Securing dependable insurance can often be a challenging endeavour, be it for your home, car, or your beloved boat. Surprisingly, boat insurance is frequently overlooked, as individuals fail to grasp the significance of safeguarding themselves while venturing onto the water. In this comprehensive guide, we shed light on the seven remarkable advantages that come with acquiring reliable boat insurance. Spoiler alert: It’s just as important as your home and auto policies.
What is Boat Insurance?
Boat insurance is coverage for anyone who owns and operates a boat, whether for pleasure or business. The benefits of boat insurance are similar to having car insurance when hitting the road. If you purchase reliable insurance, you can save a lot of money if you ever find yourself in a situation where unexpected events strike and you suffer a personal injury, or your boat is damaged or destroyed.
Why is Boat Insurance Important?
Unlike auto insurance, boat insurance isn’t mandatory in Canada. Many people believe that it should be. Boat insurance is not just crucial for coverage during unexpected events, but it’s also a stipulation set by many marinas and lenders. Marinas require proof of insurance before they allow you to store your vessel, and lenders need this proof when you’re obtaining a loan for a new boat.
Having insurance benefits you in the following ways:
1. Peace of Mind
Getting into an accident could not only cost you your boat, but it could put you at risk of being sued if you were at fault. Having reliable insurance ensures you’re covered regardless of whether you need to repair or replace your vessel or if you’re on the hook for someone else’s medical bills or boat damage. The peace of mind you get from having protection from these risks is invaluable.
If you think that you can put away some money on your own to protect yourself from a boating accident, you might want to think twice about it. If you’re at fault for an accident, it’s possible for you to be required to pay hundreds of thousands of dollars, if not more. Paying a monthly premium is a safe trade-off that could save you from emptying out your pockets.
3. Protection from Impact Damage
Impact damage on a boat can include contact with objects like shoals, rocks, deadheads, and other submerged items or collisions with other vessels and structures. Some accidents may simply leave unsightly dents behind, while others may render your watercraft inoperable. Having boat insurance allows you to be able to make the repairs needed to get back on the water quickly.
4. Protection from Theft
Boat insurance policies can have your back when it comes to thieves. This means that if your boat is stolen, you could file a claim to help replace it. In many cases, no amount of planning and saving can protect you from theft, so having boat insurance is an excellent way to protect your investment. Keep in mind that your claim may not be approved if you were careless in securing your vessel.
5. Covers You in the Event of a Physical Injury
If you’re injured in a boating accident, you may need to pay expensive medical bills during your recovery. Regardless of who’s at fault, you could be on the hook if neither party has boat insurance. Your boat insurance can include coverage for your own injuries and those of your passengers.
If you have reliable health coverage, remember that it could have limits, and boat insurance can cover the difference. Keep in mind that your health insurance doesn’t cover any passengers in the boat, so you need to consider whether you’re able to pay for their medical needs in the event of an accident.
6. Protection in Other Unforeseen Circumstances
There is a lot that can go wrong in life, especially on the water. For example, you could be in the wrong place at the wrong time. If you’re on the lake when a severe storm hits, you could lose your boat before the storm passes. Insurance coverage allows you to replace what’s lost, just like if you were insuring a vehicle on land.
7. Can Cover You if You’re Found Liable in an Accident
Personal liability for a boating accident can significantly threaten your financial independence. If you’re found liable for a boating accident, the victim may sue you for damages. If you’re unable to pay from your savings, you could lose your assets to pay the judgment against you. Having boat insurance can ensure you’re able to settle with the other party without losing your home or savings.
How to Tell if You Have Reliable Boat Insurance
How do you know if your boat insurance coverage is enough to protect you? The following tips can ensure you receive the best possible coverage.
- Work with an insurance broker who specializes in boat coverage. Not only will your broker be able to get you multiple quotes from leading insurance companies, but they will also know the ins and outs of the industry. This ensures you get a great deal.
- Work with a broker that takes the time to answer your questions, guides you through the process and gives you options customized to your needs and concerns.
- Make sure your policy includes liability coverage, as this is the most critical type of insurance coverage you need.
- Read the exclusions to make sure that you’re still covered in the event of theft, storm damage or personal injury.
- Look for a policy that allows you to add comprehensive coverage so you can repair your own boat or be insured for the “extras.”
Get Reliable Insurance with Portside Marine Insurance
At Portside Insurance, we take the time to collaborate with our clients and put together boat insurance policies that reflect their needs and budget. Insurance is not a one-size-fits-all proposition.
Want to find the best deal on the boat insurance coverage you need? Contact us today so we can learn more about your needs and budget. We’ll get to work on finding you the best coverage available.