As the weather starts to heat up around the country, many people are ready to take their boats out of storage and have fun by the water. While you’re preoccupied planning your next party, consider some of the risks associated with operating a boat. Purchasing boat insurance is recommended because it gives you a safety net if an emergency arises while you’re out on the water with family and friends. To help guide you through the process, here are some key variables to consider while researching boat insurance.
Many people assume that their boats are covered through their home insurance policies. Generally, only boats without motors are covered as personal property in home insurance policies. If your boat has an engine or motor, it’s recommended that you purchase boat insurance. Purchasing boat insurance is the only way to fully protect your asset.
There are multiple situations where things can go wrong while you’re relaxing on your boat. Perhaps severe weather moves into the area and causes damage. A natural disaster such as a hurricane or tornado could also cause major problems while you’re out on the water. Boat insurance covers you in these situations. You’re also covered if your boat is stolen or capsized.
Boat Insurance Covers Potential Damages
Boat insurance covers any damages to your equipment and other related property. The policy provides essential property damage coverage that prevents you from potentially suffering a financial catastrophe. Covering repairs for a damaged motor, stolen equipment, and other property damage can drain your finances. Boat insurance helps alleviate potential stress.
Custom Boat Owner’s Policy
You can customize your boat insurance policy to offer special protection. If you have custom equipment on your boat, you can adjust your coverage limit to fully cover those items if something happens to them. Medical payment coverage protects you if you sustain an injury on your boat.
Liability coverage assists with your legal fees if you are sued, as well as the injured party’s medical bills or property repair costs. If you choose to add medical payments coverage to your policy, the coverage assists with your medical bills in the event that you suffer an injury.
Pausing Your Coverage
Many boat insurance policies give you the option to pause your insurance during colder seasons, such as winter when you aren’t using your boat. It’s important that you look over the guidelines carefully before making this decision. It’s recommended that you avoid using your boat while your coverage is paused, as you will be left unprotected if something happens.
Qualifying for a discount can help lower your boat insurance rate. Many insurance companies offer discounts for taking a professional safety course. You may also qualify for a discount if you use diesel fuel. Diesel fuel helps lower the risk of your boat being damaged.
Extra Coverage to Consider
Emergency assistance coverage ensures that you will receive urgent attention if your boat is sinking, has an oil spill, or has another issue. Wreck removal coverage assists with any associated costs regarding raising your boat if it sinks. It’s also recommended that you add umbrella coverage to your boat insurance policy. Umbrella insurance takes over to cover any extra expenses once you have reached your policy limits.
Consult with Knight Insurance Services
While taking your boat out on the water is an exciting way to spend time with your loved ones, there are still multiple risks to consider. Purchasing boat insurance helps you stay protected in any situation while you’re operating your boat. If you have any questions about your coverage, contact the team here at Knight Insurance Services, and we will assist you.