Do you own a boat? If yes, then it is advisable that you purchase a boat insurance policy to cover the loss or damages caused if the vessel gets stolen or is involved in an accident. You should buy a policy even if your boat is snug on your trailer or tied to the dock.

Boat insurance – Types of coverage offered

A basic boat insurance policy usually offers the following coverage.

  • Liability coverage – This is one of the primary coverage that is offered by boat insurance. It covers the bodily injury of a third party as well as property damages caused when your vessel is responsible for it. This policy also pays for the legal expenses if someone files a lawsuit against you. It also covers the lost wages of the insured person.
  • Medical coverage – Regardless of who is at fault, this policy pays the medical costs (up to a certain limit) of the owner as well as the passengers, in case of any accident that is listed in the policy.
  • Underinsured/uninsured boater coverage – If you get involved in any accident and an underinsured/uninsured driver is responsible for it, then your boat insurance policy will pay for the damages caused to you.
  • Collision coverage – Collision coverage pays for the damages caused to your boat if some other vessel hits it or your vessel hits another boat.
  • Comprehensive coverage – If you have comprehensive coverage, then the policy will pay for the loss due to vandalism, theft, falling objects, natural disasters (such as, fire, storm, etc.).
  • Pollution coverage – The policy covers the fine in case of any leakage of gas or oil from the vessel.

Boat insurance – Parts covered under the policy

A boat insurance policy covers the equipment permanently attached to the vessel. This includes the oars, the anchors, the fuel tanks, seat cushions, tow ropes, detachable canopies, the electric trolling motors along with other equipments that are used on board.

You can get discounts on your boat insurance policy if you install safety equipments (such as, emergency equipment, fire extinguishers, etc.) in your boat. You may also get discounts if you enroll in a training recognized by the NASBLA (National Association of State Boating Law Administrators). It is also advisable that you shop around and compare policies so that you can get adequate boat coverage at an affordable cost.

Useful Resources:

Camps Solicitors provide legal advice and services for people making accident claims after an injury.