“The boat is more securely anchored in the harbor, but that is not the purpose of boats.”
– Paulo Coelho, The Pilgrimage
Did you know you do not need boat insurance to drive a ship on the waters of New Jersey? In fact, Garden State is not alone as most states do not require insurance coverage to be able to drive a boat or jet ski (PWC). Boat insurance is also not required in neighboring Pennsylvania or New York.
In addition to the coverage for physical damage to your ship and liability included in a regular boat insurance, additional coverages you may consider include:
So if not required, why bother with the cost? The answer is the same as similar questions about other types of insurance: Because accidents happen.
You may have invested a lot of money in your boat. For many, their boat is the second most expensive purchase after the house. The boat insurance protects that investment and also covers you for liability, in case others are injured or you damage someone else̵7;s property when you drive your boat.
Taking an uninsured boat on the water is not a wise decision.
According to the Insurance Information Institute, there are thousands of recreational boat accidents each year that can be costly in damages and damages. A new safety article of III listed contributing factors to boat disasters such as “traveling too fast for water or weather conditions, driving under the influence of drugs or alcohol, not following boat rules and regulations, carelessness and inexperience.”
In general, boat insurance covers liability, damage to the boat, along with costs for removing the boat (should it sink) and liability for fuel spills. The size, type, value of the vehicle and the water in which you use it affect how much you will pay for the insurance cover. In addition, there are many optional / additional insurances and discounts that may apply in your unique situation.
- Personal property – includes personal items and sports / fishing equipment, navigation and radar systems, etc.
- Salvage and assistance in emergency situations Reimburses you for the costs of emergency care.
Be sure to ask your insurance agent if your boat insurance covers your trailer. Your agent should also be able to discuss whether an agreed value policy or an actual cash value policy is best for you.
As with all insurance policies, make sure you understand exactly what dangers are covered and what your limits are. If you have questions about boat / yacht / jet ski insurance, call Glenn Insurance at 1-888-OK GLENN.