boat insurance

You've just bought the boat of your dreams -- long, sleek and in the water, she seems to sparkle in the early morning sun. The kids crawl into the bow, and you ease away from the dock leaving a mile of foam behind the softly humming engine. Awesome, isn't it? What if you forgot to unlash the moorings, and you just tore a hole in your transom? That will be about the time when you start thinking about boat insurance, won't it?

So, what does boat insurance cover? You'll find that your boat insurance policy will look very similar like your auto insurance policy. There are three aspects to many boat insurance policies: bodily injury, property damage, and physical damage.

  • Bodily injury and property damage insurance on boat insurance work the same way as on your auto policy -- as a liability insurance in case you damage someone else' s property or cause physical harm in some way.

  • Physical damage on your boat insurance policy covers damages to your boat and trailer, including damages that occur on the road or at home while the boat is parked.

While boat insurance might sound pretty bare bones, there are a few options that are available that will compliment your boat insurance. These add-ons to your boat insurance can include underinsured/uninsured boat insurance, fishing equipment insurance, medical payments, roadside assistance, and fuel spill/accident coverage, which will pay for cleanup after an accident.

While boat insurance isn't required in many states, it is a good idea, because your homeowner's and auto policies won't cover all the specialty situations that boat insurance will cover. In that respect, boat insurance only makes sense.