3 Common Questions About Boat Liability Insurance

Your boat can be a source of fun, but what if you get in an accident? Boat liability insurance can protect you if you cause damage or injuries while using your boat. 

What Is Boat Liability Insurance?

There are two main types of boat liability insurance, bodily injury liability, and property damage liability. If your boat has a collision and damages property or injures someone, your boat liability insurance will cover the cost of the loss or medical treatment for the other person. Your costs for boat liability insurance depend on many factors, such as your state, the size and speed of your boat, the horsepower of your motor, and the amount of the deductible. 

Is Boat Liability Insurance Required?

Many states do not require boat owners to purchase liability insurance or any type of boat insurance. However, if you cause an accident, you will have to pay out of pocket for damage or injuries. Generally, larger and faster boats require more liability insurance, while smaller watercraft may not require insurance. Personal watercraft such as kayaks and canoes would not be covered under boat liability insurance. 

How Does Boat Liability Insurance Work?

Boat liability insurance works much like auto liability insurance. You pay a monthly amount to receive a certain amount of coverage. A larger deductible can lower monthly costs, especially if you feel that your risk of accidents is low. You may want to discuss possible risks with an insurance agent Fort Myers FL to decide how much coverage you might need. 

Your boat could become a burden if you do not own sufficient insurance coverage if an accident happens. An umbrella policy can add additional insurance coverage for your boat so you can protect your investment and not have to worry about financial loss because of an accident. 

Author: Erik Gray