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Owning a boat is fun and allows you the opportunity to spend your summer afternoons on the water with family and friends. Reading the fine print of your insurance policy is for tantamount for peace of mind.  In particular, it’s important that you check whether your policy has a towing and on-water assistance clause. Lazy summer Sundays on your boat will be much more relaxed if you know your boat is covered, whether it is on the dock or on the water.

What does a typical policy include? 

The most important thing to understand about owning a boat is that the vessel is probably not covered under your home insurance policy.

You should have your own insurance policy to cover the watercraft to protect yourself from having to spend a lot of money if an incident does occur, whether the boat is parked or on the water. Typical policies cover collisions, sinking, theft, and vandalism. Also, it is important to keep in mind that all minimum policies are different. You are not required to have towing or on-water assistance coverage, so if this is something you know you want, make sure you ask. It will differ from company to company, so if you are comparing rates, you need to be sure to ask this each time you have a conversation with an insurance representative. 

Compare and contrast

There is certainly a lot to be said for shopping around before you decide on a policy. A lot of major insurance companies put a coverage limit on the age and price of the boat, so if it is valued at a certain amount, it may not be eligible for insurance with certain companies. It is also possible that a lot of companies will not cover towing expenses if the trailer carrying your boat is not covered on the same policy, so make sure you confirm this information before making any commitments. Typical policies include coverage of person injury and bodily damage to the boat, but there are a lot of additions you can tack onto your boat policy. 

It certainly might cost you more to invest in towing and on-water assistance, but think of it in the same way that you might consider buying a Triple A membership for any cars that you own. It is a lot more expensive to pay for roadside assistance and towing if you do not have coverage like Triple A. The same rule applies to the water. While you will have to pay upfront costs for policy coverage, it will absolutely be worth it in the end for the peace of mind if you break down or need maintenance while out on the water.

For more information about boat insurance, give Casey Insurance Group a call at 888-537-1412 today!

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