Boats offer a lot of enjoyment for you and your family. You can have a ride; you can fish, or just have a good time.

But, it is important for boat owners to have a yacht and boat insurance. Boats are expensive, and just like cars, they can cause severe damage if involved in an accident.

Boats can be insured in various ways, for different types of coverage, and with various insurance companies. It can be confusing, so you need to take some time to understand and to question the kind of insurance you intend to buy.

This article offers some boat insurance tips and everything else you need to know about ensuring your boat.

1. Boat Insurance Protects You From Many Disasters

Many kinds of accidents could happen when you are on your boat having fun. Boat insurance covers you for things such as:

  • Collision
  • Capsizing
  • Theft
  • Fire or explosion
  • Storms
  • Sinking
  • Stranding

2. Boat Insurance Protects Everyone and Everything

A boat-owner policy will protect you, other boaters, your equipment as well as your boat or yacht. Boat insurance offers coverage for bodily injury, theft, property damage, medical payments and liability coverage.

3. Homeowner’s Insurance Policies Do Not Cover Boats

Small boats without motors as well as canoes are the exception from this rule. However, if you own a boat with a strong engine or motor, you will be required to get separate coverage. In this case, the insurance will be the same as your car insurance.

4. Other Options

While liability and property coverage may be the basic insurance covers needed for your boat, there are still other options available for you to choose for additional protection. These include:

  • Emergency Services (Covers expenses for emergency services.)
  • Reasonable Repairs (Covers all your boat maintenance needs.)
  • Wreck Removal (Covers for destroying, raising or removing your boat.)
  • Umbrella (Covers all other leftover expenses.)

5. Physical Damage Covering

A yacht or boat is an expensive item including the equipment on it, thus covering for physical damage will specifically cover you for any loss concerning your boat, equipment, motor, trailer and anything else related to the boat.

6. Two Main Types of Liability

These include personal liability or coverage for those things that you’re entitled to pay legally to an injured party in case of an accident while boating such as property damage, legal defense or expenses as a result of bodily injury.

The other type of liability covered by yacht and boat insurance is the coverage for medical expenses incurred as a result of accidents that may happen with your boat. Other costs covered include ambulance charges as well as hospital and medical bills.

Most boat owners spend a lot of money on a boat but don’t consider insurance as a priority. However, the unforeseen could happen anytime turning a good day into your worst nightmare.