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Additional Insurance For Boaters
While boat insurance may not be needed in your particular state, buying a coverage is a high priority. What does Boat Insurance Cover? Boat insurance actually includes various coverage types to assist in many different circumstances, much like car insurance does: Property damage coverage. This protects the boat from damage and theft due to an accident or even sinking.
Many times a boat owner chooses to insure the boat as separate from their home, thinking that if they have separate policies, they can avoid paying for both at the same time. However, if a collision or other damage occurs, then both policies must be paid for. Usually your agent will know which policy covers which, but it never hurts to check. It never hurts to ask.
In most states, boat insurance requires the boat to be equipped with certain items, such as fire extinguishers, a marine battery, a boat anchor, a first aid kit, and a fishing license. Most policies also require boat owners to maintain certain personal things on board such as a fishing license, a copy of their boat’s Owner’s Manual, and a sailing permit. Some policies also require boat owners to install such items as GPS systems, an emergency signal device, a safety flag, an automatic stopwatch, a transom, a buoys, and other items.
One important type of coverage that is often overlooked, but is extremely important, is medical payments coverage. Medical payments help protect policy holders when they become ill or injured while on the water. Policy limits vary, so talk to your agent about what is required. Remember, before you purchase boat insurance, make sure that your agent can help protect your needs!
When you begin searching for boat insurance quotes, it is helpful to have an idea of what your requirements are. What are some of the things that you are expecting? Will you require boat insurance protection in the event of a boating accident, fire, or other loss or damage? Are you interested in purchasing additional coverage options to meet your needs? If so, you should find out what your options are. The more you know upfront, the more time you will save.
Bodily Injury Liability is the most common type of bodily injury liability coverage offered by insurance companies. Bodily injury liability is designed to pay for medical bills and other expenses resulting from an automobile collision, fall, or slip and fall. It is designed to help offset the costs of rehabilitation and other medical bills if you are the victim in an accident. This type of coverage helps cover the costs of treating injuries. If you were injured in a motor vehicle accident, you may be entitled to receive monetary compensation for the losses and pain and suffering you have experienced.
Another type of coverage that you may require boat insurance for is property damage liability insurance. Property damage liability is designed to cover the costs of repairing or replacing your boat and personal property after a boating accident. If you were to damage another’s boat, personal property, or another property on the ocean, you could potentially be held liable. Property damage insurance helps pay to repair or replace your boat and other property and also covers other property or personal injury claims, such as those resulting from slip-and-fall accidents or other damage incidents.
If you are a frequent boater, you may need to purchase additional insurance to supplement your main policy. If you have a boat loan, lender, or credit agreement, you may need to purchase boat insurance to satisfy the terms of your arrangement. You may need to purchase additional coverage for theft, vandalism, and other accidents. Although many people may not realize it, boating is a dangerous sport. Unless you are planning to use the boat for your own private pleasure and are not involved with another boater in any way, you may need to protect yourself with the right amount of insurance to ensure that you and others you come in contact with are adequately protected.