Everything You Need to Know About Boat Insurance

Categories: Boat Insurance

As we move into summer, many individuals are starting to bring their boat out of their garage or storage. While boating is a great way to spend time on the water and enjoy a warm summer day, it is crucial to ensure that you have proper coverage for your boat. As leading providers of boat insurance and other insurance solutions, the team at Mountainview Insurance knows how important it is to have the right coverage for your needs. That is why we have outlined everything you need to know about boat insurance to ensure that you have all the information you need before choosing a policy.

Learn why you need boat insurance.

4 Important Things to Know About Your Boat Insurance Policy

Before choosing a boat insurance policy, it is important to consider the following elements:

1. What is Covered?

While boating is a fun and relaxing activity, there is always the risk of an accident or injury. That is why it is so important to know what your boat insurance covers before you head out on the water. Boat owner policies were invented to protect everyone and everything including, you, other boaters, your boat, and your equipment. Your boat insurance may also cover:

  • Sinking
  • Fire/explosion
  • Storms
  • Theft
  • Capsizing/stranding
  • Collision
  • Property damage
  • Bodily injury liability
  • Comprehensive

Find out how to protect your boat at the dock with marine insurance.

2. Types of Liability Coverage

Liability coverage for boat insurance can be divided into personal and medical categories. Personal liability covers the costs that you would be legally obligated to pay to an injured party in the event of an accident. Coverage includes:

  • Bodily injury expenses
  • Property damage
  • Legal defence/representation

Medical liability covers medical expenses that are incurred due to an accident involving your boat. Coverage includes:

  • Hospital bills
  • Ambulance charges
  • Medical bills

3. Options for Additional Coverage

While property and liability coverage are the two primary types of boat insurance, you can always purchase additional coverage if you believe it is necessary. Options for additional coverage include:

  • Emergency services — covers any expenses that come from emergency services.
  • Reasonable repairs — covers maintenance and small repairs needed to protect your boat from future damage.
  • Wreck removal — pays the reasonable cost of raising, removing, or destroying your boat if you have a shipwreck that was caused by an insured loss.
  • Umbrella coverage — provides additional coverage against disasters if your other coverage does not cover all of your expenses.

4. Ways to Reduce Insurance Costs

The more safety precautions you take for your boat, the more you might be able to save on your boat insurance policy. Some common safety precautions include:

  • Having an approved fire extinguisher on board.
  • Taking a certified safety course.
  • Using diesel instead of gasoline.

To learn more about our solutions for boat insurance or to inquire about our other insurance products, get in touch with the team at Mountainview Insurance. We can be reached through our online contact form and will be happy to answer any questions you may have regarding our products or your insurance needs.

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We’re ready to understand your insurance needs and to work for you to get the coverage you need.