Living in Rhode Island or Southern New England affords one the beauty of the water; there is no shortage of lakes and coastline! With the abundance of water comes plenty of opportunity for boating and water sports. Whether you are an avid sailor, a sport fisherman or just someone who enjoys being out on the water, being adequately insured is necessary with boats of all kinds.
Who Should Have Boat Insurance?
- Anyone who operates a boat or yacht should consider buying adequate boat insurance.
- Even boats that are older and less valuable consider boat insurance as a way of protecting against liability claims associated with operating the boat.
- If you are financing the purchase of your boat or yacht you will be required to maintain insurance coverage by the lender.
Factors that affect Insurance Costs:
- Your driving record and any prior boat insurance claims will play a factor in the price of your insurance.
- The type of boat including size, speed, age and value impact the insurance costs
- Operators of the boat may affect the rates of the policy if they lack sufficient boating experience.
- Taking a safety course and installing the proper safety measures (fire extinguishers, communication features, life jackets, etc.) will help to keep insurance costs down.
- Mooring and storage location, as well as navigational territory, can have an impact on the pricing for boat insurance.
What Will a Basic Boat Insurance Policy Cover?
- Watercraft liability will cover expenses related to the injury of persons aboard the vessel as well as property damage to other boats
- Your boat, motor, electronics, personal property, and trailer will also be covered by a basic policy for things like collisions, sinking, fire or theft.
Additional types of coverage available include:
- If you are an avid fisherman, you may want to cover your rods, nets, and lures with insurance for fishing equipment.
- If you find that you are stranded and in need of emergency assistance or a tow this can be included in your policy.
- You may want to consider including coverage for uninsured or underinsured boat operators. This will cover you in the case of an accident with another boater who is not insured properly.
As you can see, being out on the open water is a boatload of fun but, it comes with serious risks. Let our team at OceanPoint Insurance find you the policy that will put your mind at ease and allow you to enjoy your time afloat.
There are many different types of boat insurance written by several insurance companies. Our experts are ready to help find the policy that fits your budget and needs. Let OceanPoint Insurance take the guesswork out of it for you. Request a quote today!