Owning a Boat isn’t all Fun and Games, Don’t Forget about Your Boat Insurance

sweeping through the summer

I have friends who own boats.  I would have a blast going out sailing with them.  It’s a ton of fun, but owning a boat also comes with responsibility.  Most people don’t think about it when they envision the joy of owning a boat, but a boat needs to be insured.

When you think about it, there are a lot of things that can happen with a boat.  It’s certainly much more exposed to the elements than a typical car or house.  Also, accidents can happen on a boat.  Injuries can happen in simple accidents.

I was on a small fixer sailboat with a friend once and had the mast break.  Luckily no one was hurt, but it just highlights that accidents can happen.

So, how do you protect yourself from liability?  The same way you would with a car or a house; you get boat insurance.  It’s a simple and effective way of making sure that everyone is protected from the risks associated with owning a boat.  If you’re properly insured, you can enjoy the benefits of boating without worrying about risking financial ruin in the event of a boating accident.

When I looked into boating insurance, I discovered that it’s much the same as insuring other things such as a car, with some important differences.  As website such as www.towergateinsurance.co.uk can give you comprehensive quotes that fit your needs and explain some of the factors that an insurer may consider.

Here are the typical factors that are often taken into account when considering boat insurance:

  • The age of the boat
  • The dimensions of the boat
  • The value of your boat
  • The top speed
  • The condition of the boat
  • Will this boat be used as a residence
  • How many previous owners

As with a car, the premium that you pay on boating insurance depends on your coverage.  Also, you can tailor your coverage to the manner in which you use your boat.  For instance, if you plan on using your boat exclusively on a lake, you can select different coverage options than you would if you were going out deep sea.

Because of the different use cases for a boat, you can tailor all different kinds of exclusions to your insurance, such as denting, wear and tear, deterioration, animal damage, defects, icing, etc…  Of course, the best coverage is known as an “all Risk” policy that will provide the most comprehensive coverage with only specific exclusions.

Also, keep in mind that boating is often a seasonal activity.  That means that you will often dock or store your boat for months at a time.  You can personalize your coverage to take into account the periods of non operation.

As you can see, there are a number of nuances that need to be researched when purchasing a boat.  Getting the right kind of boat insurance is important to make sure that you are covered from risk.  At the same time, you want to be cost effective as well when you are selecting your coverage so that your deductible is not too extravagant.  It’s important to explore all your options, do thorough research and consult experts to make sure that you are getting the best boat insurance coverage for your needs.

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Richard is a full time professional, husband, father and blogger juggling all the responsibilities of life and running a blog. Richard enjoys writing about life and online money matters.

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