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Buying Boat Insurance

jaschmidt | Jan 4, 2010 |

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When you buy a car you don't drive around without car insurance. When you buy a boat, you shouldn't ride around without buying boat insurance, either. In order to adequately protect you and your mates on a boat, buying boat insurance is one of the smartest moves you could make after buying your boat.

Most states require you have boat insurance so that pretty much the main reason buying boat insurance is a good idea, however, in addition to what your state may or may not require you should still contemplate buying boat insurance plus contemplate the type of coverage you want. Here is a list of many good and smart reasons for buying boat insurance.

State Requirement

As mentioned it's buying boat insurance is required and here are the reasons. Having what is called watercraft liability coverage will protect you from having to pay out of pocket if you end up damaging another person, another person's boat or other property on the water. In addition to covering what happens to other boats, your own boat will also be protected from theft, fire, sinking, collision, vandalism and stranding. You can get the bare minimum liability coverage required by your state or you can get everything covered depending on what you want and what you're willing to pay.

Optional Coverage Choices

Some states require that boats are removed from the water after a wreck, know if your state requires that, too. Wreckage removal can become expensive when you have to pay everything out of pocket.

In addition to wreckage removal you should consider any sort of coverage that will cover repairs or towing charges-just in case.

Person Coverage

Depending on how your state operates you also need to know how your coverage works. Some states have a person by person coverage while others only require the boat is covered and anyone can drive. Know how your state works. If your state requires that each person is covered individually then make sure you have everyone you want to be able to drive your boat covered.

Shopping for Insurance

Buying boat insurance is much like buying car insurance: you're going to want to shop around for the best deal. Price is always important but coverage is also important, too. The best way to shop around when buying boat insurance is to look at your current insurance company then look at other insurance companies. You have the upper hand when you're buying boat insurance. Insurance companies will compete for your business so you can use that as leverage to find a great deal with some great coverage.

Buying boat insurance is important because it protects you if anything happens and you won't have to pay for everything. Boat insurance is going to be a little pricey but it will be worth it if you ever have to use it.