What is Boat Insurance?
Taking a boat out on the water can be great fun but comes with certain risks. Thousands of boating accidents occur every year, and a number of these involve substantial property damage, physical harm and/or death. While boat insurance won’t do anything to prevent boating accidents themselves, it can help protect Massachusetts boaters from the financial fallout they could face if they’re involved in an on-water incident.
Boat insurance is a specialized form of personal insurance that’s uniquely designed to help protect boaters and their watercraft. Most policies come with multiple coverages, and boaters can frequently select the exact coverages that are included in their policy.
What Coverages Do Watercraft Insurance Policies Come With?
Some of the coverages that watercraft insurance policies offer are similar to those found in most auto insurance policies. For example, may watercraft policies can include:
- Bodily Injury Coverage, which may cover injuries that people outside the boat sustain
- Medical Payments Coverage, which may cover injuries that people in the boat sustain
- Property Damage Liability Coverage, which may cover damage to other boats and property
- Comprehensive and Collision Coverage, which may cover damage to the boat
Not all of the coverages offered by watercraft policies mimic those commonly found in auto policies, though. There are some other boating-specific coverages that watercraft policies might make available. A few examples are coverage for:
- Waterskiing or wakeboarding gear kept on a boat
- Boating safety equipment kept on a boat
- Towing on the water
- Recovering a sunken boat
Any watercraft policies specific coverage list will depend on the policy’s terms and conditions, as well as the protection options chosen by the policyholder.