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How Does Boat Insurance Keep You Safe?

Posted December 08, 2021 in Boat Insurance

3 Minute Read: 

Being out on the water can be a great escape from the hustle and bustle of everyday life. This is the reason why there are so many well-developed lakes and riverside tourist spots across the country. But as boat traffic increases in these areas, so does the number of boating accidents. In 2020 alone, over 5000 boating accidents caused more than 62.5 million dollars in damage

With lifted travel restrictions in the 2021 holiday season, this number is likely to increase. One of the best choices for boating enthusiasts this season is to invest in boat insurance

Today, insurance covers more than you think. Here are some of the things that you can expect from your boat insurance plan.

Front end of a motor boat on a lake

If you are looking to get on the water this holiday season, make sure your boat insurance is up-to-date. Contact Gallant Risk & Insurance Services, Inc. today to speak with one of our representatives. 

Insurance Coverage

A boat insurance policy will protect you and your boat. Similar to health insurance, failing to have a separate boat insurance policy probably means that you are underinsured

The main things that boat insurance can cover are:

  • Damage to your boat
  • Damage to any other sailing equipment you use to operate the boat
  • Fuel spill liability
  • Wreckage removal
  • Boat trailer coverage
  • Boat replacement
  • Liability for damages or injuries that you may cause if you are involved in a boating accident
  • The negligence of another driver
  • Medical coverage for yourself and other passengers in the boat
  • Liability to pay for damages and injuries you cause if you hit another boat, person or dock

Depending on your service provider, there are some exclusions to coverage that are useful to know about. Some common ones are operating without a license, modifications that enhance the performance of the boat and operating after dark. 

Find out more by having a thorough consultation with your insurance representative.

Customizing Your Boat Insurance

Not all boats are the same. This is why you should check to see if your provider covers the specific type of watercraft you have. Most reliable insurance companies will do their best to keep their list of approved boats updated, but this is not a guarantee. 

In some cases, only common boats like pontoons, yachts, sailboats and fishing boats may be covered.

Another reason it’s important to check on the types of policies provided by your insurance company is to customize your insurance agreement to your needs. In addition to the basic coverage options that we’ve gone over, there are some add-ons that you can use to make your boat extra protected. 

These include:

  • Consequential damage: This feature covers losses and damage resulting from wear and tear rather than any specific accident. Corrosion, rot and mold are great examples of such.
  • Specialized coverage: This add-on provides extra protection for a specific item on your boat, such as an expensive new piece of navigation equipment.
  • Cruising extension: Are you planning a trip to a place outside of the US? This feature can cover you during travels to destinations like Mexico or the Bahamas.

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