New boat owners often ask the question: “I am buying a boat. Do I need boat insurance?” The answer to that question is probably so. Foregoing boat insurance could be leaving yourself vulnerable to boating liability and personal loss expenses. Bodily injury claims which include medical bills, lost wages and pain and suffering of injured victims alone could add up to tens, or hundreds of thousands of dollars in damages. That is in addition to the cost to repair or replace the boats, pontoons or sailboats involved in an accident. In every case, someone has to pay for all of those expenses. So unless your new boat is a canoe, you might want to consider a boat policy. Continue reading to find out more about the coverage you’ll need to insure yourself against boating accidents and other losses.
Homeowners Insurance is No Substitute for Boat Insurance
Most homeowners insurance policies here in Arizona provide limited coverage for boats. While some small vessels such as canoes and sailboats under 26 feet in length are covered, most motorized boats are excluded from benefits. As Lynne McChristian of the Insurance Information Institute said in a Bankrate interview, relying on homeowners insurance to cover your boat makes about as much sense as using your homeowners policy as the primary form of coverage for your car.
For example, you may get some minimal reimbursement (usually capped at around $1,000), if a fire destroys your boat while it is stored in your attached garage. Once the boat is mobilized or taken off your property, however, homeowners coverage is unlikely to provide any benefits at all. Considering your boat is likely worth far more than $1,000 and the cost of liability claims stemming from a boat collision can be astronomical, purchasing a separate boat insurance policy seems like a no-brainer.
What Should Boat Insurance Cover?
When shopping for boat insurance, make sure the policy is customized to fit your needs as all policies are not created equal. As an example, liability limits alone can range between $15,000 and $300,000 or more per accident. A good suggestion would be to seek the advice of an independent insurance agent who can help you evaluate your needs, and explain your options for coverage. Coverages available will include liability, as well as collision damages to your personal watercraft and losses sustained due to non-collision related incidents, such as theft and floods. Additional coverage can also be included to cover gear stored on your boat and medical payments for your passengers. Finally, they can provide a quote from various insurance companies for you to choose from.
Get a No-Obligation, Free Boat Insurance Quote Today
Do not let another day go by without insuring yourself and your boat against the unexpected. Boat insurance can be quite affordable and can even be bundled with a homeowners insurance policy for added savings. For more information or to request your free quote, contact our office or take advantage of the user-friendly form located right here on our website. Thank you for choosing Harnish Insurance Group for your boat insurance needs. We look forward to serving you soon.