While Florida does not require you to get boat insurance before you register your vessel, boat insurance is a good idea. Boat insurance offers protection from the responsibility of owning, operating and towing your boat.
“Many homeowners, mistakenly assume a boat is covered under their homeowner’s insurance,” said Ellsworth Buck, Vice President of GreatFlorida Insurance.“Depending on your homeowner’s policy, you might have limited coverage on a small vessel on your property.”
As a matter of fact, if your boat is financed, your lender may require you to have boat insurance. Also, certain marinas and harbors require insurance for you to dock your boat.
Much like car insurance, there are different options to choose from when it comes to buying boat insurance. Your insurance needs depend on the type of watercraft you own while selecting the option you feel most comfortable with.
Buck, with GreatFlorida Insurance explains the difference between liability, collision, comprehensive and medical coverage.
Liability Losses– this will cover bodily injury and property damage in an accident where you are at fault.
Comprehensive and Collision– Physical damage or comprehensive and collision will cover any out of water incidents. Collision covers damage to a boat involved in a collision. Comprehensive coverage protects your boat if it is stolen, damaged by a fire or vandalized.
Uninsured Coverage– this will cover costs for damage and injuries if you are involved in a collision with a boater that does not have boat insurance.
Medical Coverage– will cover costs related to injuries suffered in a boat accident. Check your health insurance first, it could provide the adequate coverage you need.
Additional coverage is also available for fishing equipment and other boat related personal property you want to insure.
Financial Website, Money Crashers recommends purchasing comprehensive coverage if you have a loan on your boat or you own a newer model.
When purchasing boat insurance, you must also choose how the insurance company will pay you in the event of a claim.
The National Marine Manufacturers Association (NMMA) encourages boat owners to insure their boat for the amount it would cost you to replace it which is the “Agreed Value.”
The “Actual Cash Value” coverage reimburses you the current market value for your boat or personal belongings. Because everything depreciates, you will usually get less than what you originally paid.
As a final point, boat repairs can be costly making boat insurance a great defense to protect your investment.
GreatFlorida Insurance covers a wide variety of boats including yachts, ski boats, pontoons, jet boats, sailboats, bass boats, commercial vessels also cover personal watercraft such as a Wave Runner.
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