Is Having A Boat Insurance Necessary?

It is likely that you are considering taking boat insurance if you are planning on taking a sail anytime soon. There are a number of factors you need to consider with your insurance company before you undertake the boat insurance coverage. You need to understand the type and the nature of the coverage. This article will review and answer the commonly asked questions about boat insurance policies.

  1. Is The Boat Insurance Really Necessary?

In the US, there are only two states that require you to have an insurance coverage on a boats with an engine of up to 50 horsepower. Ensure that you are conversant with the boat rules and requirements in your state. Some states have different kind of requirements for each different boater. One of the instances where you should consider a boat insurance is when you have a boat loan. The money lenders will require that the boat should be insured.

  1. Which States Require the Boat Insurance?

The only two states that have the boat insurance laws are the Utah and Arkansas.In Arkansas, motorboats with an engine capacity of 50 horsepower should have a liability insurance policy. It is illegal to operate a boat or the PWC without the insurance policy. In Utah State, the boats and PWC with more than 50 horsepower engine capacity are required to have an insurance policy. It is a criminal offence to operate the motorboat without the relevant insurance policy.

  1. Which Boat Insurance Is Required?

The boat insurance policy can be categorized into collision/comprehensive, liability and uninsured motorist.

  1. WhatIs Amount Of The Insurance One Should Pay?

There are a number of factors you need to consider, to know the amount of insurance to pay. These factors are the age of the boat, the size and the value of the boat.

  1. What Does The Cover Insure?

The boat insurance cover should cover the following:

Damage to the Property- this cover will take care of the third party’s property damage that has happened as a result of the accident you caused.

Collision Damage-This is optional insurance coverage that covers the repairs of your boat in case of a collision with another boat or PWC.

Body Harm Liability-If you cause an accident that causes bodily harm to other people, this insurance cover takes care of their medical bill.

Hull Coverage-This insurance covers any damage that happens to your boat. It may be as a result of fire or wind.

Fuel Spillage Policy-This is a separate insurance policy that covers any fines that result from your boat oil spillage to the water.

  1. Which is the Best Boat Insurance?

Good boat insurance should meet both the contractual and legal obligations. You should feel confident about your exposure to risks.

  1. Is the Boat Insurance Affordable?

This depends on the type and the number of policies you want. You should only purchase what you need and take a boat safety course at Insurers have discounts for those who have undertaken the course. Ensure that your boat is fully equipped with safety gears. Insurers may reduce your premiums if you have safety gears.

Consider taking the policy from the insurers with the best insurance policies and services.

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