Be a Responsible Boat Owner

Owning a boat is a dream for many. Going out on the water, hanging out with friends, and making memories are great reasons for owning a boat, but make sure you are a responsible boat owner.

Liability coverage is key

Having a boat means having liability insurance – because boating accidents happen. Boating accidents can occur not only when you are in your boat, but boating accidents can happen (even more so) when your boat is sitting empty while waiting for your next great adventure.

Boat insurance is essential for any boat owner. In addition to the practical reasons of having boat insurance, most states now require you to have Watercraft Liability insurance. Also, financed boats require insurance to protect the bank’s collateral (loan) in case of damage or loss. Without insurance, if anything were to happen to your boat - including storm damage, someone else’s negligence, etc, you will be responsible for the balance owed on your outstanding loan – even if your boat is unusable, or possibly gone.

If for some reason you are the one responsible (liable) for damage to another person’s boat, or property, you will want to make sure you are well protected. People have a right to sue you for damage that you cause with your boat, and without insurance you risk losing your life savings and assets. Is this a gamble you are willing to take?

Another thing to check on when shopping for boat insurance is vandalism and theft coverage. This is particularly important if you are docked in a public marina. Many of the Watercraft Liability policies offer just that: liability coverage. It is easier to steal a boat than a vehicle, so make sure you are covered if someone decides to take your boat for a joy ride. Being in a public marina means that it will be even more likely (probable) that no one will notice if your boat is out with the wrong owners.

Another option you may want to consider on your boat policy includes “emergency towing and assistance.” If your boat has engine trouble while in the water, or while docked, make sure you have someone to call to tow you back to shore. Getting stuck on the lake without any help is not the type of ending to your weekend that you want.

Prevention is much easier than a cure for many of the risks associated with boating. When you decide to purchase a boat, boat insurance should be factored into your total cost of ownership. A boat is an important purchase, and with proper planning you can enjoy your boat with assurance that it is protected with the right coverage for all occasions.