When searching for boat insurance, you might be overwhelmed when you find that there are many different types of policies available. In general, insurance companies offer a watercraft liability coverage policy along with additional coverages that you can purchase. If you have financed your dreamboat, the lender probably requires you to also obtain property coverage for damage to your boat.
Watercraft liability insurance coverage is required by law in most states. This insurance provides coverage in the event that damage occurs to a person or to property of others as a result of actions taken on your boat. This is true whether or not it occurs during transportation or actually on the water. The law requires you to have this type of liability coverage and each state will have its own requirement as to how much you will need. It is wise to consult with an insurance agent to find out what is necessary to meet the requirements of the law.
In addition to liability insurance, you should cover the boat, motor and trailer used to transport your boat. Make sure that you protect your boat with optional coverage that includes theft, vandalism, losses caused by storms, fire, sinking, capsizing, stranding and collision.
It is possible that medical payment coverage may be required in your state. This type of coverage pays for the medical expenses, up to a specified amount, for you and any passenger on your boat that result from an accident covered by the policy. As a suggestion, regardless whether or not this insurance is required, you would be wise to consider it. Medical expenses as a result of an accident can become extremely high.
Another additional type of insurance coverage to the standard boat liability policy is the wreck removal and pollution coverage. This should also be strongly considered. If your boat sinks or is involved in an accident for any reason, you are required to remove it at once in accordance with the law. If oil or gasoline leaks into the water as a result of an accident, you will be fined. The wreck removal and pollution coverage provides coverage for this type of incident, and without this coverage you will be required to pay for the pollution and/or removal plus fines out of your own pocket.
Just like in automobile coverage, you should definitely cover yourself against uninsured boats as well. If another boater who does not have any type of boat insurance or does not have enough coverage, collides with your boat on the water, this coverage will pay for the replacement of, or any needed repairs to your boat.
Call Thorp & Trainer to find out what type of insurance is required, and we will provide a no obligation quote for this and any other additional insurance you might require for your boat.