Unlike automobile coverage, which most states require by law, boat insurance is not mandatory. However, the bank or marina may stipulate you buy a plan before they lend you money or lease a slip. Moreover, it's a valuable risk management tool even if your boat is paid-in-full and you have a private place to moor it. The team at Canandaigua Insurance Agency in Canandaigua, NY discusses some of the most common types of policies and what they cover.
What Boat Insurance Coverage Options Are Available?
Liability coverage protects you against financial responsibility in case you accidentally injure another boater or damage their vessel or other pieces of property. It pays for repairs and medical treatments, as well as lawyer fees, court costs, and judgment or settlement amounts arising out of a case because of the incident.
2. Collision Coverage
While liability only protects against damages to other people's property, collision coverage pays to repair or replace your boat in case of an accident for which you are at fault. If you are not responsible for the incident, the other boater's insurance policy should cover your costs.
3. Uninsured or Underinsured Boater
Unfortunately, because it is not mandatory, not all at-fault boaters carry insurance. Those that do may also have insufficient policy limits to fully cover the damage to your boat. In such cases, you need an uninsured or underinsured boater plan. It pays for expenses that the other party's policy—if any—does not cover.
Comprehensive coverage pays for non-collision losses, including theft and damages caused by fire, storms, flood, and vandalism. As such, it is even important during off-seasons when the watercraft is in storage.
5. Medical Payments
If you have only spotty health insurance, medical payments coverage is an important investment. It pays for medical care for you and your passengers if someone gets injured while on the boat.
6. Miscellaneous Coverage
You can also buy coverage to protect other equipment associated with the boat. Ask an agent how you can cover your boat trailer, fishing gear, or other miscellaneous items.
The boat insurance types listed above protect you against damages that occur on and off the water, as well as liability after an accident. To discuss your coverage options, contact Canandaigua Insurance Agency. In addition to boat coverage, they've been selling commercial, auto, home, and life insurance to businesses and individuals throughout Ontario County for more than 100 years, and for two decades under their current name. Visit their website to learn more about their products, or call (585) 394-5544 to speak with an insurance agent.