Boaters Insurance. Many boaters don’t know much about their boating insurance. They assume their homeowner insurance will cover them, but that’s not always the case. There are many exclusions and coverage limits in homeowner insurance policies for boaters. If you own more than one boat, it’s essential to talk to an agent about getting separate boating insurance. Here’s what you need to know.
A big misconception most folks have is that their homeowner insurance will cover them completely in the event of a boating accident, no matter what the size of the boat. Unfortunately, in some cases, your homeowner’s insurance may only cover you for physical damage to your boat, not comprehensive coverage. This means that you’ll have to purchase additional boaters insurance, particularly if you own any large boats. Large boats include sailboats and water skippers.
Homeowner policies typically won’t cover boating gear or personal belongings on the boats. Even if your policy does offer such coverage, it may require you to take a separate boating loan, which could add up to a lot of interest expense. Also, uninsured boater’s insurance policies can cover your boat only for damages incurred during a boating accident, not for any damages you may sustain due to negligence or damage from the weather.
Some states require that a boater’s insurance be taken out by qualified drivers. Others only require minimal liability insurance. For example, some states only require motorboat owners to have liability insurance. However, all states require boater’s insurance to cover uninsured or underinsured boaters, as well as damage that may result from an accident with another boater.
Boaters who are concerned about being unprotected while out on the water should also consider taking out marine boating insurance. This insurance policy will cover damage or injury to personal watercraft that occurs because of boating accidents, storms, ice, or other events. You’ll need to get proper insurance coverage for your personal watercraft before you’re allowed to take it out on the water. It is recommended that boat owners take out the insurance before they bring their boat out on the lake or ocean for the boating season.
If a passenger becomes injured in an accident, most insurance policies will pay medical expenses and provide for lost wages if the person is unable to work after an accident. Some insurance policies will also provide for passengers who are injured in an accident on the water. The type of insurance coverage that you purchase will depend on how much you are paying per passenger, the kind of insurance coverage you already have (medical, liability, etc), the type of vessel you have, and where you live. For example, passengers who are traveling from place to place on sailboats are going to need more protection than passengers who are just going out to boat from point A to point B.