A boat purchase can be quite an investment and if you do not have the right insurance, your investment can simply be gone if you have an accident or your boat is stolen. Boat insurance works in much the same way as car insurance, except it covers watercraft, such as boats, wave runners, etc. Whether it is a small boat or a large one, boat insurance is essential to protect your investment.
Consider a comprehensive insurance policy for your boat. This will cover repairs to your boat, as well as replacement, if it is involved in an accident or another event. In addition, you can add other coverage on to your policy as well, including roadside assistance, on-water towing, and even total loss replacement. Your insurance company can give you a quote to allow you to determine the best policy for your boat and your budget.
You may believe that your homeowners insurance policy will also cover your boat, but this is not always the case. Your personal items on the boat and your medical costs may be covered, but your boat will need a bigger, separate policy to ensure that your investment is protected. Buying insurance that is especially for your boat will give you peace of mind in knowing that you are covered. In addition, you can add on such things as your trailer, towing, fuel spill liability coverage, and an uninsured boater policy as well.
Just as with car insurance, you can choose from different policies and coverage levels. This will be dependent upon your own needs and your budget, as it will be a monthly, quarterly, or yearly payment, just as with your car insurance. Crash, sinking, vandalism, accidents, and other events are normally covered, including the hull, machinery, sails, and more.
It is smart to purchase boat insurance. The payments can fit into most any budget and it is covering your investment. A small payment now could mean less money spent in the future.