If you are a new boat owner, knowing what is covered under your boat insurance policy is essential. Many assume that their policy covers everything, but this is not always true. Boat insurance policies do not typically cover certain things.
However, every policy is different, so it is crucial to read through your specific policy to understand what is and isn’t covered.
Read below to understand the most common things covered under boat insurance policies.
Theft of Your Vessel
Boats are stolen every day in the United States. Boat theft is one of the most common types of crimes in the boating industry. If your boat is stolen, your boat insurance policy will likely cover the cost of replacing it.
However, certain factors must be met for theft to be covered. For example, most insurance companies will require you to have taken reasonable steps to prevent theft. This means having a security system, such as an alarm or GPS tracking device.
Some policies also require you to file a police report within 24 hours of the theft. Be sure to check your policy to see what the requirements are for theft coverage.
Accidents Caused by Your Vessel
If your boat causes an accident, your boat insurance policy will likely cover the cost of any damage caused. This includes damage to other boats, as well as property damage and injuries. Your policy will also likely cover the cost of any legal fees that may be incurred due to the accident.
There are, however, some exceptions to this rule. If your negligence or recklessness caused the accident, your policy might not cover the damages. Additionally, if you were operating your vessel under the influence of drugs or alcohol at the time of the accident, your insurance company may refuse to pay any claims.
Destructions Caused by Natural Disasters
The sea is unpredictable, and even the most experienced sailors can find themselves in danger. Natural disasters, such as hurricanes and typhoons, can cause severe damage to your boat. That’s why it’s important to have boat insurance that covers you in case of a natural disaster.
Boat insurance typically covers damage caused by storms, floods, waves, and other water-related damage. It also covers damage caused by fire, lightning, and explosions. But it’s important to check with your boat insurance provider to ensure you’re covered in case of a natural disaster.
Are You Ready to Purchase Boat Insurance?
Are you looking to purchase boat insurance in Huntington, TX? If so, look no further than Integra Insurance Services. We are a leading provider of boat insurance in the area and can help you find the perfect policy for your needs. Contact us today to get started.