Boat insurance is an important type of coverage, as boats can be quite expensive. You wouldn’t drive a car without insurance, and it’s a bad idea to drive a boat without appropriate coverage.
Many different types of boat insurance are available for different types of crafts. For instance, major insurance companies will often offer sailboat insurance, jet ski insurance, and even rowboat insurance. The major differences in these plans are often their cost; riskier craft come with a higher cost. Speed boats and jet skis often carry the highest boat insurance premiums. The number of individuals that can ride on your boat will also affect your premiums, and many other factors will also be at play, including the lake that the boat is stored on and your age.
An insurance agent should be able to tell you about the common factors that go into boat insurance premiums, and this can be very useful information if you’re trying to get lower premiums. Coverages can provide for repairs to a boat, personal injury coverage, and special add-ons for water towing or “roadside” assistance.
Deciding on an appropriate amount of coverage can be difficult. It’s generally a good idea to opt for emergency add-ons and to buy personal injury protection (PIP) as well as liability coverages. Check your state’s laws to find out whether certain amounts of boat insurance are required, and again, check with your insurance agent. It may be a good idea to buy total loss coverage, which can cover the cost of your boat if it sinks or if it’s involved in a major accident.
An agent should be able to explain this coverage and give you solid feedback on how much coverage that you need to buy. Always shop around when buying boat insurance, and have as much information about your boat prepared as possible. This will make it easy to compare rates and find a great low cost policy with sufficient coverage. You’ll feel a lot safer when you’re on the water with the right boat insurance coverage–don’t wait to buy.
“Our blogs are for general education and information only and may not represent your unique needs. Coverages will vary. Please contact your insurance agent to verify your specific policy terms and conditions.”