Boat Liability Insurance
You may know what boat insurance is, maybe even liability insurance, but what exactly is boat liability insurance.
Boat liability insurance is simply a mixture of boat insurance with liability insurance. It provides the benefits of boat insurance with the benefits of liability insurance. What this means is that when your boat is liable for damages to another boat or person your insurance will cover the costs.
Most boat insurance plans already have a liability coverage built right into the insurance policy. This means that if you have boat insurance you probably have some type of boat liability insurance. If you are unsure you should call your boat insurance broker and ask them if boat liability coverage is given by your current insurance plan.
It is very crucial that boaters have some type of boat liability insurance. Let’s say you get into an accident with your boat and you do not have boat liability insurance. Now let’s say that the person you had the accident with sues you. Where are you now? Well, most likely you are going to have to hire a lawyer, and pay the claim the person is asking for. That is going to cost some serious dough. If you had boat liability insurance you would not have to put up with this, instead the insurance company takes care of most of the paper work and even pays the claim.
It is good to take note of boat liability insurance in general. Most boat insurance plans have a deductible attached to the plan. This means before your insurance kicks in you need to pay some expenses out of pocket before your insurance kicks in. The insurance company will probably give you a range of deductible options, and each deductible option gives a specific amount of premium that you will pay every month. It is not that hard to figure out the more you pay out of pocket the less your boat liability insurance premiums will be.
If you are wondering whether to get a high or low deductible insurance plan, then I would say it depends on the you. If you are a risky person with your boat, then it would be a good idea to get a low deductible high premium boat insurance so you can get maximum protection any time, with little to no out of pocket expense. On the other hand if you are a careful person, and rarely use your boat it would make sense to get a high deductible plan. This is because you have less of a chance to damage your boat, thus it would make sense to pay lower premiums every month.
Boat liability insurance does not have to be expensive or hard to get. Talk to your boat insurance broker and make sure that you are have liability coverage for your boat. You never know if the unexpected will happen. Some insurance companies even offer boat liability insurance by itself, the best way to know is to ask.