A new boat means you need a boat insurance policy to protect your investment. If this is your first one, you may be uncertain what boat insurance covers and why you even need it. Here is what you need to know.
All Sizes of Boats Need Insurance
Even personal watercraft require a policy separate from your homeowner’s insurance to protect you from damages that may occur on the water. If your boat is yacht-sized or larger, be sure it does not exceed the size limit of what your insurance company covers.
You May Need a Separate Policy for Dry Land
In some states, marine policies do not insure boats while they are parked on land. However, your homeowner’s insurance may protect it while stored in your driveway. Find out whether your existing policies apply to your boat so that you are covered at all times.
Visits to Mexico Require Special Insurance
Mexico is infamous for impounding vessels without what they consider proper documentation. If you plan to sail there, make sure you purchase an insurance policy specific to that country.
Boat insurance is somewhat complicated, but it doesn’t have to be confusing. Talk to your insurance agent about the policy that will best complement your vehicle and homeowner’s insurance to fully protect your boat