Similar to Commercial Auto insurance, Boat insurance is there to protect you should an unforeseen event arise out of the use of your boat. Coverage usually includes injury to others, damage to your boat, or if the boat is stolen.
You should keep in mind that Boat insurance is designed to cover watercraft that has a motor, not things like kayaks or canoes.
If coverage is needed for watercraft without a motor, check your homeowner's policy for some possible limited coverage. If this concerns you, talk to your insurance company about it. There is a possibility that they can add an extra endorsement to your policy to give broader coverage.
A Boat policy is pretty comprehensive and will cover, at a minimum, the following insurance coverages.
Provides coverage for bodily injury to others sustained in a boating incident where you are at fault. This will also include medical bills, pain and suffering, any legal expenses you may incur as a result, and lost wages of the person injured.
This is where you will find coverage for damaging someone else's boat, or any other property like a dock.
Your boat will need to be repaired as well should there be any untoward incident. Vandalism, theft, and collision coverage are available.
Are you concerned about another boat not being insured hitting yours? Medical bills for an injured passenger? Boat Insurance can cover these little extras if you discuss your needs and risks with your insurance agent.
When it comes to Boat insurance, there is no set price. There are so many factors to consider when determining the price, that it is best to work with your agent to get a quote. Some factors that will influence the premium are:
If you are considering purchasing a boat to start a business or have a boat to take your clients or employees out on occasional excursions, make sure you protect your business by purchasing a Boat insurance policy.
How Much Does Boat Insurance Cost?
When it comes to cost of Boat insurance, there are so many factors to consider. That's why it is best to work with your agent and discuss the following factors before getting your quote: