Lake Time! Protect Your Summer Fun With the Right Boat Insurance

Boat insurance is an insurance policy that covers the boat, its equipment and accessories, personal property on the boat as well as liability for injuries you may cause others while boating. You can also purchase coverage for your own injuries sustained while boating, if someone causes injuries and doesn’t have the proper insurance coverage.

Boats are exposed to many risks such as theft, fire, vandalism, collision with other vessels or objects on land or water. Boat insurance can cover these risks and also provides coverage for other liabilities related to the boat.

The most common types of boat insurance are: hull and machinery coverage (covers the cost of repairs due to a collision or other covered loss), liability coverage (covers damages to other people’s property), and medical payments coverage (covers medical expenses to passengers).

You can purchase tow service, removal from the water service, fishing equipment and other coverages. You can also choose to insure your trailer.

Some factors the go into the pricing of your boat policy include:

1. Size and power of your motor
2. Replacement value of the boat
3. Where you store the boat (at your residence, in a locked storage facility, etc.)
4. The number of years of boating experience you have, as well as any watercraft safety classes you may have taken in the last few years

Most boat insurance policies are purchased for a specific period of time, such as six months or one year.

Some discounts you may qualify for include:

1. Homeowner
2. Boating experience and safety classes
3. Paying the premium in full
4. Multi-policy

Be sure you have an onboard safety plan, life jackets, fire extinguishers and other safety equipment before you leave the dock!

Check out more safety tips at https://www.safeboatingcouncil.org.

Confer with your insurance agent to be sure you have the coverage you need and want for your summer toy!