Whether the watercraft is used to cruise the waters of Lake Airfield or leisurely drift down the Appomattox River, you will likely want to protect your investment with a boat insurance policy. Some homeowner’s insurance plans partially cover watercraft vehicles, but it is not enough. Therefore, it is crucial to select a specialized watercraft insurance policy beyond the basic policies.
Like automobile insurance, boat insurance was made for watercraft with motors, including pontoon boats, fishing boats, yachts, and leisure crafts. However, boat insurance does not cover rowboats, canoes, or kayaks. For these smaller watercrafts, some limited coverage can be purchased by the owner through other policies.
While Virginia does not require boat insurance, it is a good idea to purchase the minimum coverage or more. While the state does not explicitly require it, if the boat is financed, the lender typically demands that it is insured to protect their investment. Also, many marinas require boat insurance as a prerequisite to dock the vessel in their harbor.
Most Virginia providers offer five types of coverages.
Financially protects against an injury that the owner might cause someone while they use the boat. This coverage also includes lost income, medical bills, legal expenses, and pain and suffering.
Collision covers the cost of replacement or repairs if the boat crashes into another object or vessel.
Comprehensive coverage pays for repairs or an entire replacement in the instance of damage, theft, vandalism, or any other type of incident outside of a collision.
This coverage protects you from damage caused to another boater’s vessel, a dock, or other types of properties. This is one of the most vital forms of coverage you can have for your boat.
The additional options cover fishing equipment, medical payments, personal property, and oil spills, as well as damage and injuries from other uninsured or underinsured boaters.
With so many coverage options available, you may be unsure which is best for your watercraft. To help clarify your options, contact Mutter Insurance Agency today! The insurance agent experts at Mutter Insurance Agency are ready to answer all of your questions.