Whether you use your boat for fishing, sailing, or cruising around the harbor with friends and family, protecting your investment is essential. Having insurance coverage ensures that you’re prepared for an accident. Here are three crucial benefits of insuring your private boat.
1- Collision Coverage
Collision coverage protects your boat from damage caused by a collision with another object. This can include hitting another boat or even striking land or other docks. The most important thing about collision coverage is that it excludes any harm to the boat’s operator or passengers. In the event of an accident, they are regarded as third parties.
Collision coverage will pay for repairs to your vessel and associated costs such as storage fees. It may also cover repairs to personal items on board that were damaged in an accident. Collision coverage can provide peace of mind when boating near larger vessels like tankers and cruise ships—you’ll have financial protection if they hit you while navigating through crowded waters.
2- Liability Coverage
Liability coverage, also known as third-party liability insurance, helps pay for damage you cause to other boats and property. It can also cover injury to people out of your control. This coverage will also help pay for legal fees if you get sued by someone who was injured while on your boat. Liability insurance also covers damage done to your boat and its equipment (e.g., sails). Liability coverage will help pay for their medical bills, any lost wages, or other expenses they incur due to the accident.
3- Comprehensive Coverage
comprehensive insurance is an insurance policy that protects your boat from damage or destruction by external forces. Your boat and the marine insurance agency will reimburse you for the cost of repairing or replacing your boat if it’s damaged by fire, hail, falling objects (like a tree limb), theft, vandalism, and other forces that are not related to mechanical breakdowns. Typically all boats older than ten years old require comprehensive coverage. This can be especially important to those with an expensive boat with a high resale value.
If you plan to use your boat in any competitive boating activities, you may want to consider adding collision coverage to your insurance. Another vessel could come into contact with yours and cause damage to it. This event would likely be regarded as accidental rather than intentional damage caused by someone else’s negligence or recklessness while operating their vessel on the water.
You bought your boat for a reason. Insuring your private boat gives you peace of mind knowing that your household can recover from the loss should something happen. If another boat hits yours while at the dock, you’ll be able to get it fixed without worrying about how much money will be needed to replace or repair the damage. You’ve worked hard for your boat, and you deserve to feel safe on the water. Talk to an agent today about getting the right policy for your needs.