Boat Insurance Considerations

Some boat owners aren’t aware of the need for and protection provided by watercraft coverage.  If you own a boat, you need boat insurance, but before you buy boat insurance, here are some things you should consider.

Boating and Jet Ski safety

  • Many states now require that you carry watercraft liability coverage.  Although not required in the State of Delaware, this coverage provides protection against any damage that you cause to other people or their property with your boat. This insurance also covers vandalism, theft, fire, stranding, sinking, and collision. Check with your insurance agent for specific coverage options in Delaware or your local area.
  • Other optional coverage to consider is wreckage removal. In most areas, the removal of sunken or wrecked boats is required by law to be paid by the boat or watercraft owner, which could easily be unaffordable without this specific type of coverage in place.
  • Other considerations include coverage for repairs and mechanical failure and towing charges, if needed due to engine or mechanical failure of your boat.
  • Another consideration is to be sure who is covered when operating the boat. Some companies that will only cover the boat owner, in case of mishap. Your agent will be able to provide clarity on this question.
  • If considering a change in companies, it is important to get quotes from multiple providers. The insurance market is competitive, although you should also consider service levels and check references, since your local agent could provide a valuable lifeline when needed. But, when shopping around, it is still a good idea to get the best rate possible.

Finally, keep in mind the investment you’ve made in your boat, before making a final decision on insurance policy options and selecting an agent who will best support yo9ur needs. Don’t skimp on coverage, and make sure you’ve considered all the factors and coverages that protect your valuable investment as fully as possible.

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