If you just recently purchased a new boat, you are going to want to make sure that you get your own insurance coverage for your new boat. Here are four important things to realize about insuring a new boat.
#1 It Needs Its Own Policy
The first thing that you need to realize is that your boat needs its own insurance policy. Damage or theft of your boat will not be covered under your homeowner's insurance policy. Like with your vehicle, you are going to need to get your own insurance coverage for your boat as well. Don't delay and if at all possible ensure coverage for it before you even bring it home.
#2 Bodily Damage
Even the most basic boat insurance coverage policy will provide you with bodily damage coverage. This type of coverage will protect you if your boat manages to hit someone or something and hurt it or if your boat damages a dock or another boat. It will also cover you if you run aground when you are out on the water, and need to get boat repairs. Finally, it should cover you against any harm that someone incurs because of an injury that your boat gave them.
#3 Comprehensive Coverage
If you want your boat covered against things such as vandalism, fire, flood, and theft, you need to get a comprehensive coverage policy that will extend beyond bodily damage and cover this types of situations as well. Comprehensive coverage generally also covers any damage to your personal belongs on your boat as well. You can also add things such as uninsured boater insurance, so if another boat damages your boat and they don't have insurance, repairing and replacing your boat will be covered. You can even sign up for roadside assistance if you ever need a tow for your boat on the water or on land through most comprehensive coverage policies.
#4 Suspended Coverage Periods
Some insurance coverage policies for boats include a suspended coverage period where you are not charged for coverage for your boat and your boat is not insured. This is generally during the period of the year when the insurance company doesn't think your boat will likely be in the water. With some policies, this is automatically enforced and with other policies, this is something you have to request. If you take your boat out on the water in the off-season, make sure that your insurance coverage is active.