As a boat owner, you want to enjoy days out on the water without being concerned about possible risks. Accidents and damage can happen, even to the most careful boaters. Having the right boat insurance coverage is crucial to protecting your investment.
This article will look at some critical protections boat insurance policies offer. You’ll learn how boat insurance can shield you from financial loss due to theft, accidents, injuries, etc.
Does a Boat Insurance Policy Protect Me From Theft?
Unfortunately, boat theft is a real possibility for any boat owner. According to the National Insurance Crime Bureau, in 2019 alone, 4,240 watercraft were stolen across the country.
A boat insurance policy can protect you if your boat or related equipment is stolen. Comprehensive boat insurance coverage typically covers theft, while liability-only policies exclude it.
With comprehensive coverage, theft protection usually applies whether your boat is on a trailer, at a marina or dock, or stored at your home. Permanently attached accessories and electronics like fish finders or marine radios are also generally covered. Don’t forget to ask your insurer about any specific limitations and exclusions.
If you discover your boat has been stolen, take action quickly. File a police report immediately and call your insurance company to start the claim process. Provide documentation, like past photos or registration info, to help identify your boat.
You can also take proactive measures to attempt to deter theft altogether. Always lock up your boat and trailer using quality chains, wheel locks, hitch locks, or a tongue lock. Install a good boat alarm system. Etch the hull identification number (HIN) onto all equipment to discourage theft.
Does a Boat Insurance Policy Protect Me in an Accident?
Accidents happen, but boat insurance can minimize the financial damage. Liability and collision coverage are key to protecting your assets in a boating mishap.
Liability coverage helps cover damage you cause to other boats or property. It has two components:
- Bodily injury liability pays medical expenses for injured parties.
- Property damage liability repairs or replaces other people’s damaged property.
Collision coverage pays to repair or replace your boat after an accident. It covers collisions with other boats or objects like docks, buoys, rocks, etc. You can also get uninsured boater coverage as added protection.
This will pay for injuries or damage caused by a boater with no insurance after they are found negligent. You could pay huge out-of-pocket after an accident without proper liability and collision coverage. Don’t take the risk!
Does A Boat Insurance Policy Protect Me From Injuries?
In addition to protecting your boat, you want insurance to pay medical costs if you or anyone else gets injured. Medical payment coverage can pay hospital, ambulance, and even funeral costs for injuries sustained on your insured watercraft.
The coverage amount and limitations vary. But in general, medical payments coverage will reimburse medical expenses for:
- You and any passengers injured on your boat;
- Guests boarding or disembarking and
- Water sport participants being pulled behind your boat (tubing, wakeboarding, etc.).
Make sure you know what activities your medical payments coverage includes. High-risk sports like parasailing may require a special rider or extra policy. Also, check if medical payment coverage extends when you are away from the boat, such as on a dock or fueling station.
For even more protection, look into supplemental umbrella insurance. This kicks in when damages exceed your boat policy limits, giving you an extra layer of coverage.
Other Protections Offered By Boat Insurance
In addition to the major coverage, boat insurance policies may offer other protections:
- On-water towing reimbursement if your watercraft breaks down on the water.
- Wreckage removal if your boat sinks or needs salvaging after a covered incident.
- If you’ve included this option, coverage while your boat is in winter storage.
- Mechanical breakdown coverage for engine and motor repairs caused by regular wear and tear.
- Extension of your navigation limits for trips beyond your policy’s normal boundaries.
- Protection from ice and freezing damage if you pay for winter layup coverage.
Make sure to discuss all available options with your insurer or agent. The right boat insurance coverages will safeguard your investment and give you peace of mind out on the water.
Protect Your Boat Investment with JMG Insurance Agency
Boat insurance can provide vital financial protection against many common risks boat owners face. The right policy helps shield your assets whether your boat is stolen, damaged in an accident, or someone is injured on board.
However, every boat and its owner’s needs are unique. Factors such as where you boat, what activities you do, and the type of vessel you own impact your coverage requirements, making it complicated to find the right policy.
Instead of wondering, “Does a boat insurance policy provide coverage for this particular situation?” let JMG Insurance Agency provide expert guidance in securing the best policy for your needs.
Our team of expert boat insurance agents has helped countless boat owners by designing comprehensive boat insurance policies tailored to their needs. So, don’t leave yourself needlessly exposed to financial loss. Contact JMG Insurance Agency today at 1-844-304-7332 or online so we can evaluate your boating lifestyle and build an insurance policy that works for you.