Regardless of how you spend your time on the water, there are some fundamental things your boat insurance should cover. From a cozy catamaran to a deck boat with all the bells and whistles, your insurance should cover 6 basic essentials, and our Lifetime experts are here to tell you all about them!
1. Property Coverage
First on our list of essential things your boat insurance should cover is property coverage. Whether an accident occurs on land or on water, the right level of property coverage will help pay for any necessary repairs, up to your limit.
2. Liability Coverage
In addition to softening the financial blow of damage repair, your boat insurance should also include liability coverage. If you’re at fault in an accident with another boat, your liability coverage can help pay for the resulting expenses, like legal, medical, or repair fees.
3. Medical Coverage
While we’re on the subject of the expensive aftermath of a boating accident, medical payments are also something your boat insurance should cover. If you or your passengers are injured from an accident on your boat, this coverage can help pay for the resulting hospital bills.
4. Uninsured Watercraft Coverage
What if another boat or watercraft collides with your boat, injuring you and your passengers? What if that other driver is uninsured? Well, that’s when you’d be grateful for your uninsured watercraft coverage under your insurance plan!
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5. Towing Coverage
Although the towing fee is usually the last logistic on most people’s minds when worrying about a boating accident, it’s worth including on your essential coverage list. While towing coverage may not be included on most standard plans, it’s an item you should talk to your insurance specialist about adding to yours!
6. Accessories & Special Equipment
Last but not least, you should make sure that your boat insurance covers any accessories or special equipment on your boat. Accessories like geo-location, speakers, or fishing gear add up, and your boat insurance should cover these items accordingly!