Why You Need Yacht/Boat Insurance
Warm weather is a direct invitation to take your boat out in the water and start enjoying the good life. It is a relaxing pastime and one that the entire family can enjoy. Keeping a boat is not cheap. If you cannot store it home, you will have to pay a marina to store it in the winter months, or when not in use. In addition, you will have to pay boat or yacht insurance. Many people have the illusion of boating, but get discourage after discovering the hidden costs of keeping and maintaining a boat; they end up putting the boat up for sale. There is an adage that describes this well - "The happiest day in a boater's life is when he/she buys a boat and when he/she sells it." However, there are plenty of boat and yacht owners that will never dream of getting rid of their boats. For these people boating or yachting is a lifestyle. These people want to make sure that their precious toy is well insured and protected. They are a few considerations when looking for the right Yacht/Boat Insurance.
There are property and liability risks when you own a boat, at sea, and even if you are docked. Many marinas will not allow your boat unless you show proof of insurance. Accidents can happen while in the water, with other vessels or while operating fishing equipment ... If you have passengers in the boat, which most likely that will be the case, each passenger presents a liability, and you must protect their safety and your financial health by acquiring the necessary boat insurance coverage.
Another risk is when you are transporting and storing your boat. Whether from home, or at the marina, anything can happen. During the summer, there are many people in the water, swimmers, water skiers ... the chance of hitting one of them is always present, no matter how experienced you are boating. Other reasons to ensure your boat is possible theft, the risk of fire, and vandalism. These are always present as with any other vehicle.
Insurance for boats include also emergency policies in case you have to be towed, boat repair, or removal of the wreckage in case something more serious happens. Motor malfunction is a common occurrence and you don't want to be without insurance if you are stuck at sea. There are many types of boat/yacht insurance and things that you can add to your liability insurance. Each provider will offer different levels of coverage and you can choose the type of coverage that better suits your need and budget. Rules about coverage may also vary from state to state. For better rates, it is better to deal with an insurer that specializes in boat/yacht insurance. One important issue is the pollution and wreck insurance, and probably the one issue that most boaters think they will never have to deal with. In the event of your boat leaking gas or oil, or in the event that it sinks, all the expenses for removal and clean up will end up as a large bill made out to you - this could add up to thousands of dollars, as you are responsible for digging that boat out of the sea and cleaning up the spill. For more information on this topic visit umav.org.