If you own a boat, you'll need to have insurance coverage on it to take it out on the water. As with many other types of insurance, the required coverage types and amounts vary from state to state, though there are some commonalities. Here's what you need to know.
Required Boat Insurance Coverage
In general, you will need to have at least the following coverage:
- Bodily Injury Liability - If you get into an accident out on the water, this aspect of your coverage will take care of any medical bills that result from injuries sustained in the accident.
- Property Damage Liability - This coverage pays for any damage to the other person's boat or other watercraft when a boating accident is your fault. It will not pay to fix damage to your own boat.
As mentioned previously, the coverage amounts you must maintain will depend on the state in which you live. The type of coverage you need will also depend on where you plan on sailing. There are different coverage types for those who will only be using their boat on a lake, for example, rather than venturing far out to sea.
Optional Boat Insurance Coverage
In addition to the coverage required in your area, you may also wish to augment your coverage with other options. These include:
- Physical Damage Coverage - This component will pay for any damages to your own boat when you are at fault. It is a good idea to set the value for more than your boat is worth to cover your trailer and any other accessories as well.
- Unattached Equipment Coverage - This covers any items that are not permanently attached to your boat but that are designed specifically for use on the water, like life jackets, anchors, tarps, oars and the like.
- Personal Property - This will cover any personal items you bring aboard that might get damaged while out on the water, like clothing, phones, and sporting equipment. It typically will not cover jewelry, watches, and other high-value items that aren't required on the water.
- Fuel Spill and Wreckage Removal - If your boat sinks or springs a fuel leak, you will be held responsible for cleaning up, which can be incredibly expensive and time-consuming. This coverage will handle those expenses for you.
To learn more about which types of coverage are best for you and your boat, get in touch with the experts here at Lang Insurance. Reach out today to request a free quote.