Owning a boat can provide endless hours of relaxation and entertainment. However, it’s also an investment that comes with risk. Whether your boat is in tow, docked at the marina, or out on the water, there is always a chance that an unexpected loss can occur. Without adequate boat insurance, you will need to pay for damages or injuries out of pocket, and you may lose the ability to use your watercraft. Therefore, it’s worth consulting an insurance agency to explore the ways coverage can protect you before heading out on the water. 

What Does Boat Insurance Cover?

1. Liability 

Liability insurance will cover any financial obligations you incur if you are found to be at fault for a boating accident that results in someone else’s loss. It will help pay for medical expenses and lost income related to another party’s injuries and damages to their property. You will also be covered for environmental damages you cause, such as a fuel spill or wreckage removal following a collision. 

2. Physical Damage 

Since liability insurance only pays for damages to other people’s property, talk to an insurance agency about purchasing physical damage coverage. This will pay for the repair or replacement of your own boat should you collide with another watercraft or object—no matter who is responsible for the crash. It will also cover your vessel if it’s damaged due to fire, harsh weather, vandalism, or theft. 

3. Mechanical Problems 

Your policy may also include coverage for a blown engine, depending on your provider and the plan you choose. As long as the engine doesn’t malfunction because of normal wear and tear; improper maintenance; damage from mold, insects, or animals; or defective machinery, you will be able to replace it without having to pay the entire cost yourself. Your reimbursement will either be based on replacement cost or actual cash value, which factors in depreciation.

When you need boat insurance to ensure you’re protected, contact Consolidated Agency, Inc. They have been helping residents throughout Monroe County, NY, find reliable and affordable coverage solutions for more than three decades. As an independent insurance agency, they can provide access to products from a variety of top-rated carriers, making it easy to customize a policy that fits your specific needs. Call (585) 467-4110 to request a quote from this insurance agency, or visit their website and Facebook page to learn more about their services.