Boat/Watercraft Insurance

Boat insurance is a type of coverage that helps protect you and your boat from financial losses or unexpected events while you're out on the water or while it sits at home. Just like you have insurance for your car or home, you need insurance for your boat.

Here's how it works:

1. Premiums: You pay a regular amount of money to an insurance company, called premiums. This is usually a monthly or yearly cost.

2. Coverage: In exchange for your premiums, the insurance company provides coverage for different situations. Some common types of coverage in boat insurance include:

   • Hull Coverage: This helps repair or replace your boat if it's damaged or destroyed in an accident.
   • Liability Coverage: If you accidentally damage someone else's property with your boat or cause an injury to another person, this coverage helps pay for those costs.
   • Medical Payments Coverage: This covers medical expenses if you or your passengers get injured on the boat.

3. Deductible: When you make a claim, you might have to pay a certain amount of money first, called a deductible. The insurance company covers the rest, up to the limits of your policy.

4. Claims: If something happens to your boat, like an accident or theft, you can make a claim to your insurance company. They will investigate and, if the incident is covered by your policy, they'll help pay for the damages, repairs, or any other covered costs.

5. Policy Limits: Your policy will have limits, which are the maximum amounts the insurance company will pay for a claim. Anything beyond those limits, you'll have to pay for.

Boat insurance is important because it helps protect your investment in the boat and can provide peace of mind while you're enjoying your time on the water. It can also be required in some cases, especially if you're financing the purchase of your boat or if you use it in certain areas. It's a way to help you avoid big expenses if something unexpected happens while you're boating.