Watercraft & Boat Insurance
Watercraft & Boat Insurance Quote Forms
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Watercraft & Boat Insurance Information
Like any motor vehicle, owning and operating a boat includes many risks and exposures that can lead to severe losses and damages. Regardless of whether it’s being used for leisure or transportation, it’s necessary to take steps to protect your financial investment. With that in mind, an adequate boat insurance policy may prove to be an invaluable investment.
What Does Boat Insurance Cover?
There’s no shortage of hazards and exposures that could affect you and your boat. Even when your vessel is docked, it’s essential to have sufficient protection. Although these policies can be customized to suit your specific needs, in general, they may include the following coverages:
- Liability—If you are at fault for the losses for another party, your insurance can help protect you financially for the following incidents:
- Bodily injury—If you are liable for another party’s injuries due to an accident involving your boat, this coverage can help pay for their medical expenses.
- Property damage—If you damage another party’s property while operating your boat, your insurance can cover repair or replacement costs.
- Medical payments—This coverage can provide financial assistance for medical expenses if you or your passengers are injured in a boating accident.
- Collision—If your vessel is damaged after striking another boat or an object, this coverage can help pay for your losses.
- Comprehensive—By including comprehensive coverage in your boat insurance policy, you may receive financial aid for repairing or replacing your boat following noncollision incidents, such as theft, severe weather and vandalism.
- Personal effects—Your insurance can cover losses arising from personal property lost or damaged while using your boat.
- Uninsured/underinsured watercraft—If your boat is involved in an accident and the responsible party lacks sufficient insurance to cover your losses, this coverage can compensate for the deficiency.
How Does Boat Insurance Work?
Boat insurance policies generally function similarly to standard auto coverage you might acquire for your car. After agreeing to terms with your insurance provider, and as long as you continue to pay regular premiums (e.g., monthly), you can access funds that may be critical following an accident. Without sufficient coverage, you may be left to pay for repairing your vessel or recouping another party’s losses out of pocket.
Many types of watercraft can qualify for boat insurance policies. In general, this may include the following:
- Personal watercraft (e.g., jet skis)
In most cases, boat insurance is not required by law; however, if you are financing your vessel, your lender may require coverage.
How Much Does Boat Insurance Cost?
Like most types of insurance, the price of an adequate boat policy may vary significantly depending on your unique circumstances. Before being able to present you with an accurate quote, providers may consider the following criteria:
- Use habits (e.g., recreation, commercial, racing, etc.)
- Vehicle details (e.g., make, number of engines, horsepower, etc.)
- Policy details (e.g., types of coverage, policy limits, etc.)
Get the Right Coverage
For over 50 years, Nicholas A. Consoles Insurance Agency has served boaters in Peabody and throughout the North Shore area of Maryland. Our experts will work with you to assess and explain your insurance needs before crafting an optimal policy. Contact us today to get started.