Things to Know About Boat Insurance
Although owning a boat can be fun, it does come with some risk. You can in an accident through no fault of your own. Over time, your watercraft may need to be repaired. Having insurance can save you a lot of hassle down the road. Located in Bayville, New Jersey, New Jersey Outboards has some nice watercrafts in our inventory, and we serve Philadelphia, Pennsylvania, New York, and Connecticut.
Is Boat Insurance Necessary?
If you have taken out a loan to finance your boat, your lender will require you to get physical damage coverage. The marina where you dock your boat may require that you have liability coverage. There are also a few states that you must get liability insurance. So, you may want to check your state laws.
Why Is It Important to Have Boat Insurance?
When you have an insurance policy, you are protecting yourself and your boat. Unless you have a separate boat insurance policy, you may be underinsured. Homeowners policies usually have restrictions on the size and horsepower of your boat. There can also be a limit on the damages that are covered.
What Is Covered by Boat Insurance?
Your boat insurance policy covers damage caused by common issues like a storm, fire, collision, or theft. If you accidentally use watercraft boat to injure someone or damage their personal belongings, your insurance policy will cover that.
With an insurance policy, damage to your sails, hull, and equipment are covered. If the damage is extensive enough, the policy may even cover replacing the boat with a new one. It can also cover fuel spill liability. If you hit a person, watercraft, or dock, your boat insurance policy takes care of that as well. There is also medical coverage for you and those traveling with you in your watercraft. Wreckage removal is also covered.
How Much Is the Insurance?
A lot of things are factored in when calculating the cost for boating insurance. The type and length of the boat is factored. The horse power and number of engines on the boat also play a role. The purpose of the boat also impacts the cost as well as where you are storing it.
Discounts
Some insurance companies have a multi-policy discount. For example, if you already have car insurance with a company, they may give you a discount on boat insurance. You can even get a discount for passing safety courses.
Getting insurance is a great way to protect yourself. Your lender, marina, and state may demand that you get it. If you are in accident, you are protected even if it is your fault. You can receive discounts for your insurance. If you are shopping for a new watercraft, come to Bayville, New Jersey, and visit New Jersey Outboards. We also serve Philadelphia, Pennsylvania, New York, and Connecticut.