Spending time out on the water is a great way to pass those hot summer days. Imagine the cool spray hitting your face as you enjoy the wind flying through your hair. But before getting out on the waves, you should know that boat insurance is just as critical as insurance for your home or for your car. Here are some facts about you should know when it comes to boat insurance.
Boat Insurance Provides Great Coverage
You never know what could happen out there on the water. Luckily, boat insurance provides great coverage for basically every type of situation. Let’s take a closer look at some examples:
- If your boat is stolen
- Accidents (colliding with another boat)
- If your boat sinks
The coverage is so extensive because it is supposed to protect not only you but other people on your boat and on other boats too. In addition, not only will the coverage apply to your boat but also any gear you carry on the boat – so feel free to fish while on your boat. Your boat will probably need various pieces of technology in order to run smoothly and operate efficiently. Insurance policies will cover the relevant items. Insurance can also cover you if something is stolen from the boat. Because injuries and potential damage to others’ boats can happen at any time, consider making this investment.
What Boat Insurance Also Offers
You need to have two types of coverage for your boat. These two types are property coverage and liability coverage. But beyond the standard, mandatory coverages, you can find many other sorts of coverage as well, such as:
- Repairs: Within reason, repairs can be included as part of your insurance claim. Future repairs and upkeep can be taken care of for you.
- Emergency: On land or on water, an emergency can arise at any time. Be sure you have the proper coverage to account for any possible eventuality. Emergency services can be expensive, but this type of insurance will reduce those costs.
- Shipwrecks: Your boat could always sink, for one reason or another. This type of coverage will cover you for the expensive process of retrieving the boat, removing it from the water, and possible demolition if it can’t be saved. You should be aware, however, that this coverage only applies for a properly insured boat and the boat being removed is a legal concern.
- Umbrella: No, this doesn’t cover any umbrellas you might add to your boat. It is meant to help relieve the burden of costs whenever your other coverages are insufficient to meet all the required payments.
Ways to Save Money
If you are worried about additional costs, don’t stress. There are numerous ways to save money on insurance costs, too. Some examples include:
- The correct fire extinguishers
- Taking a course on boat safety sponsored by either the Red Cross or the Coast Guard
- Fueling your boat with diesel
Also, please be aware your existing home insurance policy cannot also be applied towards your boat. Only smaller personal boats such as canoes and boats without motors can be covered by your home insurance policy.
Get in Touch with Wachter Insurance
Whether you need homeowners’ insurance or automobile insurance, our team at Wachter Insurance Agency, Inc. is here to help. We offer all of our clients competitive rates, professional customer service, and a huge range of policies to choose from for your needs. We have been serving Maryland, West Virginia, Virginia, Pennsylvania, and the District of Columbia since 1969 and we would love to help keep your home and family safe every day of the year. For more information, give us a call at (301) 371-6335 or visit us online. For more blogs like these, follow us on Facebook, Google+, Twitter, and Pinterest.