Boat Insurance Basics
Boats need insurance coverage just like cars and motorcycles. This coverage is usually not mandatory, but it is recommended. This is because boat owners need to protect their valuable watercraft. Insurance coverage provides compensation in the event of an accident.
In most cases, boat insurance coverage includes the following:
1. Liability provides compensation when someone is hurt because of your boat. This will pay things such as medical expenses.
2. Coverage can compensate you for damage to your boat from theft or loss. This will also include damage caused by your boat on another person’s property.
3. Vermin damage is an option for making repairs done by animals that get into the boat.
In places such as Canada, it is recommended to get a Pleasure Craft Operators Card to operate a motorboat. Failing to do so can result in a $250 fine. Several factors affect the cost of the insurance. For example, the type, size, and age of your boat matters. The engine size and who will be operating the boat matters as well. The value of the boat, where it will be used and stored is also something the insurance company will take into account.
Some boat insurance policies place restrictions on how far you can travel in the boat. Make sure to understand exactly what your policy covers. Speak with an insurance agent to learn of all your options.