, or damage from an animal may not be covered. You might want to consider an all risk policy, which will usually include specialty equipment you have on your boat, towing, salvage, and more.
If you are a boat owner, then it’s your responsibility to have insurance coverage. Boat insurance is a necessity if you plan to go out on the water. If you already have coverage, look over your policy and make sure it covers everything you need.
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