If you live near a large body of water, having access to a personal boat can be beneficial. Boats can provide hours of entertainment out on the open water. It's important to remember that insurance coverage is required to ensure that your assets are protected in the event of an accident. First-time boat owners might not be familiar with what their boat insurance policy covers. You should take the time to learn the basics of boat insurance.
What Is Covered
Boat insurance policies are similar to auto insurance policies. This means that you can expect your insurance policy to pay for any damages that are sustained during a collision while your boat is on the water. You can also expect coverage for any accessories that are permanently attached to your boat, like oars or anchors.
A quality boat insurance policy should also offer financial compensation for damages caused by a fire, lightning, or flooding in your area. Medical reimbursement is also provided under your boat insurance policy to help pay for any injuries you or your passengers sustain while using your vessel responsibly.
What Is Not Covered
As important as it is to know what is covered under your current boat insurance policy, you also need to know what your policy will not cover. This allows you to be fully informed when it comes to filing an insurance claim against your policy in the future.
Most boat insurance policies do not offer compensation for damages caused by large creatures living in the water. If your boat is damaged by a shark, swordfish, or other underwater dweller, you will be responsible for covering the cost of repairs out of your own pocket.
Your insurance policy likely doesn't offer any protection against damage caused by insects, mold, or other creatures. There is an exception to this rule. Some insurance companies are willing to provide coverage for any damages caused by zebra mussels in areas where these invasive creatures are prevalent. You will need to check with your insurance agent to verify whether or not your policy covers zebra mussels.
You must have a full understanding of your boat insurance policy if you want to ensure that you have as much financial protection for your vessel as possible. An insurance agent will be able to work with you to design a policy that meets your unique needs as you invest in your first boat. Contact an agency, like Veronica's Auto Insurance, for more help.