What To Look For In A Boat Insurance Policy?
When scouting insurance providers for boat insurances, here are some things that you should look for in a boat insurance policy:
Navigational Area
Know the area where you are covered in the water body. Some insurance companies provide coverages for as much as 75 miles into the U.S coastline into the Pacific coastal waters, Canadian coastal waters, etc. you can also buy additional coverages for sailing overseas.
Liability Coverage
Personal liability coverage covers damages sustained by other boats or boat owners in the situation that you are at fault. Your insurance will cover for the repair or replacement costs for the other boat owner as well as their medical costs, lost wages, etc.
Agreed Value Coverage
This is the insured value for your boat that you will receive in an event that your boat suffers a loss or damage.
Physical Damage Coverage
This covers your watercraft in the event that you need to replace or repair the watercraft due to a damage in the motor, the trailer or something attached to the equipment.
Bodily Injury By Uninsured/ Underinsured Watercraft
Boat insurance is not mandatory in many areas and as such many boaters generally choose to avoid getting the insurance. So, if you are hit by an uninsured or underinsured watercraft then your medical expenses and other costs incurred by the accident will be covered.
