Protect Your Financial Interests With Boat Insurance

If you own a boat, it is important to protect your financial interests with boat insurance. Like other types of insurance, it can help pay for injuries and damage you may cause to others, as well as cover the cost of repair or replacement of your own boat. It can also provide liability coverage in the event you are liable for an accident that occurs while on your boat.

While most states do not require boat owners to carry insurance, it is a good idea to have coverage to help you avoid large financial losses. The best way to determine the right amount of protection for your boat is to speak with one of our insurance experts and get a free quote.

The amount of boat-insurance you need will depend on several factors, including where you plan to use your boat and the type of boat. It is also important to consider the amount of coverage you need for medical payments, which will pay for first aid treatment, ambulance, hospital and other expenses that could result from a boating accident, even when you are not legally responsible. The physical damage portion of a policy can also vary considerably from company to company, with some offering more comprehensive coverage than others.

When selecting an insurer, you should find out how long the company has been in business and ask for recommendations from other boaters. Then ask about their experience with claims processing and how quickly they have responded to inquiries. In addition, you should check the company’s ratings with state insurance regulatory agencies.

A few companies specialize in boat insurance, with GEICO and Foremost among the more prominent. Some offer a variety of package policies while others have a more a la carte approach to establishing coverage. For example, Foremost has a wide range of add-ons for its policyholders, including unlimited towing from TowBoatUS, an optional cruiser endorsement and a diminishing deductible option that lowers your deductible by 25% each year you go without a claim.

Other companies will offer discounts for multiple boats and for completing a boat safety course. Some also allow you to include your boat in a multi-policy discount with your auto or home policy. And some will cover the cost of your deductible in the event of a claim.

While most boaters will hope that they never need to make a claim, it is important to be prepared and understand how much your boat insurance covers. In addition, by following some simple maintenance tips, you can minimize the risk of having to file a claim and reduce your boat insurance premium.