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Boat Insurance

Boat Insurance for Safety on the Water

Millions of people in the US enjoy boating on rivers, lakes, and the oceans. And the U.S. Coast Guard reports that in 2015, 4,158 recreational boating accidents occurred. The aftermath included 626 deaths, 2,613 injuries, and $42 million in property damage. Also, the National Association of Rescue Divers reports that most accidents occur after drinking and changing weather conditions impair judgment. Capsizing is the number one cause of boating deaths. Although boating is fun, these numbers show the importance of boat insurance.

Boat owners should have coverage to provide compensation following the loss or damage to your boat. Most types of boats are covered, including fishing boats, yachts, cabin cruisers, sailboats, and power boats. But smaller crafts like canoes and kayaks are generally not covered. Your homeowner’s policy might provide coverage for the smaller crafts.

Premiums for boat insurance depend on the type of boat. A fishing boat needs coverage that is appropriate for a fishing boat and not another type of boat. And discounts for adding safety features to your boat are usually available. You might also get a discount for taking boating classes, and for extending the period when you don’t use your boat. When buying coverage, check to see if your policy has a navigational warranty. You want to avoid using your boat in an area not covered by your policy.

Types of coverage include collision for repairs or replacement, and property damage liability for damage caused to other boats, property, or buildings. There is also bodily injury for medical and legal expenses when you’re at fault for an accident. And comprehensive covers your boat if it is stolen or damaged during different events. Other boat insurance options include coverage for medical bills, roadside assistance, and damage to fishing equipment.