Buying a boat can take quite a bit of money and if you do not protect that boat with insurance, you are setting yourself up for a substantial financial loss, as well as worry. A responsible boat owner will not only protect those who ride on his boat with life jackets. He will also purchase a boat insurance policy to protect his investment in case of an accident. In some cases, he will even purchase additional coverage that will cover when the boat is on dry land to make sure that he does not have to worry about his investment.
Do I Need Boat Insurance?
There are many things that go into determining if you need boat insurance. For example, if you have purchased a used aluminum-hulled fishing boat, you may not want to pat out the money for an insurance policy. However, if you just spent your life savings on a fancy deep sea diving boat, it is ludicrous to not buy insurance.
Making the Right Choice
the majority of insurance companies offer some type of boat coverage. This policy is largely the same as an automobile policy. The boat is covered, as are the people who are driving or riding in the boat. Liability is also a part of insurance coverage to help protect you from a lawsuit in the case of an accident. Search and rescue can be covered, but it is important to note that this is not the case with all policies.
How Much Will It Cost?
While you may not use the boat all the time, like you do a car, the insurance providers assume that you are when calculating a premium. This could mean a much unexpected price for the coverage you need. A smaller boat or craft will cost you much less than a larger one. Even if you feel that you cannot afford full coverage, you need to at least have liability coverage to protect yourself in case of liability.
Boating insurance gives you the open mind and peace of mind in knowing that you can enjoy the lakes, rivers, streams and oceans without having to worry about insurance. Your boat is an investment and is worth protecting in the long run.