It’s that time of year again when boats are on the water and folks are in high spirits because of the warm summer season. Before you go out to play on the water, it is wise to get boat insurance. Boat/yacht insurance is a policy that offers boater coverage and protection against damages, liability, and collision, and also provides you with the peace of mind that you need when boating. Let’s look at how a boat/yacht insurance policy can be beneficial for a boater this summer.
With boat insurance, you don’t have to settle for limited coverage; instead, you have the flexibility to compare liability limits and deductibles, and you have the freedom to add additional coverages to a policy. A boat owner could start with specific liability limits but have the option to later increase that limit significantly. Under an umbrella policy, a boater has the ability to purchase additional liability for their boat that is higher than the traditional policy.
Covers Property Damage
An accident can result in costly damage to your boat/yacht, and having boat insurance is a convenient way of being prepared to address the damage done to your property, or damaged caused to someone else’s boat or a dock. A boating accident can average $10,000 worth of property damage, and a boat insurance policy is ideal for taking care of the cost associated with transporting the boat and repairing the boat itself.
Protects Against Physical Injuries to Yourself & Others
With boating accidents come the potential for injuries to self and others, and in 2016, there were more than 2,900 reported boating injuries. Boat insurance can provide medical payments coverage to help with the costs of watercraft-related injuries, that requires hospitalization and treatment.
Provides Liability Coverage
If you are involved in a boating accident, you could find yourself deemed at fault and this is when liability insurance comes in handy to help cover the damages. Boat accidents can be costly to the point where you could be responsible for the full amount of liability coverage. With a boat insurance liability coverage, you could ease your worry if at fault in a boat accident.
Like home or car insurance, boat insurance is very important because it provides liability protection, cover damages, protects against injuries, is flexible and provides the peace of mind that you need when you are boating this summer. If you are interested in boat insurance, or any other insurance services we cover, contact us today!