Importance of Boat Insurance

B oat insurance covers water vessels. Under this insurance, you are assured that you will get compensated in case of loss or damage to your boat. Boat insurance has large coverage of most watercraft with motors, including leisure crafts, pontoon boats, fishing boats, paddle boats, and yachts. Usually, boat insurance does not cover kayaks, personal watercrafts or canoes. Some of the insurance coverage are: Watercraft medical coverage This coverage comes in handy in the event of an accident on water bodies. It covers all or part of the eligible medical expenses following an accident. Thus, you will not be required to meet the payments out of your pocket. Boat damage while parked at home The watercraft policy will not cater for any damage suffered by your vessel when parked at home. However, you may get some relief from your home owner’s policy although it may not be adequate. Watercraft damage cover After an accident, this cover may help you repair or replace your vessel. It covers the watercraft and its trailer if any. Boat liability coverage You need to have liability cover for your craft. If you are at fault for a boat accident, the liability cover will shield you from any financial consequences you will suffer as a result of the crash. A number of liability covers exist, and you need to select what is right for you. Boat damage during transport Your watercraft may be damaged in an accident when transporting it to a water body or back home. Any damage caused to the vessel while in transit is not covered by the policy. However, the policy of the vehicle used for the transport can provide the coverage required. [Photo: realclearlife.com]