Share:

As a boat owner, you want to keep your watercraft safe whether it’s on the water or sitting in your driveway. A good boat insurance policy will help protect the vessel from damage. If you’ve never purchased a policy before or haven’t paid attention to the coverage you’ve had in the past, you likely have a few questions about what the policy does. The experienced agents at Mutual Underwriters answer some of the most commonly asked questions about this type of insurance below.

4 Common Questions About Boat Insurance

1. Do I Really Need Coverage for My Boat?

While a boat policy may not be required to get your craft on the water, it is highly recommended. Without a good policy in place, your boat would be vulnerable in the event of a collision on the water. Should anything happen, you’d be expected to pay for the cost of repairs or replacement out-of-pocket, putting a dent in your budget. Furthermore, if the boat is stored at a private marina, they’re legally allowed to require that every boat on the property be covered by a boat-specific property insurance policy.

2. What Does the Policy Cover?

Most standard policies protect you from liability should you cause an accident on the water. They will also help cover the cost of repairs to your boat after a collision as well as the cost of medical treatments for passengers on board. If you purchase a comprehensive policy, the policy will cover theft, vandalism, and other damage not related to a collision on the water.

3. Does the Coverage Protect the Boat While I’m Towing It?

InsuranceBoat insurance only protects your boat while it’s on the water or stored at a marina. If an accident occurs off the water, you’ll need to file a claim with a different policy. For example, when the vessel is being towed, it’s protected by your auto insurance policy, and if you’re storing it at home, it’s covered by your homeowner’s policy.

4. How Much Coverage Do I Need?

The exact amount of coverage will largely depend on the type of boat you have. As a general rule, the faster the boat goes and the more expensive it was to purchase, the more coverage you need. Speak with your agent about the details of your watercraft to find the best policy for your needs.

The right boat insurance policy will help keep you and your boat safe whenever you’re on the water. Let the team at Mutual Underwriters help you find the right policy for your needs. Since 1958, they’ve helped residents across Hawaii protect their belongings, whether it’s a brand new car or a small business’ inventory. They’ll get to know you and your unique needs to find the best policy at a price you can afford. Learn more by visiting their website and call (808) 532-2888 for a free quote today.

tracking