Anyone who has ever purchased a powerboat or sailboat can tell you that there are few things as enjoyable as spending a warm afternoon on the open waters. If you're in the process of purchasing one of these watercraft for yourself, the chances are high that you've already begun researching the various insurance options that are available. By now, you've also probably begun to feel a little overwhelmed with the wide range of different options that are available to you.
It's natural to have a few questions - this is an important decision, after all. But thankfully, the situation isn't nearly as complicated as you may think. In this article, we'll break down the concept of boat insurance and outline how Arnold Insurance can help you make the best decision possible given your situation.
Similar in concept to car insurance or even homeowner's insurance, boat insurance offers a level of financial protection should any damage occur to your new boat. It also extends compensation if you or a passenger becomes injured if you end up injuring someone else and similar situations.
You can always fail a claim with your boat insurance provider to recover any damages that occur. The policy itself will pay for losses or injuries up to the limits of your coverage. This is provided that the incident in question is covered by the policy in the first place.
In other words, boat insurance policies are designed to protect you and those around you financially and physically.
As of 2022, the only states that require boat insurance are Arkansas and Utah. In most other situations, boat insurance will not be mandatory. But does that mean you should skip on coverage just to save a few dollars?
In a word, "no."
Keep in mind that the whole reason you bought a boat was so that you could relax, unwind and make incredible memories with your friends and family members. It's hard to do that if you're constantly worried about how you're going to pay if something goes wrong.
When searching for a policy, you need to determine which coverage factors are the most important and relevant to you based on your unique situation. To get more information on how to make this determination, please feel free to contact Arnold Insurance today so that we can go over which options are available to you.
As is true with most other forms of insurance, what boat insurance actually covers will vary depending on the policy. This is why it's always important to read your policy carefully to make sure it will be there for the things you're most worried about.
Typically, boat insurance policies will offer coverage for both physical damages to your boat and any injuries (or property damages) that happen while you're on the water. There are many different types of coverage available on a boating insurance policy, including but not limited to ones like:
Similar to something like homeowner's insurance, the rate you'll pay for boat insurance will vary depending on a number of factors. Some of these are in your control and others are not. Sailing on a lake with a high claim rate, for just one example, will increase the cost of your coverage as opposed to sailing on a lake with fewer claims.
Never forget that a boat is a significant investment - and it's one that deserves to be protected. If you wouldn't even think about leaving your car uninsured, you shouldn't leave your boat uninsured either. Therefore, understanding the ins and outs of boat insurance is the key to making the best decision possible in terms of a policy that will offer you the protection you need when you need it the most.
To find out more information about boating insurance, contact Arnold Insurance today.