If you’re searching for one-day boat rental insurance, we commend you; it’s obvious that you are a conscientious individual who understands the risks of the seas. However, boat rental insurance that does double-duty for the boat owner is much more commonly elected. If you are the landlubber who’s looking to rent a vessel by the day (or hour), here’s what to do:
#1 Know When You Need Coverage
All it takes is a glance at yearly watercraft accident statistics to know that coverage is a must. Take 2017 for example. In that year alone, the United States Coast Guard reported that 4,291 recreational boating accidents resulted in 658 fatalities, 2,629 injuries and approximately $46 million in property damage. Try navigating a boating accident without insurance, and the result could be a financial disaster.
It’s recommended to insure yachts, large sailboats, jet boats, personal watercraft––like WaveRunners and Sea Doos––and anything that runs faster than 25 mph. Though we prefer to play it safe, it’s not necessary to insure canoes, kayaks, paddleboards, or any other small, slow, inexpensive watercraft.
#2 You May Already Be Insured
Check with your current insurance company. The coverage you already carry may extend to watercraft. Your credit card could also be more than just points or airline miles. Your Visa or Mastercard might actually be a source of boat rental insurance. Call customer service to inquire.
Your boat rental company may also offer rental coverage. Ask your local marina about available options to include insurance with your lease. If you’re going to be a regular renter, consider joining a boat club. It’s common for boat liability to be included in the boat club’s insurance policy.
#3 When In Doubt, Cover Your Boat
Still establishing your sea legs? Be honest about your lack of experience. The best insurance for the voyage may involve inviting someone on board who is proficient at operating the vessel. Whether you purchase the additional insurance is up to you. Often, you will need to leave a security deposit to rent a boat as well.
Should this boating habit stick, you most definitely will want to carry boat liability insurance and perhaps even add an umbrella policy. That’s when it’s imperative that you partner with a marine insurance professional who understands the depth and breadth of coverage you require.
Hopefully, you wouldn’t drive your car without first electing car insurance. The same holds true for your boat. There are just too many possibilities for accidents involving yourself or others to occur. If you’re renting a vessel and feel uneasy about your coverage, use our tips to make the best of your time on the water. Peace of mind should come standard with every voyage.
Navigating the waters of insurance can be confusing, but we make it easy. For more information about different types of Florida boat insurance, boat liability, umbrella policies and more, contact W3 Marine Insurance.
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