Those who own a boat understand the anticipation that frequently comes upon one when he or she is dreaming about that next time out on the lake or cruising that bay somewhere in paradise. Ah yes, how nice are these wonderful forms of re-creation? But it is also advisable for all boat owners to remember that accidents can and do happen and that it is in your best interest as an owner of a boat to look into good boat insurance that meets your needs. It is also important to keep in mind that in many places, often contingent upon where you keep your craft docked or who is the “driver” (pilot) of the boat, etc., that you will obligated by law to have some level of boat insurance, likely liability coverage.
Should you find yourself in a location where insurance coverage is not mandatory, don’t forget that passing on purchasing at least some level of coverage could end very badly financially. There are more than a few boat owners out there who make the erroneous assumption that their homeowners insurance policy should somehow help compensate them for any loss related to a water craft they own. Sure, if you have a boat parked on your dwelling’s property, it might cover that, but this usually is an exception and all bets are off once you’re out of the driveway and down on the lake.
There is one and only one way to ensure that your boat is protected financially at all times and that one way is to purchase a specialized boat policy. Keep in mind that marinas and storage places will also frequently require insurance coverage prior to allowing you to moor or park your boat on the premises.
Generally with an average policy one is going to enjoy the coverage and protection from damage to the boat, damage that the boat may cause, and coverage for injured individuals and from potential litigation that sometimes can result in the aftermath of accidents or injuries.
Of course with the exception of mistreatment of the boat or unsafe operation, this insurance will pay out when problems occur, like a fractured hull from running aground or from you accidentally smashing into a dock. If one day you find your ski boat has been vandalized or that some stowed away personal items were burglarized from within it, then this is the policy that can protect you from the total of costs for either replacing or repairing whatever is damaged. Passengers who are hurt by the boat are also helped with medical bills, etc.
So as to put a brake on surging premiums and expenses for both the insurance company and the policyholder, there are a couple of tactics that newer boat owners should consider. Number one is how valuable is the boat for this is a determining factor for how much one will pay monthly. The value of the craft is also indicative of how much coverage will be necessary. Boat owners might also benefit from a boating safety course for both the safety awareness and, not to mention, the potential decrease in their premiums. No matter where you are with your boat, be it on the open water or on the back of a tow trailer, you are well served by doing everything you can to lessen the risk of theft and vandalism and other kinds of damage to keep those monthly costs down.