Financially savvy individuals who enjoy spending time on the water understand why boat insurance coverage is so important.  When it comes to protecting your investment, the right policy will protect you financially should you be involved in a collision on the water.  Furthermore, your policy may also safeguard your smaller incidentals as well.  Just be aware that these insurance policies don’t automatically cover everything.  So it’s important that you understand your policy and the extent of the coverage in it.

What is Usually Covered?

No matter what type of vessel you own, you’ll want to protect it against damages and theft.  Damage to another person’s property and personal injuries should be covered as well.  The following are the 4 most common types of coverage that are commonly found in most boat insurance policies:

  • liability coverage
  • medical payments coverage
  • property damage
  • uninsured watercraft coverage

Remember, your policy should contain those coverages that best address your needs and the needs of those who go boating with you.

What isn’t usually Covered?

Animal damage – no matter if your boat is damaged by a creature that lives on land or one found in the water, insurance policies generally do not cover you against this type of damage.  You can purchase additional coverage to protect your boat from water faring creatures.  Otherwise, be prepared financially to have those damages repaired.

Mold – since your boat spends a majority of its time out on the water, this is a common yet natural issue that all boat owners must contend with.  Unfortunately, this not only damages your vessel’s structural integrity, it can cause a number of health issues as well.  Unfortunately, mold coverage is usually excluded from boat insurance policies.

Navigational limitations – did you know that boat insurance policies may only protect your vessel in specific areas and not in others? Prior to taking it out on the water, be sure you understand the navigational limitations in your policy.  You’ll need additional coverage for venturing out into international waters.

Normal wear and tear – this is something that usually isn’t covered under the majority of the insurance policies out there.  You can’t expect your insurance company to cover this since wear and tear are a normal part of the aging process with any type of vessel.  You should be financially prepared to deal with this when your boat starts exhibiting the telltale signs of wear and tear.

It is important to read the fine print before signing the insurance policy purchase. Thus, get the details of different policies, compare it and then select the best policy cover.

Call 1-800-585-1665 today to request a quote from InsureAnyBoat.com