After spending so much time and effort selecting the right boat to purchase, you want to ensure that you get plenty of enjoyment out of it. Unfortunately, accidents, weather-related events, theft and many other types of things can and do occur with boats. Accidents can occur on the water as well as at marinas or docks and while the boat is being hauled on a trailer. Boat insurance is a great way to protect yourself from financial loss related to these types of events. In fact, boat coverage may even be required for some boat owners.
In some locations, boat owners are required by law to maintain boat insurance, and you may be required to provide proof of coverage if you are involved in a boating accident or otherwise get into trouble with law enforcement officials. This coverage requirement typically is for liability insurance. Liability insurance will compensate other parties if you cause an accident. This may include paying for boat or property repairs, medical bills and more. Boat lender requirements may include a requirement for collision or accident coverage, and this will pay to make repairs to your own boat.
When you purchase boat coverage, keep in mind that you can adjust the coverage limits as desired, provided the minimum requirements are met. You can also purchase optional insurance. For example, if you have a trailer for your boat, the trailer may be separately insured. You may also purchase additional personal injury or personal property damage insurance to cover your own losses. By understanding more about what each type of coverage option will compensate you for and what the limitations are, you can better determine if you would benefit from the minimum coverage required or additional coverage.
Accidents and other types of events can damage your boat. Because you may be held liable for the damage you cause to others in your boat and because damages to your own boat and related items can cost a small fortune, buying boat coverage makes sense. Take time to learn more about the requirements that you may need to comply with when purchasing coverage.