If you’re a boat owner, you need to know more than how to navigate the vessel. The property damage from boat accidents totaled over $62 million in 2020! Boat protection means more than keeping your property safe.
Making sure you have boat coverage will be vital. Keep reading to learn why you should never be without marine insurance.
Boat Owner Coverage Option
Being a boat owner is a bit different than being a car owner. Many people who have boats only use them during certain seasons. Since that’s the case, many people think boat coverage is a waste of money.
Some boat owners never have an accident. Also, the water is less crowded and seems less dangerous than most highways.
Unlike car ownership, no laws require a boat owner to carry insurance. Yet, to replace a small fishing boat would cost thousands of dollars!
When some people think of boat care, their minds tend to lean toward physical boat protection. Many enthusiasts know to keep the oil changed and check the hull for paint chips or holes.
Since boating is more of a vacation for many people, the last thing they may consider is boat coverage. The problem with that is many people on the water think the same thing.
Some boat owners have no coverage option. If there is an accident, they have no recovery for expenses.
Getting specialty insurance can give you protection from an expensive accident. What if a natural disaster happens? These policies can provide peace of mind in a worst-case scenario.
Coverage Policy Needs
As a boat owner, you need to consider what goes into your coverage needs before getting a policy. Do you take friends out with you? What if someone slips and falls and gets injured?
Your coverage policy will depend on what you do with your boat. Is it a fishing boat that only you use? The boat coverage you get needs to cover all possible accidents.
As a boat owner, you may be hesitant to get insurance because you don’t use the boat all year long. If getting boat protection seems too expensive, a point to note is that you can suspend it when you don’t need it.
If you only need the coverage policy during the summer months, it is possible to pause it for a while. The boat won’t be protected until you activate coverage again. If something happens during that period, you can’t use boat coverage to help pay for the damage.
Remember to talk to your agent about the coverage value. An agreed value may get you more coverage but could cost more, too. Market value will pay you what the worth of the boat is now, not what it was years before.
Being a first-time boat owner holds more responsibility than some people realize, but it can also be a ton of fun. You will make incredible memories that last a lifetime.
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