What’s under the water is often unknown, but to boat owners it can be a very big deal. Even if you have the most expensive sonar on board or you have high valued systems that can help to detect risks, those risks are never fully gone. As you operate your boat, you need to know there is some level of financial protection in place to minimize some of these risks. The good news is that if you have a comprehensive boat insurance policy, you likely do have coverage.
What Does Boat Insurance Protect You From?
Boat insurance can be as comprehensive and complete as you would like it to be. Most comprehensive boat insurance plans provide coverage for collisions, including collisions you cause. It may include hitting a rock, a dock, or other structures whether they are obvious or hidden from view. Keep in mind that the policy could cover you up to the amount of the limit on the policy. If the damage is significant, comprehensive insurance may also cover complete loss of the boat. It is important to know the risks you face. Also you do need to take every step possible to reduce those risks through avoidance and preparation.
Comprehensive coverage should provide for most risks, but there are a few things to keep in mind:
- It should not protect against liability losses, unless you have a liability insurance policy in place.
- It most likely can protect you if you are responsible for damage after hitting most objects, stationary or floating including logs or marine objects.
- If someone else hits your boat and damages it, and it is not your fault, you should need to file a claim with their coverage. A liability insurance plan only covers the other person, not you.
Unsure if you have the right type and amount of boat insurance? You can find out by calling your insurer. Discuss the types of policy coverage options. Most importantly, learn what the exclusions are. Most policies can exclude some types of losses, especially high impact storm damage, unless you select a policy that specifically covers these risks. When you get the right boat insurance in place, you can rest assured that there are fewer risks to you.
Stay safe on the water. Call General Insurance Services at (800) 766-4478 for more information on Michigan City boat insurance.