Even a captain with the best preventive maintenance plan in place is likely to face boat repairs eventually. Whether your boat requires routine maintenance or someone takes it for a joyride (aka steals it) and crashes the craft, knowing whether your insurance covers boat repairs can offer major peace of mind.
The following scenarios are commonly covered:
Let’s say your trailer tire blows out while you’re on the highway and now you’re not able to tow your boat with it. Some insurance companies offer roadside assistance if so they will dispatch a tow truck and help you get back on the road or to the nearest repair shop. If this is important to you, check your policy to see if you have this valuable coverage in place.
Removal of wreckage
Often, marine insurance will cover the removal of your boat if it sinks – that is, if removal is required from a legal perspective. Let’s hope that this insurance benefit is never one that you need to use.
Bodily and property damage liability – This coverage is often referred to as BI/PD for short, and if you’re ever involved in an accident, the other boat’s passengers are going to breathe a sigh of relief that you have this. It covers damages to the property of others. Yes, the boats involved may be damaged, but that, of course, is of little concern compared to the possibility that passengers are hurt as well. With this coverage, the injuries of others are covered and any legal costs are as well if a suit is brought against you.
Comprehensive and Collision
Captain: let’s talk deductibles. If your craft is damaged or stolen, you’ll file a claim. Whatever deductible you’ve chosen to pay will be the amount you shell out of pocket. Let’s say that during rough weather your attempt to dock goes awry, causing the craft to crash into a sea wall and crushing its hull in the process. If your deductible is $500, you pay that amount – not the $2,000 that comes back on the repair estimate. (Some items may be subject to depreciation.)
Add-ons abound in the realm of marine insurance. By talking with your insurance advisor about your unique situation, you’ll be able to craft a tailor-made policy just for you. Whether you’re a fisherman looking to cover expensive equipment or you’re a novice who envisions the need for multiple water tows, there are personalized policies that offer such coverage.
Yes, insurance can cover the cost of boat repairs. It also can cover much more. Contact your insurance agent for additional information.