Essential Guide to Purchasing Boat Insurance
This comprehensive guide explains essential aspects of boat insurance, including when to get dedicated policies, factors to consider, and available coverage options. Perfect for new boat owners, it highlights the importance of specialized marine insurance for ocean adventures and discusses add-ons like towing and cruising extensions. Stay informed to protect your vessel effectively and ensure peace of mind on water journeys.
Essential Guide to Purchasing Boat Insurance
If you're a new boat owner, exploring insurance options is crucial. The key point to remember is that obtaining dedicated boat insurance is highly recommended. Many owners mistakenly believe their homeowner’s policy covers marine risks, but such policies often exclude specialized damages. While homeowner’s policies might cover smaller boats up to 100 horsepower on lakes and rivers, they don’t typically include repairs or damages related to ocean ventures or larger vessels.
- Age of the boat
- Value, horsepower, and length
- Type (yacht, cruiser, fishing, inboard/outboard)
- Condition and US Coast Guard compliance
- Number of owners
- Operational area (lakes, rivers, oceans)
- Primary residence use
- Specialized coverage: Protects specific boat parts and valuable installed equipment.
- Consequential damage: Covers wear and tear issues like rust, rot, or corrosion.
- Towing: Assistance if your boat requires towing to safety.
- Cruising extension: Temporary overseas coverage, often for trips to Mexico or the Bahamas.
