BOAT Insurance - Customer-friendly
Boat insurance is designed to help boaters minimize the risk of financial loss related to liability and personal loss in the event of an accident, a natural weather event or another type of loss event. In some cases, boaters are required by law to purchase and maintain a minimum amount of coverage, and typically, the required coverage is a liability policy. In other cases, the boaters' lenders require coverage, and this required coverage typically is to repair or replace the boat.
Liability coverage will pay for any losses that you create for other parties through the use of your boat, and some policies may extend to incidents related to the trailering or towing of the boat. Collision or comprehensive insurance will pay for the boater's own expenses to repair or to replace the boat. Typically, only specific named events will be covered in a policy, but each policy is unique. It is important to read through the policy and to understand the losses that are covered by the policy. In addition to these types of coverage, there may be coverage for personal injury, personal property, towing and more.
When you file a claim, you generally will be required to pay a deductible. The insurance company will pay any additional amounts covered under the policy after the deductible is paid. You will be responsible for any amounts that are not covered by the policy or that exceed the coverage limits. With this in mind, it is important to set reasonable coverage limits when purchasing a policy. Keep in mind that the deductible amount can typically be adjusted as needed so that the premium is affordable for you to pay on a regular basis. Some boat insurance companies offer discounts if you take a boater safety class, if you do not file a claim within a certain period of time and more. These can help you to save money on your premium.
Whether you are required to purchase boater's coverage or you are purchasing it for your own peace of mind to protect your investment, take the time to learn more about the coverage options available as well as the discounts and more related to the policy.