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A Guide to Pleasure Boat Insurance

A Guide to Pleasure Boat Insurance

Boating is a great experience that gets you out on the open water and gives a wonderful feeling of freedom.  To protect your investment in that boat and the fun you have with it, pleasure boat insurance is a must.  There are plenty of places to buy a pleasure boat insurance policy, but you should choose a company you know you can trust.  Your boat is a big investment, so protect it properly.

Pleasure boat insurance can range from a simple policy on your four seater aluminum hull weekend fishing boat to a full protection policy on your 30 foot cabin cruiser.  There are many different types of pleasure boat out there, but most policies for them are relatively similar.  Of course, the cost of your pleasure boat insurance will definitely differ if you have the second type of boat versus the first.  You can expect to pay much more for pleasure boat insurance if your boat is more yacht than fishing craft.

Pleasure boat insurance generally covers a few basic things: the boat itself, the trailer that you use to transport it, and the contents of the boat.  The insurance policy also provides you with liability coverage that will protect you in the case of a boating accident where you are at fault.  This will help to pay for any injuries that are caused or property damage to another person’s boat or other personal property.

When it comes to the contents coverage of your boat, you should read the find print carefully.  Generally there are limits on how much property will be covered.  There may be some extension of the personal property coverage from your homeowners insurance policy to cover your things when they are on your boat, and you may also be able to add additional personal property coverage to your pleasure boat insurance policy.

Pleasure boat insurance may be required by law where you live, much like car insurance, so you should be sure to be aware of what your legal obligations are as far as the liability limits you need to carry.  You may also be required to have an insurance policy if you have a loan on your boat, as the bank or other lienholder will probably require that you provide it.  This means that you will need to keep your pleasure boat insurance policy in force and up to date at all times.

Pleasure boat insurance can be very affordable or very expensive depending on the type of boat and what type of waterways you use it on.  Some companies offer a discount if you have other policies with them already, so when you shop for pleasure boat insurance your current auto and home insurance companies are a good place to start.  You could save money on both the boat policy and the car and home insurance policies as well.  Talk to your agent to break down the coverage options and the ways you can find to make your pleasure boat insurance policy more affordable.

Photo courtesy of williamcho.

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