Boat Insurance Companies offer many types of policies, depending on the needs of the customer. There are policies to cover the value of the boat or watercraft in case of loss, medical expenses in the case of injury, and liability in case of a law suit. Policies are available for different amounts and carry different deductibles that directly effect the premium rates. In that aspect, boat insurance is similar to automobile insurance, except that boat insurance does not cover all areas, and is not always mandatory. Keeping that in mind, there are other policies that boat owners may want to consider to fully protect themselves, any passengers, and their property.
A policy for uninsured/ under insured owners can cover losses and expenses if the policy holder is hit by some one with no boat insurance. Most policies only cover a navigational area that is 75 miles from the U.S. coastline. That includes internal waterways, a small area of the Canadian coast, Pacific coastal waters in Mexico, California, Florida, and Oregon. Coverage for additional areas have to be purchased via a separate policy. Boat Insurance Companies can explain all the conditions of policies so owners understand the limitations of their coverage. Other policies are available for personal effects and unattached equipment coverage. If a cell phone or laptop, for example, is stolen from a boat or damaged in a boating accident, it is not covered under a standard policy.
Fuel spill liability and wreckage removal insurance policies are also available. Many boat owners fail to realize that if oil or fuel leaks from their boat, they are required by law to cover the costs of cleaning it up. If their boat sinks, they are legally responsible to have it hauled up from the bottom of the water and removed. Depending on the location, the size of the boat, and the depth of the water, that can cost several thousand dollars. Owners can go to Iotx.com to find experienced and reputable boat insurance companies. A boat or watercraft is an investment that is purchased for enjoyment. Having the proper insurance can protect that investment, as well as the owner and passengers.