8 Ways Boat Insurance Protects You
Boat insurance protects you and your passengers and your boat. The more you know about boat insurance, the more confident you will be when you’re out on the water.
Even though it isn’t legally required in Canada, marine insurance is a smart investment that protects you.
Here are 8 ways that boat insurance protects you:
1. You had a boating accident that damaged another boat and injured a passenger in your boat.
Liability insurance in your boat policy covers you for legal liability if you injure or cause the death of another person, or cause damage to the property of another person.
It’s recommended that you have $3 million in liability insurance coverage in your marine insurance policy to be adequately covered for liabilities.
2. Squirrels ate the wiring and cushions on your boat over the winter.
Your boat insurance can cover rodent damage, but make sure to read the details of your marine policy.
Speak to a Western Financial Group boat insurance expert about rodent coverage in your marine policy.
3. Your boat and trailer were damaged in a car accident. How is that covered by boat insurance?
Typically, your boat policy will cover the physical damage to the boat while it’s being trailered, and your car insurance policy will cover liability losses.
If you are trailering your boat and someone rear-ends your trailer and damages your boat, your boat insurance policy will respond. If your trailer sideswipes another car, causing damage to the third-party vehicle, your car policy typically responds.
4. Do I need to winterize my boat?
Failing to winterize your boat cany result in a loss of coverage or denial of a claim related to damage that could have been prevented through proper winterization. For maximum protection, you should have your boat winterized by a professional.
Did you know? The cost of your boat insurance depends on:
- Type of boat
- Length of your boat
- Size and type of its motor
- Boat storage
- Use (sporting activities, rental to others)
5. Does my boat insurance cover water skiing?
Your marine insurance's liability coverage should typically extend to cover injuries to your passengers taking part in water sports, such as water skiing.
6. Does boat insurance cover theft from my boat?
Boat insurance generally covers you for theft of your boat or the possessions you keep aboard it. Boat insurance covers theft if you have the coverage on your policy.
7. Does marine insurance cover sinking?
If your boat sank due to an accident or unforeseen risk, your boat insurance policy may cover the expenses. Risks like sinking and capsizing are typically covered by the risk coverage portion of your boat insurance policy.
8. Does boat insurance cover your boat trailer?
Ask if trailering is included and what restrictions apply before choosing boat insurance. If trailering is included, it typically covers damage to the trailer regardless of whether or not it’s attached to your car, at your home, or your boat. The basic policy will cover property damage to the boat trailer and bodily injury in case of an accident.
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