Boat insurance provides boat owners with a peace of mind that their boat will be fully protected against any damages it incurs when taken out onto the water. Even when keeping the boat in storage for the winter, there are a surprising amount of incidents that could cause damage to the boat.
Boat insurance isn't required by law for those that have a boat. Anyone that owns a boat and paid a substantial sum of money for it should definitely consider purchasing this insurance. This is especially true for those that spend a large portion of their time out on the water. Damages to a boat could be extremely costly without insurance. If you get into an accident with another boat operator and are determined to be at fault, all the money owed for damages to their boat and injuries to anyone in the boat would come out of your own pockets.
If the operator of the boat gets into an accident or damages are done to the boat, the operator will then file a claim for these damages. A representative for the insurance company will then assess the damages and determine whether or not the claim should be paid. When purchasing insurance, the more you spend, the more extensive the coverage will be for your boat.
Watercraft medical payments coverage extends to any medical costs for injuries that happen to you or anyone else in the boat, while property coverage includes costs related to damages done to your boat, either in a collision or due to impact with a pier or buoy. Coverage for theft and vandalism is also included. Other coverage types include watercraft liability coverage, emergency services, repair costs, uninsured watercraft coverage and personal effect coverage, among others.
Boat repairs can be extremely costly. This insurance covers the majority of these costs for a somewhat inexpensive premium. It also protects your boat even when it's not on the water, which can prove useful.