If you own a boat you will need boat insurance and it is a good idea to have health insurance and life insurance also. Not to sound negative or make boating seem like a dangerous activity, because when the rules of the waterways are followed and boaters use common sense, boating is a very safe and fun activity. However, accidents do happen more often than you would think and common sense should tell you if you are going to be participating in any activity that could become dangerous you need life insurance and health insurance.
If you own a boat you will need boat insurance to put it in the water or just tie it to a dock. One misconception about boats is the homeowner’s insurance covers them. This is not true with a few exceptions, boats that do not have motors (row boat, canoe, sail boat or a boat with a very small motor sometimes your boat will be covered, but honestly if you have an expensive boat you should not rely on your homeowner’s policy to cover it, you need boat insurance.
What Boat Insurance Covers
Bodily injury insurance usually covers injuries caused by the boat. Whether the boat hits another boat, hits a swimmer in the water or someone in the boat falls and injuries themselves. Your bodily injury insurance will pay for a percentage of the medical bills. It is always a good idea especially if you spend a good deal of time on the water to purchase as much bodily injury insurance as possible.
Liability insurance generally pays for damages caused to another boat and any property on the other boat that may be damaged. Boating insurance may also help cover any wreck removal in the event of an accident.
Cleanup insurance usually covers the cost of cleaning up after your boat and the boat(s), including debris, oil or gas or anything that is considered environmentally damaging. The cost of cleaning up after a boating accident can cost an enormous amount of money. You'll be glad you had boat insurance.
Physical Damage Insurance
Physical damage insurance covers damage to the boat. If you experience boat prop damage or any part of your boat hits the dock or any other type of obstruction and is damaged, your insurance may pay to have the boat repaired.