Spring has many Floridians and Georgians thinking about the summer boating season. If you’re thinking about purchasing a boat, or if you’re already an avid boater, buying a boat should be considered an investment worth protecting. The investment extends past the purchase price as boats are at risk of damage and theft just like your home and automobiles. Although auto accidents tend to occur more frequently than watercraft-related accidents, it is equally important that you protect your boat with adequate boat insurance.
While a handful of states require boaters to purchase a boat insurance policy, Florida and Georgia do not. However, if you have borrowed money from your bank, it is very likely that your bank will require proof of coverage. Lenders oftentimes request to be listed as a lien holder on the insurance policy, as well. Take note that marinas most always require a minimum of liability insurance and will want to be included as an additional insured on your policy. Knowing this is extremely important if you plan to launch your boat from a marina or store it at one.
A boat insurance policy can ensure your investment remains protected at all times. In the event of an accident involving your boat, there may be expenses you are held responsible for. Therefore, it is only wise to protect yourself by acquiring boat insurance to cover the expense of injuries and damages. In addition to a policy that protects you against injuries and cost associated with watercraft injuries, there are multiple benefits to having boat insurance. Let’s take a glance at a few of these benefits.
Flexibility
Most boat insurance policies offer a great deal of flexibility in regard to liability limits, deductibles, and additional coverages. Of course, the decision on each of these affect your premium accordingly. But most importantly, this flexibility allows you to create a policy that fully meets your needs.
It is important to have adequate coverage and equally important that your coverage be affordable. Many boat owners take advantage of discounts to keep their policies at an affordable cost. Such discounts are often enjoyed by boat owners who accessorize their boats with radar systems, a navigation system, and fire extinguishers. Discounts are also available to those who go through a safety course.
Litigation Protection
Unfortunately, when accidents occur, they are often followed by lawsuits. Especially when an injury occurs, you are at risk of being sued and held liable for all medical expenses as well as pain and suffering. Having a boat insurance policy can be priceless during such times as most policies provide you with a defense attorney to represent you and handle the legal proceedings.
Uninsured Boater Coverage
Although legally required, when an automobile is on the road, it doesn’t necessarily mean the owner has taken the proper steps to ensure the automobile has an insurance policy. Likewise, many owners choose to forego boat insurance. If you were to find yourself in an accident with one of these boat owners, it is of the utmost importance that you have protection in place. Securing a boat insurance policy can provide you with peace of mind knowing that you will be covered regardless if the at-fault party has boat insurance.
At Bates Hewett & Floyd, we are ready to assist you with your boat insurance needs. We are available to discuss your options and to customize a plan that provides adequate coverage at an affordable price. Call us today or stop by our office.
Bates Hewett & Floyd
When you think about an independent insurance agency in Northeast Florida, you probably think of a small to medium size office run by a family or a few employees. If you have never visited or been inside Bates Hewett & Floyd, you have not experienced the big picture. With 30 employed professionals (currently seeking additional candidates to join the team) we are one big family (some blood, most not) that spans three offices and are spread throughout the many facets of insurance that Bates Hewett & Floyd.
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