Owning a boat or personal watercraft is often thrilling and provides the sense of adventure you’ve been craving. Navigating the open waters, fishing on local lakes, and enjoying a jet ski with friends are all lively experiences. If you’re a boat owner, you know that with all the fun comes the responsibility of maintaining and protecting your boat from damage. Surely, you’ve heard, “The two best days in a boat owner’s life are the day they buy a boat and the day they sell it,” but it doesn’t have to be that way when you have boat insurance.
Just like your other valuables, your watercraft deserves proper protection. Whether you’re a seasoned sailor or a first-time boat owner, understanding boat insurance coverage is essential for protecting your treasured watercraft. Let’s dive into the benefits of boat & personal watercraft insurance, what it covers, and ways to save on your policy.
What is boat insurance?
Boat and watercraft insurance protects you from damages to your boat or injuries caused while operating a watercraft based on your policy and up to your policy limits. Boat insurance helps protect you against liability and medical expenses associated with injuries to you or caused by you. It typically covers your boat from risks like weather damage, fire, collision, and theft.
Regardless of how much experience you have operating a boat, accidents still happen. That’s where boat insurance comes into play.
What type of watercraft is covered?
Boat insurance covers a variety of personal watercraft:
1. Physical damage coverage
Physical damage coverage protects your boat or personal watercraft against risks like collision, explosion, lightning, theft, and more, up to your policy limits. Most boat insurance policies not only cover your watercraft, but your motor, trailer, and covered accessories as well. Even if your boat isn’t in the water, it may still be covered.
There are additional optional coverages you can add to your standard boat insurance policy, like Trip Interruption coverage and Personal Effects Increased coverage.
2. Personal liability coverage
Liability coverage may protect you in the event of a covered loss. If you were to accidentally cause damage to someone else or their property, liability coverage can protect you if any legal action is taken, up to your policy limits. This may include defending lawsuits and legal costs associated with the accident.
3. Medical payment coverage
Medical payment coverage can help protect you financially from medical bills resulting from boating accidents. If someone is injured on your boat or while you’re operating it, this coverage will help pay for the expenses associated with the injuries. Medical payment coverage typically includes any bodily injury resulting from the use of watercraft.
4. Bundle your policies and save
Watercraft policyholders get a discount on their auto insurance when they purchase both from Alfa®. ️You can also score additional savings when you bundle your watercraft policy with your homeowners insurance policy. Bundling your policies just means you have multiple policies with the same insurance company. The more you have, the more you save.
Other ways to save on your watercraft policy include:
- Boating safety course discount
Contact your agent for a list of approved safety courses and qualifications required for a previous owner discount.
5. Peace of mind
If you invite guests on the water frequently, extra protection is a must-have. Knowing that your boat is protected against common damages should give you peace of mind on and off the water. Whether you take long river trips or cruise around the local lake, you can simply enjoy time on your boat with your guests instead of worrying about what might go wrong.
No matter what kind of water activities float your boat, watercraft insurance is a smart investment for any owner.
When is the best time to get boat insurance?
Boats are forces to be ‘reckoned’ with, which is why it’s never too early to get insurance on your valuable vessel. Oftentimes, boat owners don’t like to leave the dealer’s parking lot without coverage in effect. Additionally, if you are financing your boat or watercraft, insurance coverage may be required.
Even though you probably only use your boat during the summer, it’s important to keep your watercraft insured for the whole year to protect against cold weather risks and theft.
Prevent your boat or watercraft from being sent to the ‘dock’
Boat insurance doesn’t have to be confusing. Start by contacting your local Alfa agent to get a free boat insurance quote.
*This is not an insurance policy. It is intended only to provide a general description of Alfa Insurance® and/or its product lines and services. An actual policy contains the specific details of the deductibles, coverages, conditions and exclusions. Your Alfa® agent can explain the policy and benefits and answer any questions you may have before you buy.