Did you know that Florida leads the nation in the number of registered recreational boats? With our year-round inviting climate and our extended coastline and inland waterways, that’s not really surprising.
But it’s also not surprising that Florida leads the nation in the number of boating accidents involving a significant amount of financial damage (defined as more than $2,000). The math is simple: more boats equals more boating accidents. And if you don’t have the appropriate insurance coverage, you could get stuck with a hefty bill.
Boat insurance, also called Boaters’ Insurance or Boatowners’ Insurance, is similar to automobile insurance in that it is designed to protect your boat—and you—against financial loss in case of an accident, theft, or loss. And again, like car insurance, boat insurance can also protect you against financial damages should you or your passengers be injured during a boating accident. A Boat Insurance Policy can be taken out on any type of motorized water vehicle including (but not limited to):
- Motor boats
- Fishing boats
- Sail boats
- Pontoon boats
- And even jet skis
Do I Need Boat Insurance?
While Florida law requires that you register your boat, you are not legally required by the state to carry a boat insurance policy. Unlike when you register a car, you will not need to show proof of insurance to obtain that registration. In certain cases, however, you may find that you don’t have a choice about whether to obtain a boat insurance policy. First, if you take out a loan to purchase the boat, your lender will likely require you to carry an approved insurance policy. Second, if you plan to keep your boat at a marina or boatyard, that location may require you to carry an insurance policy before you utilize their services.
Yet even if you can own and operate a boat without insurance, doesn’t mean that you should! It’s a simple fact of life that accidents can—and do—happen. And when accidents happen, they can be—and usually are—extremely expensive. And if you don’t have the appropriate level of financial protection, you may find yourself facing some pretty repair bills and even medical expenses.
So, What Should My Boat Insurance Cover?
The good thing about boat insurance is that it can be personalized to fit your exact needs, to ensure that you get the right level of coverage—at the right price! Most boat insurance policies will involve some combination of the following types of coverages:
- Liability: If you are legally liable for an accident, liability will cover injuries and/or property damage to others resulting from that accident. This type of coverage may also include pollution liability and wreckage removal.
- Collision: In case of an accident with another boat, vehicle, or stationary object, collision will cover damages to your boat, motor, trolling motor, and trailer. It may also cover permanent and some portable boating equipment.
- Comprehensive: Covers damages to your boat, trolling motor, motor, and trailer, as well as some permanent and/or portable equipment, in case of a non-collision type event as defined by the policy, such as fire, theft, or storms.
- Uninsured or Underinsured Boater: Covers you and/or your passengers for damages and bodily injury from an uninsured or underinsured boaters, potentially including a hit-and-run accident.
- Medical Payments: Covers medical expenses resulting from injuries sustained by your or your boating passengers during the operation and/or occupation of your boat.
- On-Water Towing and Labor: Should your boat become disabled while on the water, this will covers the cost of towing or other emergency services.
- Fishing Equipment Coverage: Covers all or part of the cost of damage to fishing equipment.
- Personal Effects Coverage: Covers the replacement cost of your movable property while it is onboard or while being carried onto or off of your boat.
To find out what type of coverage is right for you, we encourage you to contact Sungate Insurance Agency today. The insurance experts at Sungate Insurance Agency will help you get the right boat insurance—at the right price—so you can enjoy the freedom and fun that boating has to offer with the peace of mind that comes from knowing that your property is properly protected!
Contact Your Insurance Company—Sungate Insurance Agency—for your Free Boat Insurance Quote!
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