The Facts About Boat Insurance

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The Facts About Boat Insurance

The facts about boat insurance

You own a boat to get away from stress – not to create more, right? Purchasing a boat comes with unforgettable memories and freedom to explore, but there is also a lot of responsibility that comes with being boat owner. Choosing an insurance policy for your boat can be challenging, but boat insurance will mitigate risk and help you avoid facing significant financial hardship if something unexpected should occur. Natal Power Boats hopes you steer clear of additional stress with these essential facts every future captain should know about boat insurance.

Several Factors Determine Boat Insurance Coverage Needs

The amount of coverage you need will depend on a variety of factors, including the boat’s value, its motor size, how old it is, how you use it, and if it’s financed. If you dock it in a marina, they may also require a certain amount of coverage.
There are two core principles that form the backbone of all marine coverage.

1. Liability Coverage

This ensures your legal obligations to third parties are covered in the event of injury, loss of life or property damage occurring due to the usage of your boat.

2. Physical damage

This covers damage or accidental loss to your boat and its machinery, including the hull, engine sails and any equipment that is necessary to operate your boat.

A good policy will include coverage for the following liabilities:

  • Medical payments: This covers your first aid, ambulance and hospital costs in the event of an accident. Passengers who are injured will be covered too.
  • Towing and assistance: This will ensure the cost of boat towing, emergency repairs, fuel delivery while at sea, and any other emergency assistance is covered.
  • Personal property: This covers the loss of any personal items such as clothes, gear and more.

Third party liability:

This cover is not obligatory, but it covers you and your passengers in the event of injury caused by another boat owner who has no liability cover.
A comprehensive policy will provide protection for property damage, bodily injuries, fire or explosion, theft, vandalism, collision, storm damage, sinking, boating equipment, personal effects, and your trailer.

It Is Wise to Stay Insured in the Off-Season

Even if you don’t take the vessel out much once the weather gets colder, don’t cancel coverage during the off-season. There is a chance for disaster to strike any time of year, and you would be financially responsible for any losses while the policy is suspended. Some providers allow a pause on coverage, so consider this option if you want to cut costs.

There Are Ways to Save on Premiums

Boat insurance doesn’t have to be a costly addition to your monthly expenses. Most insurers offer several ways to reduce premium rates. Though discounts vary between providers, usually you can save by taking a boating safety class, investing in safety features, and bundling policies.

Specify Who Will Operate the Boat that You are Insuring

It is vitally important that you talk to your insurance provider about this. Some insurance policies will only cover the boat owner as the operator for the rate that was quoted. The rate increases if operators other than the actual owner operate the boat. Make sure that you clearly define who operates the boat.

Get Expert Bat Advice from Natal Power Boats – The Boating Pros

Talk to your current insurance broker first. If you have your vehicles and home insured with an insurance company, you will probably get a better rate on your boat insurance from them. Talk to us at Natal Power Boats as we are always here for all your boating needs.