Boat insurance, like most other insurances, is available in many variations. Depending on what you need covered and exactly what kind of coverage you want, you can get anything from jet ski insurance, yacht insurance, motor boat insurance, marine boat insurance - the list is long. Bottom line, anything bigger than a rowboat is probably worth insuring. Start by learning exactly it is boat insurance covers:
- Personal Injury Boat Insurance – If somebody is injured on your boat, they may hold you liable. You need insurance to protect you from financial run and help defend you against a lawsuit.
- Physical Damage to the Boat – You always risk having your boat or travel trailer damaged. This can happen while you are using or transporting your boat. But it can also happen because your property has been stolen or vandalized.
- Liability Insurance – If you cause damage to somebody else’s property while you are operating your boat, either through accident or negligence, you can be responsible for thousands of dollars in repairs or medical bills. Your boat insurer will help protect you against a liability claim.
In any case, many states now require minimum boat liability insurance just like they require minimum auto liability insurance. If you have financed your boat, your lender may require insurance before they will extend credit.
Beyond state and lender requirements, you need to think about how you can afford to repair your boat if it is damaged. Of course you must also consider potential liability if your boat causes personal injury or property damage.
You can find affordable boat insurance, and you need to weigh your monthly payments vs. the risk of having to pay for repairs or liability claims. We make it easy to compare boat insurance online.
Wow. Thanks for explaining all about boat insurance plan, what is actually covered under this policy. This post taught me most of the important points about this plan. Now I can easily decide what coverage option suits to me best.
ReplyDeletecommercial liability insurance
Thanks for all the advice. We are going to get a boat this summer and I was wondering if it was required to get boat insurance in Florida. I'm sure it is great to have and will be worth it.
ReplyDeleteI love boating and think that it would be fun to eventually get a boat for my family. It would be a great activity for us to do in the summer. One of the things I will have to think about is the insurance and what type of policy I would want. Generally, I like to be safe rather than sorry and get a lot of coverage.
ReplyDeleteGary Puntman | http://www.fittsinsurance.com
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