While some states don't have a law requiring you to purchase boat insurance, its definitely something you want to have. If you've used financing for your boat, then its most likely required. Boat insurance is designed to address the specific needs of boaters. While your homeowners policy might offer some coverage for a boat, those policies are typically limited to boats under a certain size and they also do not have the necessary provisions to cover the types of losses that may occur with a boat.
What Does Boat Insurance Cover?
Boat insurance can be purchased to cover both liability and physical damage to the watercraft. Your policy may include the following coverage:
- Bodily Injury Liability - covers injury you might cause someone while operating your boat. This includes medical bills, lost income, pain and suffering and legal expenses.
- Property Damage Liability - covers damage you might cause to another boat, dock or other property or structure.
- Collision Damage - covers repair or replacement of your boat. This may or may not cover cleanup of wreckage unless you purchase optional additional coverage.
- Comprehensive - covers if your boat is vandalized, stolen or damaged in an incident other than a collision.
Boat insurance works very similarly to auto insurance. When you purchase a policy, you'll need to decide how much coverage you want, what your deductible will be and the types of coverage you need. In the event you have a boating accident or experience theft or another covered loss, you would file a claim and receive payment covering the loss. The amount of compensation you'll receive will depend on your deductible, any limits and whether your policy covers your boat’s actual cash value, replacement cost or agreed upon value.
Boat Insurance from Insure the Lake
If you're in the market for a new boat or if you just bought a new boat, its time to start thinking about boat insurance at the Lake of the Ozarks. Boating is a big investment and is something you want to protect. Talk to an independent insurance agent at the Lake of the Ozarks today to understand what coverage is available for you and your situation. Give Insure the Lake a call at 573-348-2794.
Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs!
About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.
Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral
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