Chapin/Irmo Boat Insurance Experts
What Is Boat Insurance?
Imagine relaxing on your boat enjoying the scenic view and the wind blowing on your face. The people closest to you, may it be family or friends, are all gathered around you basking in the same experience you are having. Suddenly, a friend of yours trips on something and twists an ankle. The calming atmosphere turns into a moment of panic, stress, and inconvenience in just a second.
A twisted ankle can easily be treated and a lot of people have had it, but what is more daunting than having to pay for your friend’s medical bills is the possibility of facing a lawsuit. How do you protect yourself then?
The answer to that is boat insurance. You might be wondering why it is necessary since there is already home insurance and some of the home insurance policies cover private property that extends to boats. Sadly, even if this is the case, most home insurances only allow boats that have no motors and are small in dimensions. If you own a yacht or a motorboat, your home insurance will just not cover it.
But there are also similarities between boats and home insurance. For one, they both protect you from getting sued after an accident occurred in your boat or home. Another is that you get reimbursed for repairs and if your policy includes it, you might just get cash equivalent to your boat’s agreed value or market value when it is totally wrecked.
There are a number of coverage policies for your boat may it be yachts, motor boats, paddle boats, and the like. Some of these are:
- Property damage – this boat insurance coverage reimburses you for the repairs made on your boat that is caused by accidents, natural disasters, or collision with other boats. If your boat is stolen or damaged beyond repair, you will be paid the equivalent cash value of your boat. The value can either be the agreed value on your policy or the market value. The tip here is to take the agreed value since the market value accounts for depreciation and will most likely be less than the agreed value.
- Bodily injury liability – this covers any of your medical expenses from accidents that happened while you are on the boat whether or not the boat is on land or water. This insurance coverage also extends to the people on your boat, so if someone gets a twisted ankle from slipping in your yacht, this insurance policy has it covered.
- Liability – this is similar to both property damage and bodily injury liability because it pays for both repairs and medical expenses. The difference is that it is paid to the boat’s owner you collided with. Anyone on the other boat at the moment of collision is accounted for by this boat insurance coverage.
- Comprehensive – taken from its name, a comprehensive insurance coverage covers any damage done to your boat that is not caused by accidents or natural disasters. You will be reimbursed if the damage done to your boat is caused by vandalism, theft, or the like.
- Umbrella – this insurance policy covers your boat especially when it is not on water, specifically when it is being transported on land.
As you have seen, boat insurance is not much different from home and auto insurance. However, it is somewhat more technical. Technical in a sense that your boat has a navigational warranty that obviously homeowners insurance does not have. There are different policies that are covered in certain places while some are not. Since this is the case, it is best to know the insurance policies of the places you want to go to first before setting sail. To add to that, boat insurances have an option to suspend their insurance policies while it is not in use. For example, you suspend your insurance coverage from February to April. During those months, you will not be reimbursed for any repairs or damages received in the event that something happens to your boat.
In spite of having a boat insurance, one of the basic things any boat owner should know is that they should be trained to man their boat or the one sailing it should be trained. This is because you will definitely be in harm’s way if no one knows how to sail or drive your boat. Also, before getting boat insurance, look into the different insurance policies for different boats. Policies vary depending on the kind of boat you have. Call us today for a free quote!