Boat Insurance Buying Guide

Boating is an incredibly popular pastime that members of all age groups can find to be enjoyable, but operating a watercraft without the proper boat insurance can lead to huge problems including unnecessary stress and financial strain. Because it is not mandatory in many states, few operators ever really consider the need for a marine policy.

There are two types of boat insurance available and both are very important. The first type of boat insurance is liability coverage that is primarily designed to protect the policyholder in the event of any accidents that occur on the watercraft. It is fairly easy to think of various situations that could arise out of a simple weekend excursion, but many boaters believe that it won’t happen to them. One simple liability claim or lawsuit is typically enough to financially destroy any family, so it is imperative that proper liability coverage is retained. There are usually deductibles involved and most consumers opt for catastrophic coverage that will solely pay for major incidents. Liability policies cover both physical damage done to other boats and injuries incurred by passengers or other boaters during a tragic occurrence.

The other type of boat insurance is property protection that will both cover accident damages and loss due to theft. For boaters that travel with their watercraft, trailer insurance can usually be included in such a policy to protect from accidents that occur off the water. Although most boats are considered simply to be recreational vehicles, an owner would most likely still want the ability to quickly replace a stolen watercraft. Property protection ensures that the owner is adequately covered in the midst of different circumstances.

Although it is important to carry the appropriate protection, many boaters believe that the premiums will be too expensive or simply not worth the high cost. The reality is that there are several ways to lower the premiums and boat insurance can truly be very affordable. Deductibles can often be raised on both types of marine policies and this will result in a lower price to insure. Boats that are only used during the warm months of the year often qualify for a drastic reduction in premiums because of the decreased risk to the insurance company. Significant discounts are often given to operators that have taken safety courses approved by the U.S. Coast Guard. All of these methods can be used to decrease premiums, but the most savings can be obtained by deciding to shop and compare multiple quotes online for adequate boat insurance.

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