When you decide to buy a boat for fishing or relaxing on the lake over the summer, an insurance company can help you protect your investment. Purchasing a policy for your yacht, speedboat, or cabin cruiser will reduce your financial responsibility in the event of an accident. If you’ve never had coverage for a boat before, you may have many questions about it. To help you safeguard your vessel, here’s a guide to some of the aspects of these policies. 

Quick Facts About Boat Insurance

Who Needs It

Though many home insurance policies cover small boats without engines, you’ll need a separate policy for larger vehicles that exceed about $10,000 in retail value. Since your vessel is portable, it requires its own insurance policy, as accidents that damage it may happen at home, during transport, or out on the water. 

What It Covers

Minimum liability coverage protects you from financial responsibility in the event of bodily injury or boat damage. Comprehensive policies provided by insurance companies may include additional coverage for loss of personal property like electronics, fire, flood, theft, and vandalism. 

What It Doesn’t Cover

When it comes to sailing long distances with your boat, ask your insurance company about any regional limitations on your policy. Though many agreements include travel coverage, certain areas might be restricted for security reasons. If necessary, your insurance company may grant you one-time coverage for your desired destination.

How to Get the Best Deal

You can save money on boat insurance by bundling it with your home and auto policies. Keep in mind that there are separate policies available for different types of equipment, and prices differ for each based on the value of the vessel. For example, a pontoon policy will likely be much cheaper than one for a yacht, since the latter is a more expensive vehicle. 

If you want to enjoy greater peace of mind while out on the water this season, get a boat insurance policy from Northwoods Insurance Agency in Crandon, WI. For over 30 years, this insurance company has provided home, auto, renters, business, recreational, and life insurance to residents of Forest County and the surrounding areas. View client reviews on their website or call (715) 478-2215 to discuss your needs.