Boat Insurance When Home and Auto Insurance Collide

Having insurance is vital for anyone who wants to protect their financial assets. Unfortunately, several people believe that their homeowner’s insurance will cover their boating activities, and many with this belief find out they’re wrong the hard way. Purchasing boating insurance is just as important as having car insurance or homeowner’s insurance, and in certain ways it is like a combination of these two other policies. Most importantly, you need to understand the absolute necessity of insuring your watercraft.

Is Boating Insurance Really Necessary?

Boating insurance is absolutely essential for anyone who enjoys the waterways. It’s easy to understand why when you consider all of the possible mishaps that can occur due to boating. People on your vessel can be injured, passengers could drown after an accident, and even perfect strangers and their property can be injured or worse. You will be liable for any injury or property damage that your vessel causes.

Homeowner’s insurance might cover some damages related to boating mishaps, but this coverage is exceptionally limited. Even when these policies do cover minor occurrences, they leave much to be desired if a serious accident occurs. Only by purchasing proper boating insurance will you be fully protected from the serious liability you’ll face if you cause a marine accident.

Homeowner’s and Auto Insurance Similarities

Boating insurance is very similar to a combination of homeowner’s and motor vehicle insurance.  For example, homeowner’s insurance covers the liability that you may face when someone is injured on your residential property. Boating insurance does this as well, so if any passengers or other individuals are harmed on or by the boat, your insurance policy will kick in and cover the related damages.

Boating policies also mimic motor vehicle policies in several ways. If you’re ever in a car accident, your auto policy will cover your liability as it relates to property damage. You can also get comprehensive coverage to help replace your own vehicle in the case of an accident. Boating insurance handles these issues as well. This means that if you cause an accident with another vessel or any other property, the policy will cover the other party’s damages along with replacement or repair of your vessel.

Taking a boat out onto the nation’s rivers, lakes, or oceans is a favorite pastime amongst American citizens, but it’s also important for boaters to be responsible. Not having boating insurance can leave you on the hook for costs related to property, injuries, and even deaths. These costs can quickly add up to wreak havoc on your financial situation. Every American should ensure that they are covered in the case of one of these unfortunate events.

Protect yourself and your vessel by calling Casey Insurance Group at 888-537-1412 or visit our website for more information about boat charter insurance.