When you purchase a boat, whether a small one or large one, you are not only buying a vehicle to get around on the water, but are also making a commitment to a new, carefree lifestyle. To cover the value of your new asset, you want to acquire insurance that will cover your new boat and any liability costs if you are involved in an accident.
The damage to your boat can be very expensive to repair, which is why you want to be sure to have a policy to take care of this in case of an accident. In addition, if your family member or you are injured in the accident, the insurance coverage will cover this liability as well. Other coverage that you can add on to your policy include:
• Emergency Service: If you need towing or emergency service when you are out on the water, this coverage will kick in.
• Disability Coverage: If the policyholder becomes disabled in a boating accident, compensation will be available.
• Medical Payments: If you or a member of your family is injured in a boating accident, your medical payments are covered.
• Uninsured Boater Insurance: If a boater who does not have insurance injures you or your family, this coverage will kick in.
• Replacement Coverage: This add-on covers personal items, such as clothing, sporting goods, and other items, up to a certain amount.
• Recreational vehicles, such as boats, cost quite a bit of money, which is why it is important to protect this investment with insurance coverage. It will not only save you money in repairing or replacing your boat, but will also help cover costs associated with being injured, including living costs.
Buying a boat can signify a new life, but if you do not protect it, you are setting yourself up for a huge financial loss. Whether the accident is your fault or not, you want to have insurance protection to ensure that your interests are protected. Without it, you could be looking at not only having to pay out of pocket to repair or replace your boat, but to cover medical bills for yourself, your family, and anyone else involved in the accident.