When you own a boat, you need to manage a lot of costs, and insurance coverage is one of the most important. If the coverage you have for your boat is not adequate, it can be a problem in many different ways, so it is essential that you work with an insurance agent who deals with boats regularly.
Accident and Liability Coverage
Your boat is a motor vehicle, but it is operated on the water. That does not change the fact that if you hit another boat or a dock, you need to have boat insurance coverage that will cover the damage you cause. A liability policy will do that for you, and while insurance like this is not required in every state, it is crucial that you cover yourself even if you don't legally have to.
At the same time, if you are involved in a collision with another boat, you will most likely have damage to your boat that will need to be repaired as well. Selecting a boat insurance plan that offers both liability and comprehensive insurance is a good option, but the coverage amounts and other details can vary, so working with an insurance broker or agent is an excellent way to ensure you get enough coverage when you buy your policy.
The broker can help you get the best coverage for your boat and try and find you a low deductible, as well as reasonable payments for the policy. If you are working with an independent insurance agent or broker, they will have several companies that they work with, and it is often easier for them to get you a better deal on the plan that is right for you.
Storage and Offseason Coverage
When you live in an area that you can only use your boat a few months out of the year, you may want to talk to the insurance agent about changes to your boat insurance in the offseason or when the boat is in storage. If you purchased your boat new and are still paying for it, the bank is going to require some form of insurance on the craft even if it is sitting in storage.
The insurance coverage may be different at that point because you are not operating the boat, but discuss the options with your insurance agent or broker. There may be a coverage change that you can make for the time the boat is sitting, saving you some money when you are not using it, but that will still cover the boat in case of a fire or some other event that destroys it while it is out of the water.
Contact a local agent or broker to learn more about boat insurance.