Owning a boat can lead to a lot of fun on the water, but it also comes with unique risks that many boaters may overlook. Certain mishaps can happen – ones that might not even appear on your radar until it’s too late. Fortunately, with the right insurance coverages, these risks can be mitigated, giving you financial security and peace of mind.
Here are five risks boat owners may not realize boat insurance can cover, along with the benefits of ensuring you’re prepared for the unexpected.
- Boats on Trailers
Transporting your boat is often riskier than you might think. Damage can occur during loading, unloading, or even while on the road. Accidents involving trailers, like collisions or improper securing, can result in costly repairs – not only for the boat but also the trailer itself or other vehicles involved.
How Insurance Helps: Coverage for transportation-related incidents is often included or can be added to your policy. This protects your boat and reduces out-of-pocket costs if accidents happen while moving your vessel. - Boats in Marinas
Your boat may seem safe while docked in a slip, but marinas come with their own set of risks. Fires, theft, and even severe weather events can cause significant damage to boats in storage.
How Insurance Helps: Many policies cover damages caused by theft, fires, and storms, provided the boat is stored in an approved location. Some plans even include liability coverage for damages your boat might inadvertently cause to marina property or other vessels. If you’re part of a marina with frequent dock events or high traffic, supplemental coverage for potential liabilities could be another option to consider. - Uninsured and Underinsured Boaters
You may practice good boating safety, but not all boaters are as careful – or as insured. If your boat is involved in an incident with an uninsured or underinsured boater, you might find yourself fully responsible for repair costs.
How Insurance Helps: Uninsured/underinsured boater coverage ensures you’re protected in these situations, covering repair costs and medical expenses if the other party can’t. This can be particularly crucial in waters where uninsured boaters are common. - Liability Risks
Perhaps the most underestimated risk for boat owners is liability. Whether it’s a guest who slips and injures themselves onboard, or a collision that causes damage to another vessel, liability claims can cost tens of thousands of dollars – or more – if you’re sued.
How Insurance Helps: Marine liability insurance provides coverage for personal injury, property damages, and legal fees. This may help ensure that even in the worst-case scenario, you’re not left vulnerable to financial ruin. - Underinsured for Your Own Boat
Sometimes, you may think you’re fully protected but discover unexpected gaps in your policy after an incident. These might include exclusions for windstorm damage, geographic limits that void coverage, or restrictions on specific equipment like GPS devices and fishing gear.
How Insurance Helps: Customized policies ensure that all aspects of your boating lifestyle are protected. Supplemental options like expanded equipment coverage, fuel spill liability protection, and additional geographic inclusions can help close any gaps.
How to Stay Protected
Understanding the potential risks and ensuring your policy is up-to-date is crucial for every boat owner. Here are some steps you can take today:
- Review Your Policy: Check your coverage limits, exclusions, and any supplemental options that might be beneficial.
- Consult Your Agent: Work with an expert to tailor your policy to your specific needs. Ensure it covers your boat’s usage, storage, and geographic locations.
- Stay Educated: Familiarize yourself with what’s common in your boating area, including risks posed by wildlife, weather, or local boating culture.
Reach out to our Plummer Insurance team today to review your policy or explore custom insurance options that match your boating lifestyle.