You can buy boat insurance from a lot of regular insurance agents, but it’s better to buy it from an agency that specializes in marine insurance. One things for sure, though. It’s better to have it than not to have it. For one thing, if your boat ever got stolen or damaged, it would cost a lot of money to repair or replace it. Granted, in today’s tough economic times, you might be tempted to let your boat insurance lapse if that were all it covered. After all, if your boat were ever lost or damaged and you didn’t have the money to repair or replace it, you could just simply refrain from doing so.
However, it’s precisely because that’s not all boat insurance covers that we would recommend against doing that. Just as with auto insurance, if you were involved in an accident in which someone else’s property were damaged, then that would be covered as well. Even more importantly, bodily injury is also covered. Plus, there’s the possibly that you might be injured by an uninsured boater. That’s what uninsured watercraft coverage is for. In a nutshell, if you’re going to operate your boat, then you need to have boat insurance, regardless of which type of boat (or other personal watercraft) it happens to be.
There are some things to be aware of while you’re shopping, though, and one of those things is that not all boat insurance policies are created equal. For example, if you’re going to be sailing your boat on the ocean, then you need to be aware of how far from land your coverage remains in effect. Not only that, you need to pay attention to your liability amounts just like you would if you were purchasing car insurance. There are also other types of coverage you can add to your policy. One of those options provides coverage for the personal effects of you and your passengers.
You also have the option to purchase coverage for unattached equipment. This would apply to things like water skis, anchors, oars, etc. Most boat insurance policies include at least a minimal amount of this type of coverage to begin with, but you can purchase more if you need to for an additional monthly premium. You can also get an emergency assistance benefit which would cover towing, fuel delivery, or even the loan of a battery in the event your boat ever became disabled on the water.