Most everyone is familiar with the need for personal auto insurance because it is generally required by state law. However, now that you own a boat, your state may not have a requirement that you have coverage. Depending on the situation, this may cause you to forget the importance of carrying insurance to protect your pleasure craft. Even if it is not mandatory, there are a multitude of reasons to have boat insurance before hitting the water.
Elements of a Boat Insurance Policy
It doesn’t matter if your craft is a small fishing boat, pontoon or speedboat – this is your investment and a loss of any kind would be detrimental. Most policies can be tailored to meet individual needs, but there are typically several key areas that make up marine coverage:
- Towing to port
- Collision damage
- Damage to the boat including hull and sails
- Property damage to others
- Liability coverage for passengers
- Uninsured/underinsured collision protection
There are also cases where worldwide boat insurance is necessary. Mariners General Insurance Group states that even a day trip to Mexico on a boat requires specialized insurance to ensure complete protection. No matter what type of craft you own or what you are doing with it, talking with an insurance professional can help you navigate the available coverage options.