Owning a boat is a great way to give yourself and your loved ones easy access to a variety of fun activities on the water. However, like driving a car, piloting a boat always comes with a certain level of risk. This is why it is so important to protect your vessel with boat insurance. While similar to auto insurance, boat insurance does have a few distinctions. Here's what you need to know.
When You Need Boat Insurance
In Idaho and Washington, boat insurance is not required by law, but that doesn't mean you won't be required to have it. For example, if you took out a loan to finance the purchase, your lender will likely require you to have coverage until you have paid back the loan. In addition, if you plan to moor your boat at a marina or dock, the facility may also require insurance as a condition of keeping your boat there. Even if you don't have any entity requiring you to have boat insurance, you may still wish to have coverage simply for your own financial protection and peace of mind.
Boat Insurance Components
Like auto insurance, most boat insurance policies will include bodily injury and property damage liability coverage. This can help cover the costs of repairs to any other boats or structures your boat damages in an accident. It can also apply to medical expenses for anyone who is injured in the accident. Uninsured and underinsured boater coverage protects you in the event that another boater involved in the accident doesn't have insurance or if their policy limit isn't enough to cover the damage to your boat or your medical expenses.
Beyond these basic components, there are some aspects that are exclusive to boat insurance, including fuel spill liability, wreckage removal and unattached equipment coverage. If your boat springs a fuel leak or if fuel spills following an accident, this coverage can apply to the costs of removing the fuel and restoring the health of the water. Wreckage removal could apply if your boat sinks or otherwise becomes unseaworthy. Finally, unattached equipment coverage protects you against loss or damage of any boat-related items that are not part of the boat itself. This can include things like life preservers, water skis, protective covers and other common boating accessories.
Protect Your Boat Today
If you are interested in learning more about boat insurance in Idaho or Washington, Kuespert Insurance Agency is here to help. Reach out to our team today to get started.