Whether you’re out on the high seas or sitting in dry-dock, bad things can happen. And when they do, you’ll want to be sure that you’ve invested in boat insurance. You buy insurance for your car, for your home, and even for your loved ones. So, whether you have a 78 foot luxury yacht or a 14 foot aluminum fishing boat, insurance is a good idea for your boat as well.
Boat insurance from a company like https://floridainsurancequotes.net/boat-insurance-quote/ can cover a wide variety of eventualities. Liability insurance covers expenses if someone gets injured or something gets damaged while on your boat. Collision insurance covers you if your boat hits another object, such as another boat. Uninsured boater insurance helps pay if the boat that ran into you doesn’t have its own insurance. And comprehensive insurance gives you coverage for a variety of eventualities, including vandalism, flooding (both on the water and from storms while your boat is on land), theft, capsizing, explosions, and other problems.
You can also purchase property insurance covers for your fishing equipment, which covers any gear you bring with you, including anchor, oars, fuel tanks, tools, furniture, dinghies, and fishing equipment. This gear is covered both while it’s on the boat, and while it’s being loaded on or off the vessel.
And remember: the need for insurance for your boat doesn’t end the moment you put it in dry dock for the winter. Even though the likelihood of sinking and boating accidents is significantly lower when you’re not taking your boat out on the water, things can still happen to it. In fact, according to recent figures from Progressive Insurance, two out 10 boating insurance claims in the northern states came in between Labor Day and Memorial Day, when very few people are on the water. These claims come from theft, vandalism, fire, and flooding. As well, even if your boat is on land, people board to do maintenance or for any other reason can still have accidents, which would leave you on the hook for liability. As with all insurance, you don’t need it until you need it, and the few bucks you would save by canceling your policy in winter time just isn’t worth the risk.
In addition, keeping your insurance during the off-season can actually save you money. Many insurance companies reduce your deductible for every claim-free season. Because you are less likely to need to file a claim in winter, it can really help your record.
Insurance can be purchased through a regular insurance broker, or through a specialized boat insurance broker. There are a variety of policies from different insurance companies, depending on the type of boat and your type of activity on it. If your boat is 27 feet or longer, it’s considered a yacht and requires special yacht insurance. In general, the larger the craft, the more complex the insurance coverage it will require. For this reason, if your boat is large enough to require yacht insurance, it’s recommended that your find a boat insurance specialist.