Owning a boat is much like owning a car. Boaters of a certain age are required to complete a boating safety course, and the boat must be legally registered with the state. And, although not legally required, boaters should maintain insurance on their boat. With boating season just around the corner, here’s what you should know about boat insurance and how it can protect you in the event of an accident.
Why Should I Buy Boat Insurance?
While boating accidents may not be as common as automobile accidents, they do happen, and they may cause serious damage to your boat, your property, and yourself or your passengers. Most insurance providers also offer the option to purchase uninsured coverage, which is similar to uninsured motorist coverage, to protect yourself from an accident caused by an uninsured boater.
Although usually optional, there are some instances where boat insurance is required. If your boat is used as collateral for a loan, you’ll need coverage. Some marinas and harbors require boats that dock there to be insured, so be sure to ask when you’re looking to dock or store your boat.
What Does Boat Insurance Cover?
Boat insurance pays off if you are at-fault in an accident, and it may cover damage done to the other party’s property and your own, medical payments for yourself and your passengers, and the cost of cleaning up spilled fuel and wreckage, which you are required to do by Louisiana law. Many policies also come with unattached equipment coverage, which repairs or replaces items not permanently attached to the boat, such as life jackets, skis, or anchors.
What Am I Risking Without Coverage?
Without coverage, you may be required to pay out-of-pocket for any damage done to the other party’s boat in the event of an accident. This cost could range from a few hundred to tens of thousands of dollars. You would also lose out on payment for damage done to your boat, so you’d have to repair or replace it yourself. You could also be liable for thousands of dollars in medical bills should anyone on your boat be injured while you’re at the helm. Investing a few dollars a month into boat insurance from a local agent can pay off big in the event of an accident.
Boat insurance from Darryl Murphy Insurance is affordable and highly recommended for anyone sailing or cruising on Louisiana waters. Fill out our online contact form today or call 225-698-6789 for a quote on our insurance services.