CandleFocus Glossary Editor
Watercraft insurance provides coverage for physical damage to your boat, as well as liability and medical payments in the event of an accident. Damage protection for your boat might include coverage for damage from fires, theft, sinking, and collisions. The cost of watercraft insurance largely depends on the length of your boat and its age, as well as your commute, location and storage.
Personal watercraft policies provides coverage for smaller vessels such as hovercrafts and JetSkis. These policies generally offer protection from theft and damage, and they might include liability protection and medical payments coverage. They can also cover physical damage from above-water damage and water damage, such as fuel leakage, dock-collision and stranding.
Yacht insurance offers more comprehensive coverage for luxury vessels. In addition to damage and liability protection, yacht insurance usually covers navigational equipment, and it might also provide coverage for commercial use and personal property aboard the vessel. These policies generally come with more specific restrictions and higher limits, and even higher premiums.
When selecting watercraft insurance, it’s important to find the type of coverage that best suits your needs. The policy should provide both collision and liability coverage, and it should include higher limits that can accommodate the costs of major repairs or medical bills due to an accident. Many insurance companies may also offer additional discounts to those who have taken boating courses or installed safety equipment on their boats.
Ultimately, finding the right watercraft insurance policy can help you protect your vessel, as well as your financial future. Boat owners who fail to get proper coverage could be financially responsible for any damages they or others cause on or near the water. Whether you’re using a motorboat, yacht or personal watercraft, it’s important to understand the amount of coverage you need, so you can find the policy that best fits your vessel and your lifestyle.
Personal watercraft policies provides coverage for smaller vessels such as hovercrafts and JetSkis. These policies generally offer protection from theft and damage, and they might include liability protection and medical payments coverage. They can also cover physical damage from above-water damage and water damage, such as fuel leakage, dock-collision and stranding.
Yacht insurance offers more comprehensive coverage for luxury vessels. In addition to damage and liability protection, yacht insurance usually covers navigational equipment, and it might also provide coverage for commercial use and personal property aboard the vessel. These policies generally come with more specific restrictions and higher limits, and even higher premiums.
When selecting watercraft insurance, it’s important to find the type of coverage that best suits your needs. The policy should provide both collision and liability coverage, and it should include higher limits that can accommodate the costs of major repairs or medical bills due to an accident. Many insurance companies may also offer additional discounts to those who have taken boating courses or installed safety equipment on their boats.
Ultimately, finding the right watercraft insurance policy can help you protect your vessel, as well as your financial future. Boat owners who fail to get proper coverage could be financially responsible for any damages they or others cause on or near the water. Whether you’re using a motorboat, yacht or personal watercraft, it’s important to understand the amount of coverage you need, so you can find the policy that best fits your vessel and your lifestyle.