What to Know About Boat Insurance

Owning and operating a boat is a huge responsibility. An incident such a boating accident, theft, or vandalism can happen when it’s least expected. To protect a boat owner’s financial interests, it’s necessary to have the right boat insurance. The following information will give more insight to this coverage. This information should be used in accordance to state, federal, and local laws.

Boat insurance offers coverage losses when a boat is lost, stolen, or damaged. This coverage usually insures motorized fishing boats, pontoon boats, leisure crafts, and yachts. Personal water crafts, canoes, and kayaks are usually not covered by boat insurance. Boats that aren’t eligible for coverage under watercraft insurance may be covered under a home owner’s insurance policy. A boat owner can also purchase a special endorsement to cover these assets.

Watercraft insurance policies offer coverage such as collision damage, bodily injury liability, property damage liability, and comprehensive. A boat owner can choose to purchase additional coverage options if his boat qualifies. Collision damage entails repairs and replacements made to a boat. This normally does not include cleaning up the wreckage. Bodily injury liability pays for damage to another person’s boat, dock, or other assets. Bodily injury liability will pay for the medical bills, loss of wages, and other factors a boat owner might cause to another person. Comprehensive insurance offers coverage for incidents other than a collision such as theft or vandalism.

Premiums for boat coverage will depend on numerous factors including the state in which the boat owner lives and the size of the motor. The age, size, and type of boat being insured is a major factor in determining insurance costs. The location where the boat will be used is also a factor. On average, boat coverage ranges from $65 to $585 per year. Before shopping around for insurance, a boat owner should become familiar with state regulations and possible discounts.

By purchasing the right boat coverage, a person can have fun on inland waters or on the open sea. This coverage is mandatory in many states and can protect a boat owner from incurring a significant loss. For more information on boat coverage, please visit Coastautoinsurance.com. This insurance company can handle many types of insurance including watercraft, home owner’s, and automobile.

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