Did you know that boating accidents cause $55 million in property damage every year, not including medical bills and legal fees? Unlike vehicles, in almost every state boat insurance is not required. This leaves boat owners susceptible to serious financial obligations should an accident occur.
If you are buying a boat or already own one, you may be wondering if springing for boat insurance coverage is worth it. The short answer is yes, but that depends on a few variables.
The good news is that there are only one or two major considerations to take into account when making this determination. Keep reading to learn more and find out if boat insurance is the right move for you.
Financial Benefits of Boat Insurance Coverage
While boats are not out on the road every day like cars, the risks are different. Boat collisions are rare, but there are myriad other dangers you have to consider.
If a rock or stump damages the hull, or if the craft takes on water, it could sink. You can damage your boat will docking it or loading it onto a trailer. Boat insurance would cover such mishaps.
Some boat insurance plans do not cover the vessel while you are towing it (that would fall to your auto policy). But they do typically cover any damage to your boat incurs otherwise. This includes fires, lightning, storms, vandalism, and theft.
Besides protecting the craft itself, a good boat insurance policy will cover other things as well. These include property damage, including other boats. Or, if you are pulling into someone else’s dock and accidentally cause damage, boating insurance will cover those costs.
Peace of Mind
Much like vehicle insurance, boat insurance coverage reassures you that your boat and yourself are protected. That alone may make a policy worth it.
Think of it this way: comprehensive car insurance could save you hundreds or even thousands of dollars, even for a car that is worth very little. While premiums and deductibles will increase with the value of your vehicle, so will the potential savings.
The same goes for even small or older boats. If yours becomes damaged, you don’t have to worry about coming up with thousands of dollars to get it back running.
A lot of boat insurance coverage plans also extend to personal injury liability. If someone becomes injured and you are at fault, the policy will cover court damages and settlements as well as legal fees. This too can help put your mind at ease that you and your family would be protected.
Boat Insurance Cost
Most boat insurance plans are very affordable. You can expect to pay between $200 and $500 a year for most crafts.
Like with car insurance, the type of boat you and its value will determine premiums. A good rule of thumb is that you can expect to pay between 1 and 5 percent of your boat’s value.
The deductible amount you select and where you live also will impact the cost. Some states have higher rates across-the-board than others.
Learn More About Boat Insurance
Now that you have an idea of the benefits of boat insurance coverage, you can decide if it’s the right choice for you. It can protect your boat, those who use it, and give you the peace of mind that you will be covered should the unforeseeable happen.
Florida Mariner, one of the longest-running boating publications in the state, provides boating tips and guides so you can get the best experience out of your craft. We also have an online inventory of used boats; from speed boats to yachts and everything between. Reach out to us today to learn more about us and boating in Florida.