a boat owner working on his boat and thinking about his boat insurance policy

Boat Insurance: Safeguarding Your Marine Adventures

Did you know that your boat should be insured just like your car? No matter where you have it docked, damage can occur – even in your own yard, should a tree or other structure land on the boat during heavy winds. Things are even more precarious out on the water, where everything from crashes and accidental groundings to fuel spills can occur. Without the right kind of boat insurance in place, your adventures on the water could be cut prematurely short, making your boat into more of an expense than an asset.

Wondering what you need to know about boat insurance? Here’s a quick breakdown designed to help you make the right decisions about the coverages you carry.

Different Types of Coverage

As with other forms of insurance coverage, you’ll have some decisions to make when it comes to the different types of boat coverage available, including the standard liability and physical boat insurance. However, there are additional options as well, such as:

Liability Coverage – Previously mentioned, this type of insurance will cover damages and injuries that you may be liable for as the owner and driver of the boat. For example, if someone slips onboard and injures their ankle or knee, you could be found liable for their injuries, and your insurance will cover their medical bills.

Single Boat Coverage – If you have just one boat, your policy will cover any damages to the inner and outer hull, protecting your investment. This works similarly to auto insurance, where you’ll have to choose your overall damage, collision, underinsured or uninsured coverages, and more. There may be other options, such as motor insurance, that you can choose from as well.

Multi-Boat Policies – As with other vehicles, if you own more than one boat, you need to have a multi-boat insurance policy that covers all of them. You’ll just need to choose your deductibles and more.

On-Water Towing – Similar to the policies set up for automobiles, should your boat break down while on the water, you’ll need to have an on-water towing policy in place. These policies can provide coverage for everything from a grounded boat that needs to be brought back into the water, to a broken-down boat that needs to be towed into a slip, to even a boat that’s run out of fuel mid-fishing trip.

Wreckage and Fuel Spill Coverage – Did you know that if your boat gets into a wreck on the water, fuel can spill out, leaving you with an environmental catastrophe on your hands? That fuel can spread into the ecosystem, damaging wildlife. The EPA is quick to come up with fines and other cleanup costs that may be your responsibility. However, with this type of boat insurance, you won’t have to pay for any of these things out of pocket.

Reach Out to Spivey Insurance

If you need to purchase boat insurance or want to add additional coverage to your current boat policy, then contact Spivey Insurance. Our knowledgeable agents can help you determine which insurance policies you need and how much coverage to carry to protect yourself and your boat.

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