Boat insurance can be complicated because there are many types and sizes of boats, and one type of boat insurance is not going to be right for all these situations. Some people have small boats that they tow back and forth to the water. You may not realize that your boat insurance policy only covers this type of boat when it is in the water. When you are towing the boat, it is covered under your auto insurance policy.
Your homeowner’s insurance policy is not enough to cover your boat either, but if you bundle several policies together with the same company, you may be able to save some money. Here are some of the types of coverage you will want to make sure your boat insurance includes:
- Liability: This coverage protects you in case someone is injured on your boat or by your boat.
- Bodily injury
- Property damage caused by your boat
- Damage to your boat caused by hazards
- Damage caused by theft or vandalism
- Fire and flood damage
- Option to include roadside assistance
If you only use your boat seasonally, you can talk to your insurance company about suspending your coverage during the periods when you are not using your boat and it is stored out of the water. When you make an investment like a boat, you want to make sure that your investment is protected by proper insurance. Whether you have a small boat or live on a yacht fulltime, you will want to make sure you have the coverage you need. Discuss your situation with your insurance agent today.