Exploring the Different Types of Boat Insurance

Before setting sail in a boat, you need to make sure that your vessel is covered. Boat insurance is an expensive investment, but it's necessary and goes towards protecting your expensive vessel. That said, it's important to know what types of boat insurance exist so that you can decide which policy best suits your needs.

Below, you'll get a brief explanation of the different types of boat insurance that exist.

*Personal Injury Liability (PIL) -  This type of insurance covers your boat accident victims. If anyone is injured or killed on your vessel you're covered. It's important to note that not all insurance companies offer this type of coverage, but it's safe to assume that they do.

*Vessel Liability (VL) - This type of policy covers your vessel in the event that an accident or other incident occurs while it is taking a person from one location to another. Obviously, you're also covered if you are involved in an accident on the water.

*Hull Insurance - This type of policy is all about protecting the structure of your vessel. It's not important to have this type of protection if you boat around in a small boat, because it would be hard to damage the hull. However, if you own a large boat, or fishing vessel, this type of insurance is essential. 

*Boat Trailer Insurance - If your trailer is damaged while being used in transporting your boat, you may be able to get coverage with a truck insurance policy.

*Lifetime Marine - This kind of policy is helpful for protecting your boat once it has been purchased and all payments have been made. If you have purchased a boat that's older or less expensive than average, it's important to get this type of policy.

*Personal Watercraft (PWC) - Same as above. If you own a PWC, you'll want to make sure it's covered by a marine insurance policy.

*Personal Watercraft Equipment (PWE) -  This type of insurance protects your PWC costs when renting from the likes of a marina or a pump and maintain dealer. It also protects your PWC when it is in the water while the operator is working on their vessel but they are not on it.

*Personal Watercraft Rental (PWR) -  Same as above but for the cost of renting a PWC.

*Personal Watercraft Parts and Accessories (PPAC) - This type of coverage protects your PWC parts when they are not covered under other types of policy.

*Other Insurance Needs - It's important to have any other types of insurance if you own a business or lease property. Explain this to your insurance agent if you don't already have it, so that they can provide it for you.

*Boat Lift Insurance - If you have a boat lift, you'll need the right type of insurance. If your boat is under a type of policy that doesn't protect your lift, you'll want to get a separate one.

*Hull Only Coverage - This type of insurance is important for those who don't want to pay full coverage for their boats. It's useful if your boat is used for business or pleasure and you only use it every once in a while. That said, it's important to make sure this type of policy exists before purchasing it because not all insurance companies offer it.

*Boat Cradle Insurance - This type of product protects your boat if it falls out of the cradle while in transit. 

*Boat Storage Insurance - If you don't want to store your boat at a marina, you probably need to get this type of policy. Most vessels aren't covered by this type of insurance, but if yours are, you'll want to get the right policy so that it doesn't fall through the cracks. As with all policies, make sure to compare prices and details before purchasing a policy and always ask questions when speaking with any insurance agent. 

For more information on Boat Lift Insurance and Boat Cradle Insurance, click here .

For more information on Boat Storage Insurance, click here .

*Boat Trailer Insurance - If your trailer is damaged while being used in transporting your boat, you may be able to get coverage with a truck insurance policy. 

*Lifetime Marine - This kind of policy is helpful for protecting your boat once it has been purchased and all payments have been made. If you have purchased a boat that's older or less expensive than average, it's important to get this type of policy.

*Personal Watercraft (PWC) - Same as above. If you own a PWC, you'll want to make sure it's covered by a marine insurance policy.

*Personal Watercraft Equipment (PWE) -  This type of insurance protects your PWC costs when renting from the likes of a marina or a pump and maintain dealer. It also protects your PWC when it is in the water while the operator is working on their vessel but they are not on it.

*Personal Watercraft Rental (PWR) -  Same as above but for the cost of renting a PWC.

*Personal Watercraft Parts and Accessories (PPAC) - This type of coverage protects your PWC parts when they are not covered under other types of policy.

*Other Insurance Needs - It's important to have any other types of insurance if you own a business or lease property. Explain this to your insurance agent if you don't already have it, so that they can provide it for you.

*Boat Lift Insurance - If you have a boat lift, you'll need the right type of insurance. If your boat is under a type of policy that doesn't protect your lift, you'll want to get a separate one.

*Hull Only Coverage - This type of insurance is important for those who don't want to pay full coverage for their boats. It's useful if your boat is used for business or pleasure and you only use it every once in a while. That said, it's important to make sure this type of policy exists before purchasing it because not all insurance companies offer it.

Conclusion

As you can see, there are many types of marine insurance policies available. Hopefully, this post has helped to clarify the differences between them and what each policy offers. As always, make sure to ask questions and compare prices from several different companies before making a decision on which one is right for you. Just because an insurance company offers a particular type of coverage doesn't mean that it's the best one for you. Also, be sure to check with your broker or agent about discounts or special rates that will apply if/when you purchase more than one type of policy from them.