This coverage applies if your boat causes injury to others or damage to other boats, docks, or structures. Even if your boat causes large wakes which creates the damage, you would be covered. Good liability coverage may provide protection against lawsuits, including the payment of settlements and legal fees.
Boat insurance and liability coverage costs a lot less than a new boat or the cost of an accident, repair, or liability.
When you purchase a new car, liability coverage is a must. One of the first questions would be how much will it cost me to be insured when selecting a make and model vehicle. This same thought process is important when selecting a boat or personal watercraft.
If you plan on operating the boat out on a lake or in the ocean, you might be required as the boat owner to have a boater insurance policy. Even if it isn’t required, it is a smart idea to insurance an expensive piece of property, especially when it is not being kept on your property. It is also important to remember that when it is a busy day out on the water, such as on a holiday weekend, there may be plenty of other boats and people around which will mean more risk of accidents and mishaps which is another reason why all boat owners should consider getting boat insurance.
What does an insurance provider consider in determining the insurance policy cost?
Take whatever information you would expect an insurance company will ask regarding a quote to insure a common road vehicle, and apply those same factors to boats and personal watercraft.
the age of the boat,
the condition of the boat, and
who will be driving or operating the boat
Some different kinds of boat insurance include hull and equipment coverage, on the water towing, fuel spill liability, medical payments in case of accidental injury, and insurance to cover any accidents with other boaters who don’t have their own insurance coverage. There are also boat insurance policies which cover the boat’s trailer. Prices will vary, but should not cost much more than the expense of a common car or truck policy.