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What You Need to Know About Boat Insurance

Few things compare to taking your friends and family out on the water in your very own boat. Boat ownership provides a way to spend time outdoors while making memories to last a lifetime. The best way to protect these precious things is by making sure your boat is insured properly. At Dalessandro Agency Inc., serving Grand Rapids, MI, we want to help you make solid insurance decisions. Let’s take a look at what you should know about boat insurance.

Is Boat Insurance Necessary?

Although boat insurance is not required to operate a boat or watercraft, it is recommended in all fifty states. Boat insurance is necessary if you want to protect the investment you have made into your boat. You have invested money and maybe even some time. You want to make sure this investment is not lost due to an accident, fire, storm, or theft. 

What Does Boat Insurance Cover?

Boat insurance operates very much like vehicle insurance, with a few differences. In general, a boat insurance policy will cover:

  • Collision/comprehensive– If your boat is lost or damaged because of an accident, fire, natural disaster, or theft, then your insurance policy will help pay for the repair or replacement of your boat. 
  • Liability– Liability is one of the most important types of coverage for boat owners. If someone is injured on your boat or because of your boat, the insurance policy will help pay for any medical bills or legal fees resulting from the incident. Without liability coverage, you will personally be held responsible for these expenses. 

If you would like to learn more about boat insurance or any of our other insurance products, please contact us at Dalessandro Agency Inc, serving Grand Rapids, MI. We will be happy to answer your questions today. 

What does boat insurance cover?

Your boat is more than likely one of your most prized possessions and a financial investment for you and your family. To protect it, you will need to obtain boat insurance.

A boat insurance policy can cover your motorboat, personal watercraft, or sailboat if it is stolen, vandalized, or damaged by a fire, lightning, or other disasters. Boat insurance can also protect you if an accident occurs, and it is deemed to be your fault. It will cover injuries sustained in the accident by your passengers or people in another boat, along with damage to other people’s boats or property.

Your boat insurance policy can cover more specific parts of your beloved boat too, such as the boat’s machinery, equipment that is permanently attached to the boat, the fittings of the boat, furnishings inside your boat, and your boat’s hull.

Property insurance coverage

This is the part of your policy that will repair or replace your boat if it is damaged in an accident, it is stolen, it is vandalized, or if it is damaged in a fire or natural disaster. This type of coverage protects your boat while it is in the water or on land.

To protect your boat or watercraft from various risks, you need to obtain a boat insurance policy. For example, if you accidentally hit another boat while out on the water and damage is caused, the property damage portion of your policy will pay for the other person’s boat to be repaired or replaced. This insurance will also replace your boat if someone steals it. This part of your policy will protect your boat, whether it is docked in the water or parked in your driveway at home. When you obtain property insurance for your boat, you may be able to choose between two coverage types: actual cash value coverage or agreed amount coverage.

Liability Boat Insurance Coverage

In the event you cause an accident to happen that results in the damage of someone’s property or injuries to someone, liability coverage will pay the expenses incurred.

Medical payments coverage

This part of your boat insurance policy covers anyone who is injured in an accident you are involved in with your boat. This coverage will help pay for medical expenses, hospital bills, medications, or X-Rays.

Uninsured or Underinsured Watercraft Coverage

This type of boat insurance covers damages to your boat that are caused by someone who does not have any boat insurance at all or not enough.

To create the best policy for you and your boat, you need to enlist the assistance of a boat insurance agent like the trusted agents at the Dalessandro Agency Inc. in Grand Rapids, MI. Contact our office to have your questions answered and learn more about your options.