| When shopping for boat insurance, you may be | | | | without this coverage. Don't make the mistake |
| surprised to find that there are different | | | | of thinking that something like this won't |
| types of boat insurance policies available. | | | | happen to you! |
| Many insurance companies will only offer one | | | | |
| standard watercraft liability coverage | | | | You should insure yourself against uninsured |
| policy, while others will offer optional | | | | watercrafts as well. This works just like |
| coverage that you can purchase. In fact, if | | | | uninsured motorist insurance when you |
| you have financed your boat, your lender may | | | | purchase coverage for your automobiles. If |
| require you to carry specific optional | | | | someone who does not have insurance - or |
| coverage. There are several different types | | | | adequate coverage - collides with your boat |
| of coverage that you can add to your policy. | | | | on the water, your insurance will pay for the |
| | | | replacement of your boat, or for the needed |
| The standard insurance is the watercraft | | | | repairs. |
| liability insurance coverage which is | | | | |
| required by many states. This insurance will | | | | Towing and assistance coverage should also be |
| cover you in the event that damage is caused | | | | strongly considered. Getting towed back to |
| to another person or another person's | | | | shore often costs more than having a car |
| property by actions taken with your boat - | | | | towed to a garage! Especially if you are out |
| whether it is during transport or on the | | | | in the middle of the ocean! You should also |
| water. Again, many states now require this | | | | ask about coverage to recover your boat and |
| liability coverage, and each state has its | | | | protect it from further damage after a |
| own requirements as to how much liability | | | | mechanical failure or an accident. These |
| coverage you need to have. Check with your | | | | costs do indeed add up. Again, don't make the |
| insurance agent to find out what you are | | | | mistake of thinking that nothing bad will |
| required to have. | | | | happen, and don't make the mistake of |
| | | | thinking that you cannot afford the coverage. |
| Watercraft medical payments coverage may also | | | | If you can't afford the coverage, you |
| be required in your state. This coverage pays | | | | certainly won't be able to afford these |
| the medical expenses, up to a specific | | | | expenses! |
| amount, for you and any occupant of your boat | | | | |
| which results from a covered accident. Even | | | | Most insurance policies should cover your |
| if this insurance is not required, you should | | | | boat, the motor, and the trailer used to |
| definitely consider it. Medical expenses are | | | | transport the boat. Liability coverage isn't |
| quite high. If you think that you cannot | | | | the only type of coverage that you need in |
| afford this coverage, think about whether or | | | | most cases. You should make sure that you |
| not you could afford the medical bills you | | | | protect your boat, just as you protect your |
| will have in the event of an accident without | | | | automobiles with coverage that includes theft |
| the coverage. | | | | and vandalism, as well as losses caused by |
| | | | storms, fire, sinking, capsizing, stranding, |
| Wreck removal and pollution coverage should | | | | collision, and even explosions. Talk with |
| also be strongly considered. By law, if your | | | | your insurance agent to find out what type of |
| vessel is wrecked or sinks, you will be | | | | insurance is required by your state and what |
| required to remove it. If oil or gas leaks | | | | type of coverage they offer. Also talk with |
| into the lake, river, or ocean, you will be | | | | your boat dealer and lender to find out what |
| fined - just like the big oil companies are | | | | type of coverage you are required to have as |
| fined when they have spills in the ocean! | | | | well. |
| These fines, as well as the wreckage removal | | | | |
| and spill cleanup can be quite expensive | | | | CopyRight Ian D. Major 2005. |