Having a boat to go fishing or just spend a leisurely day out on the water during a sunny, warm day is a must for many Connecticut families. But, before you take your watercraft out on the water, you should make sure you are properly protected just in case the unthinkable happens. Boat insurance is one of the most important things associated with owning a boat, but policies can be confusing. Here’s what you need to know:
What is Boat Insurance?
A personal watercraft insurance policy will cover you and your watercraft against accidents, vandalism and liability that could be attached to you and your watercraft. You can get this type of watercraft insurance coverage for your sailboat, houseboat, pontoon boat, Jet Ski, wave runner, and other watercraft. The type of coverage you will receive depends on the specific boat policy you purchase.
Why you Need Watercraft Coverage
Many novice boaters are under the impression that their homeowner’s policy will stretch to cover their boat as well. Unfortunately, that is most often not the case. Some homeowner’s insurance may provide very limited coverage for smaller boats.
If you have purchased a new boat, we recommend adding a boat insurance policy to protect your financial assets and make sure your investment remains safe if there is an accident. On average, prices range from a few hundred dollars to over $1,000, depending on the individual situation.
Most watercraft insurance policies provide coverage for the vessel, engine, dinghies, boating equipment, and trailer, as well as, any medical payments for onboard injuries and liability coverage for property damage or bodily injury that the boat owner may be legally responsible for.
Leaks are the Leading Cause of Sinking Boats
Watercrafts typically only sink for two reasons. One happens when the boat takes on water (think hurricane sized waves). The other reason is when there is a leak—which happens more frequently than you may think. Keep your boat in top condition to avoid leaks and protect your investment.
Some Insurance Policies will Pay for Wreckage Removal
If, unfortunately, your boat sustains a serious leak and your boat sinks, your insurance policy may cover the cost of wreckage removal. This includes any fees associated with raising the boat out of the water and hauling it to a secure location.
Many Insurance Polices don’t Cover General Maintenance Leaks
Most insurance policies do not cover the repairs for basic maintenance leaks. Repairs to keep a boat in top shape are at the boat owner’s own expense. However, if your watercraft struck another vessel or object and the leak was caused by the accident, repairs to fix the leak may be covered by insurance.
Your Boat may not be Covered Everywhere
Many boaters are unaware of the navigational limits of their insurance policies. Most insurance plans include a navigational warranty. This warranty covers most of the inland areas of the United States and Canada, as well as the coastal waters. An insurance agent at Berliner-Gelfand can make sure that your policy provides coverage for where you plan to roam.
If you are interested in having your watercraft insured, contact a professional watercraft insurance agent at Berliner-Gelfand for a quote. You can also visit our offices to learn more about your personal watercraft insurance policy and what it entails. Call today for a free quote! (203)-367-7704