Homeowners insurance blog

Oh Buoy! Forgoing Boat Insurance Could Cost You

Summer’s far from over, and if you’ve been putting off buying insurance for your boat, you’re putting yourself at serious risk. Consider the following hypotheticals: What if someone slips and injures him- or herself on your boat and you don’t have insurance? Or what if you steer your boat too closely to rocks and scrape the side?

Paying to rectify either of these situations can get extremely expensive. Save yourself the trouble of approaching these problems on your own and bow to a good form of pier pressure – invest in boat insurance.

What does boat insurance cover?

Coverage can vary by carriers, but boat insurance typically covers:

  • Whether you cause a collision that damages another party’s property or injures someone, your boat insurance can help pay to repair property damage or for medical expenses, up to your policy limits.
  • The boat. With comprehensive and collision coverages, you’ll be protected in the event that you collide with an object such as a buoy or if your boat is damaged by a fire, hail storm, or other covered peril.
  • What’s on board. If items such as tubes, wetsuits, life jackets, etc. are damaged or stolen, your insurance could cover the replacement costs.
  • Uninsured/underinsured boaters. If you’re struck by a boater who either doesn’t have boat insurance or simply doesn’t have enough to cover the necessary repairs, your policy can step in, up to its limits.

You can also add such protections as new boat replacement, on-water towing or roadside assistance.

Providers understand that you want to spend your money on things other than insurance, so many make discounts available. Start by bundling your boat coverage with another policy such as home or auto. You could qualify for other savings by taking a boat safety course or having a good driving history. Keep in mind, however, that discounts vary greatly by state and provider.

Keep your family and friends safe

Being on the water is one of the best ways to enjoy the summer months. Protect your loved ones by making sure that you have coverage for situations that may arise.