Many boat owners have paid substantial sums for the pleasures of owning water craft. As a result, they purchase insurance policies to protect themselves in the event of accidental destruction by collisions or due to natural forces. There are other kinds of insurance offered to protect against human-caused damage, similar to whats available with auto insurance. And, also like auto insurance, some states require some level of boat insurance to operate them, while in others it is only optional. No matter the legality, it is just plain smart to have coverage.
Reasons for Boat Insurance
Someone who spent a relatively modest amount of money on a small, aluminum-hulled fishing boat will be less likely to go to the expense of owning a policy for it. Conversely, a professional who purchases a fancy, $35k deep sea fishing boat would certainly be sure to buy insurance. For those who get their thrills from racing across the water at speeds approaching 50 knots, it would be a no-brainer. And anyone who can afford an opulent, 100ft yacht would without a doubt know the importance of protecting such a significant piece of property.
The Right Provider and the Appropriate Options
Boat coverage is offered by most insurance companies. The policies are similar to automobile or accident insurance. With boat insurance, the boat itself is covered as are those who are operating or riding in the craft protected in the case of injury, (assuming that the accident in which injury was the result is provable). Policies also normally cover the insured against liability, which is the lawyers way of describing a lawsuit brought about by a party injured in a collision. Insurance can cover search and rescue costs, for example, if the boat owner becomes stranded or lost at sea. It is important to note that ocean-going vessels and boats used generally on inland bodies of water usually require different kinds of insurance.
The Costs and the Benefits
Claimed frequency of use is not considered by providers of insurance for watercraft. Companies assume that a boat will be used all of the time when determining premiums. Unfortunately, this can sometimes mean a larger than expected price for the purchase of appropriate coverage. A larger boat can set you back a few hundred dollars a month, while smaller craft, like a wave runner for example, are substantially less. It is really just common sense to at least obtain liability coverage for any water craft that is to be operated at higher than normal speeds. The risk of injury increases in tandem with the speed of operation.
Insurance allows you to visit lakes and open ocean and enjoy the use of your craft with peace of mind and no stress. Your boat is most likely worth protecting and certainly the avoidance of a lawsuit from someone on board is a very attractive benefit too. Insurance helps to keep water recreational activities both fun and safe.