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Spring is about to be in the air and the inevitable urge to have a “family boat” will strike a few families this year–as it always does. Boating can be a wonderful family activity, and an affordable family hobby.
Some homeowner and auto insurance policies may offer some limited coverage for personal watercraft, or small family boats. Before you purchase a watercraft take time to talk with your insurance agent or company about the coverage’s your personal homeowner policy or auto insurance might offer.
Personal watercraft insurance can often be added by an endorsement to a homeowner policy, and many auto insurance companies can also provide watercraft insurance. It’s an important thing to have an insurance policy in order to protect yourself and your water vehicle if something happened and you were involved in an accident.
A personal watercraft policy should provide insurance coverage for the following:
- Bodily injury
- Property damage
- Guest passenger liability
- Medical payments
- Theft
Be sure to ask for liability limits that provide the best protection of your assets and choose a deductible that fits your needs.
A typical watercraft insurance policy might include deductibles of:
- $250 for property damage.
- $500 for theft.
- $1,000 for medical payments.
Often other additional coverage can added to include trailers and other boat and recreation accessories.
Before you purchase the boat or personal watercraft be sure to talk with your agent or insurance company and find out what restrictions might apply to the size, speed, or other factors that might require a separate policy verses an endorsement on your homeowner policy. This will make it possible for you to invest in boating and understand the insurance requirements before you spend too much and risk more than you would want to lose.
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There are different levels of boat or watercraft insurance. This is because there are so many different kinds of boats. From the 12 foot lake fishing boat to the 50 foot luxury yacht. It should stand to reason the insurance requirements would vary as much as the kinds of watercraft’s do.
Checking things with your insurance agent or company and knowing what you are getting into before you purchase you watercraft is part of good finical planning. Be sure to take time and research before jumping feet first into very cold water!
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