Many boaters make the mistake of assuming their vessels are perfectly safe when they’re on the water. However, there are many hazards to consider, and the last thing you want is to be left footing the bill for damages. Knowing what boat insurance covers is the best way to understand its importance. Use the following information to keep you and your vessel protected.

How It Works

When you choose boat insurance, you’ll need to decide the amount of coverage you’ll need. This amount is often based on the assumed market value of the boat. You’ll also need to choose a deductible. This is the out-of-pocket amount you’ll pay before the insurance agency starts covering damage.

Higher deductibles can sometimes mean lower monthly premiums. However, if an accident does occur, you’ll be left paying more before your coverage kicks in. Take into consideration how much you’re able to spend to cover any losses should you completely lose the boat and everything on it.

What’s Covered

Vessel Coverage

The primary purpose of boat insurance is to cover your boat in the event of an accident. Common risks include flooding, sinking, theft, fires, and storms. Policies also cover collision damage, including wreckage cleanup.

Boat insurance isn’t exclusive to sophisticated watercraft. Even motor-less boats can be covered. Kayaks, canoes, and other small, personal watercraft may not be coverable, so check with your insurance provider.

Liability Coverage

If you’re responsible for a collision or a guest is injured on your boat, liability coverage will protect you. If the other party attempts to sue you, this coverage will protect you financially by covering settlements and legal fees. Since you can never truly know if an accident will occur, it’s important to purchase this coverage.

Personal Property Coverage

In the event of a serious collision or sinking, boat insurance may cover personal belongings that were lost on the vessel. Depth finders, fishing gear, the motor, and other items used for boating may qualify.

Take pictures of items purchased for your boat and keep the receipts. This way, your insurance company can properly assess each item’s value and refund you accordingly. When speaking with an insurance agent, ask about coverage for your boat trailer in case it’s damaged in dry storage.

If you need to secure boat insurance, Phil Taylor Insurance Agency in Clarksville, AR, offers convenient plans to meet every customer’s needs. This agency also offers property, auto, home, RV, and motorcycle insurance to residents throughout Johnson County. Explore their policy options on their website. Call (479) 754-2616 to schedule a consultation.