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Boat Insurance

Boat insurance is available to protect you from financial losses related to your use of the boat as well as to damage caused by Mother Nature and other damaging forces. This type of coverage is required for some types of vessels based on local laws, and you should thoroughly research insurance laws in your area to determine the minimum amount of boat coverage that may be required. If you have a loan on your boat, your lender may also require you to purchase coverage. Even without a firm requirement for insurance on your vessel, it may be advantageous to purchase a policy.

There are multiple types of boat coverage available. Liability is one type of coverage that may pay other people for damages or expenses that you create while using your boat. For example, you may run your boat into another vessel, and liability insurance pays for the other party’s expenses. This type of insurance is most often required by local or state laws. Collision or comprehensive insurance may also be purchased on your boat, and this pays for your own expenses. Collision only coverages accident-related damages. Comprehensive insurance may cover fire damage, weather-related damage, theft and more. Optional insurance types, such as for your trailer or for personal items on the boat, are also available.

When you are setting up your boat insurance policy, remember that you will be required to pay a deductible for each claim that you file. Choosing a claim amount that is affordable for you to pay is important. You also need coverage limits that are realistic for the claims that you may need to file.

An accident, a liability issue, a boat theft or other issues can happen at any time, and these types of events can result in expensive bills or even in a total loss situation. Boat coverage helps you to dramatically reduce out-of-pocket expenses. Before you set up coverage for your boat, spend time reviewing requirements for coverage that apply to you. You should also determine if you need additional or optional coverage to further reduce expenses that you may be responsible for.






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