Guide To Boat Insurance For First-Time Boat Owners
You have your first boat! Before planning to sail your first watercraft, there’s still one thing you have to take care of – getting a Maryland boat insurance!
You heard it, right. You’ll enjoy more if you know how to sustain your investment, and that includes your watercraft. This guide will provide you all the information you need about the Maryland boat insurance policy. It helps you pick the right insurance coverage for your second home.
No matter what phase of life you are right now, there is always a boating style that fits your budget and interest. For a first-time watercraft owner in Maryland, do your research first to make a sound decision.
What You Need to Know about Boat Insurance
It is defined as the coverage included in the damages done to your watercraft. It has various features and policies depending on the state and other required factors. Some insurances cover you for the damage your watercraft has caused someone else’s properties. There are thousands of registered watercraft in Maryland. In case you bump into any of them on the water of Chesapeake Bay and other Maryland water territories, make sure you are protected.
Getting insurance for your watercraft is very important. It is for liability purposes and to cover damage to the watercraft. The insurance is the same as the policy that covers your cars. But there are few types of policies that are meant specifically for boats. One example is the policy with fuel-spill liability. It will protect you from third-party damages and clean-up claims caused by accidentally discharging fuel or oil.
Another example if you have an accident while towing. The policy pays to replace or repair the trailer. If the trailer will cause any injuries to the people and will damage one property, the auto policy will cover the liabilities. You have to consider other factors relating to the special requirements for boats. It includes hurricane located areas, or boats leaving their country’s territory.
Boat Insurance FAQ’s
Do You Have to Insure a Boat?
Do boats need insurance in Maryland? If you got a watercraft, there is a need for you to get a good policy. It doesn’t matter if you are not planning to take your watercraft in the water. It must be protected from various factors like fire, natural disasters, theft, and accidental property damage.
Maryland insurance coverage depends on several factors, including the purpose of acquiring it and where you plan to keep it. If you want peace of mind on and off the water, you must remember to take note of what you need and what insurance to get. If you are still asking if you have to insure a boat, get an insurance expert to explain everything to you. There are many companies for boat insurance in Maryland. They’ll be happy to give you a quote about their policies and insurance coverage. Make sure to contact or get in touch with the best-rated boat insurance agents or the best company for boat insurance. You are required to give them the boat insurance requirements by state before going into the liability coverage process.
Only you can decide how much coverage you need. The value of your watercraft and your budget is another factor to consider when deciding on a policy to get. Before buying a watercraft in Maryland, make sure that you understand the various types of insurances. They are many inclusions or riders that go with it that you have to learn. It’s the best way to determine the level of coverage that you’ll be needing for boat possession.
What Do Boat Insurances Cover?
What coverage your insurance provides will depend on the kind of boat insurance Maryland you purchase. This is why it is good to ask for a quote from several providers and see which one offers you the best coverage for your money.
Some owners make the mistake of thinking that their watercraft is covered under their home policy or insurance policy. But like your car, your boat is mobile too and can go anywhere. Both are not part of any home insurance. They need a separate policy or quote for that. But, you can contact and discuss bundling your boat with auto and home policy with your agent. Sometimes, they can allow such coverage, and for you to save money.
Below are some of the usual packages for boat insurances.
Intensive Boat Insurance
It is considered the overall package in boat insurance. It covers damages to your property and the damages you may do to other properties in case of an accident. This insurance will protect you from a variety of insured incidents like weather conditions, theft, fire, and more. Other features required immediate repairs and replacement of watercraft in case you need it while you are in the trade of your current one.
Third-Party Theft & Fire Boat Insurance
It is a reliable coverage that offers protection from the damages caused to your boats. It also includes damages caused by theft and fire. It will cover emergency actions if the boat is no longer safe because of the damages it incurred in case of incidents.
Third-Party Properties On Boat Insurance
This is an entry-level coverage. It only provides minimum coverage if your watercraft harms someone else’s properties. It is a good start for first-time boat owners, but know that you will need to upgrade and update your coverage every year.
Now that you already have an idea of boat insurances and policies, it will be easier for you to acquire your dream boat and sail away to your next adventure!
Ready to Start?
Our Maryland Boat Insurance agents are ready to for your guidance.