Whether you're new to boating, or a seasoned sailor, you probably understand that using a boat carries a certain amount of risk. Although boat insurance is only required by law in some states, there are some good reasons to consider getting this coverage. For one, accidents are not uncommon in the sport and pleasure boating scene, and if you take your boating to the sea you'll encounter a whole new set of perils. Secondly, you may appreciate insurance coverage if your expensive boat were damaged by theft or vandalism.
The kind of coverage you need depends mostly on the value of your boat, as well as the type of boat you own. Many homeowner's or personal property insurances will cover damage to your boat to a low total benefit. So if you have such an insurance, you should read over your policy to find out if it covers damages to your low-cost boat against damages. In most cases, these insurances will only consider a claim if your boat is damaged in your home. But what about when your boat's in the water? That's where boat insurance kicks in. Unless you get comprehensive boat insurance, which covers your boat while it's parked in a boathouse or on a trailer, your boat will only be covered by boat insurance when it's in the water.
Boat insurance generally includes liability coverage, which covers bodily injury to others and damage to other people's property caused by you while in your boat. Your boat insurance may also cover you if someone is injured while on your boat, and can cover the cost of damages to your boat. There are many types of option boat insurance add-ons, such as uninsured boater insurance. This offers a compensation if you or your boat are damaged by an uninsured boater that can't afford to pay the compensation you'd be legally entitled to. And since boat insurance is not required in most areas, the chances of an accident involving an uninsured boat are quite high. How much coverage is provided will depend on your policy, and if you don't want your finances to go down with the ship then you'd be best off getting an insurance that will protect your assets in the worst case scenario.