What is Boat Insurance?

Boat insurance is an investment that gives you coverage if anything were to happen to your boat. It usually involves vessels that have motors, such as yachts, fishing boats, or speedboats. Kayaks, catamarans, and other personal watercrafts are not normally covered.

Homeowner’s Policy and Boat Coverage

Homeowner’s policies provide limited coverage for your water vehicle. If you think you are completely covered under your homeowner’s insurance, you are probably underinsured. Having boat insurance will give you security whether you are docked or at shore. In addition, the dock or marina where your boat is kept may require you to carry additional boat insurance.

Items That May Be Covered

There are a few things to consider before purchasing boat insurance. Knowing what kind of coverage you will need may make a difference in the type of policy you choose. Depending on the type of water vessel you own, you may need:

• Property Damage Liability – is available if you cause damage to another boater’s vessel or other property.
• Collision – is used if there is damage to your boat. You may receive actual cash value or replacement value of your boat depending on your policy.
• Comprehensive Coverage – is for those who are at risk of having their property vandalized or stolen.
• Bodily Injury Liability – can offer relief if another person is injured as a result of your negligence while on your boat.
• Optional Plans – can cover salvage removal, towing, medical payments, wear and tear, roadside assistance, and damage caused by a boater that is uninsured.

Colling Insurance Services Inc. maintains independent insurance agents in Lakewood, Colorado who understand the importance of having boat insurance. These agents are also available to research options for you if you are thinking about starting a new plan or making changes to your current policy.