You may not use your boat as often as your car, but you should treat it the same. And that means maintaining it and covering it with an insurance policy. If you’re new to boating, you may think that your homeowner’s insurance will cover it, but that’s not true in most cases. You’ll need to get boating insurance to cover you for damages, injuries, theft, and other circumstances that could happen to your boat. To find out why you need it, here are 5 reasons why it’s wise to get boating insurance before heading out on the water.
To Protect Your Asset
Beyond boating accidents, other events can lead to your boat sustaining damage. A collapsed dock, unexpected windstorm, hidden rocks, or even a big wave can ruin your valuable asset. Without insurance, you’d be left without a boat and forced to buy a new one. Is that a risk you’re willing to take? Adding boat insurance ensures that the damages are covered and that your boat can be replaced.
To Avoid Paying Out Of Pocket
Beyond damage, you’ll also need insurance to cover the clean-up of the wreckage or theft of the equipment. Removing the wreckage can be incredibly expensive, so it’s important to find a policy that will cover it. Most policies will also cover the boat as well as the motor, trailers, and onboard equipment like the GPS. So if your boating gear or equipment is stolen or lost out on the water, you’d have the coverage to replace it, so you don’t have to pay out of pocket.
To Cover Injuries
If someone is injured on your boat, you could be held liable for the medical expenses, pain and suffering, legal bills and loss of wages. A lawsuit like this can empty your bank account or even bankrupt you. Don’t risk it. Get boating insurance that offers liability coverage for injury to passengers on board, as well as others in the water or those you are towing on skis or tubes.
To Cover Damage on Someone Else’s Property
If you damage someone else’s boat, watercraft or dock, you could be left with a hefty bill. Property damage liability would cover these costs for you.
To Protect You From Vermin and Environmental Damage
Raccoons, muskrats, and other pests can cause some serious damage if they get access to your boathouse or if you leave your boat unsecured. Insurance will also cover you against damage and loss caused by fire and storms.
Using your boat without insurance could put you and others at great risk. So be sure to contact one of our mortgage brokers at MLS to find a policy that will suit your needs. We may even be able to bundle your boating policy with your other coverages, as well. Ask us how!