Boats are a lot of fun. You can fish from them, swim from them, and enjoy countless other activities. Essentially, they’re like cars on the water. That’s why it’s important to make sure your boat is properly covered. Boat insurance protects your boat, the people on board, and others on the water in case of an accident. Below are 8 things you should know about boat insurance in Nokomis and the surrounding areas.

1. A BOAT WON’T BE COVERED BY YOUR HOMEOWNER’S POLICY

This applies to all boats except canoes and small, unmotorized boats. If your boat is larger or has a substantial engine or motor, you’ll need separate coverage. Boat insurance is similar to car insurance. However, if you own a yacht, the coverage will be more akin to homeowners insurance.

2. INSURANCE WILL PROVIDE PROTECTION FROM MANY TYPES OF DISASTERS

A variety of disasters can occur while you’re on the water. One minute you’re enjoying the ride, and the next, something happens to turn your day upside down. Boat insurance will cover you for things such as:

  • Capsizing
  • Collisions
  • Fire or explosion
  • Storms
  • Sinking
  • Theft
  • Stranding

3. THE POLICY WILL PROTECT EVERYBODY AND EVERYTHING

When your boat is insured, you, the boat, the equipment, and other boaters are all protected. Available coverage options include liability, medical payments, theft, property damage, and bodily injury.

4. YOU NEED PHYSICAL DAMAGE COVERAGE

Boats and their equipment are expensive. Having coverage for physical damage will protect your trailer, boat, equipment, motor, and other boat-related items in the event of an accident.

5. YOU GET TWO MAIN LIABILITY TYPES WITH BOAT INSURANCE

The two main types of liability insurance for boats are:

  • Personal liability: Covers expenses for legal defense, property damage, and bodily injury caused by accidents while boating.
  • Medical payment coverage: Pays for medical expenses that result from boating accidents, including hospital bills, ambulance charges, and more.

6. YOU CAN GET OTHER KINDS OF COVERAGE

While property and liability coverage are essential, there are additional options available to further protect yourself:

  • Emergency Services: Covers expenses for services you need in an emergency.
  • Reasonable Repairs: Covers the cost of necessary repairs to prevent future damage.
  • Umbrella Insurance: Provides additional protection for expenses beyond your coverage limits.
  • Wreck Removal: Covers the cost of raising, removing, or destroying a boat that’s sunk due to an insured loss.

7. YOU CAN SAVE ON YOUR BOAT INSURANCE

If you’re worried about the cost of boat insurance, there are ways to lower your premiums. Insurance companies offer discounts to those who take certain precautions. Here’s how you can save:

  • Make sure you have approved fire extinguishers on your boat.
  • Complete a safety course from the Coast Guard or Red Cross.
  • Use diesel fuel, which may help reduce your premium.

8. IT MAY BE POSSIBLE TO PAUSE YOUR POLICY FOR THE WINTER

If you live in an area like Nokomis, where you may not use your boat during the winter months, some policies allow you to pause coverage. If you choose this option, be sure you only take your boat out during the designated months. If you use your boat outside of that period, you won’t be covered.

If you own a boat, it’s important to make sure you have the right coverage to protect your boat, the people on board, and other boaters. Be sure to review your policy and ensure you’re properly insured, just in case something unexpected happens. When you’re properly covered, you can enjoy your time on the water with peace of mind.

FREE INSURANCE REVIEW

At WhitCo Insurance, we offer a free insurance review to help ensure your boat is properly covered. Connect with us online or meet with one of our agents in person to discuss your coverage needs.

Call us today at 941-244-0804 for a free consultation!

We look forward to helping you protect your boat in Nokomis and the surrounding areas.