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Boat Insurance

Insuring yourself against financial loss related to your boat is a smart idea. In fact, in many areas of the country and beyond, the purchase and maintenance of a boat insurance policy is required by law. Your boat lender may also have minimum insurance requirements that you must abide. While you need to meet the minimum insurance requirements in place by law and by your lender, many boat owners purchase additional coverage to protect themselves against financial loss adequately.

There are several types of boat insurances that you can obtain. Liability coverage is the type of insurance most often required by law. As a boater, you may be held financially liable for any damages you cause while operating your vessel. This may include damage to other boats or property, personal injuries and more. Liability coverage pays for these expenses up to the limits of your insurance policy.

There are also optional coverages that you can purchase that can repair or replace your boat if it’s damaged in an accident, natural disasters or stolen. Keep in mind the boat as well as your personal property on the boat may need to be covered. Many boat owners have thousands of dollars of personal property in the form of water skis, tubes, ropes, galley items, bedding and much more. Towing assistance may also be provided as an optional coverage.

When buying insurance, it is imperative that you purchase coverage that offers full protection. You may stand to lose tens of thousands of dollars or more if your boat is damaged or stolen. Furthermore, you could be sued for damages you cause to another person’s property. Your insurance premiums may be adjusted by choosing a higher or lower deductible. You could also pay the premium in full, on a monthly basis or in some other manner that is most affordable and convenient for you. Because of how important it is to have full protection on your vehicle at all times, you should begin looking for a great insurance policy for your boat today.