Boat/Watercraft Insurance
A boat is an excellent investment. When you own a boat, you can take family and friends out on the water for the day. You can also use your boat for fishing. Because you will be invested a good deal of money into your boat, you want to make sure that it is protected. This is why you should consider purchasing boat/watercraft insurance. Boat insurance carries certain coverage that is essential.
Physical Damage
Physical damage will cover your boat if it is damaged or destroyed during a storm, fire, theft, or collision. It will also cover if your boat sinks. The insurance will cover certain things on board as well, including the motors, extra fuel tanks, batteries, the anchors, and the onboard safety equipment.
When choosing your policy, it is important to find out what type of coverage you will have. A replacement cost policy will reimburse you for the cost to repair the boat to its original condition or to replace the boat with a similar model. An actual cash value policy would reimburse you for the current market value of the repair or replacement.
Liability Coverage
If someone is injured on your boat, liability coverage will pay their medical bills and any other costs associated with the accident. It would also cover if you were to cause an accident with another boat if you damage a dock or any other structure. Liability is essential because it will protect you. If you are sued, your liability will cover the cost of the settlement.
Premium Towing Coverage
Premium towing coverage can be added to many boat insurance policies. If you were to breakdown on the water, this insurance would cover the cost to tow your boat back to shore.
If you recently bought a boat, you should purchase boat/watercraft insurance before taking it out on the water for the first time. The agents at David Martin Insurance Agency Inc. in Virginia can help you purchase a boat insurance policy that will give you the coverage that you need. To get your policy started, give us a call or stop by one of our locations today.