When Boating Insurance may be a Waste of Money

There are only two time boating insurance is a waste of money.

1) If you don’t own a boat.

2) If you don’t buy the right coverage for YOU and YOUR boat. There are a lot of different coverages that you can put on your boat; but, that doesn’t mean you need them ALL.

Everyone needs liability coverage on their boat. This is a very inexpensive coverage to get and it protects you from legal action if something happens and a court says it was your fault or your boat’s fault.

Property damage – well, this is up to you; unless, there is a loan on the boat and then the bank will normally require it. Use common sense and don’t insure an old boat that is not worth much. Like an old car, unless it is an special antique boat, the insurance company won’t pay you very much is anything happens and a minor accident will “total” your boat.

Uninsured/Underinsured boaters – this pays your medical bills, disability income, and if you die a death benefit; if someone hits you and they don’t have boating insurance or enough to cover the bills. This is up to you again. Do you already have health insurance, disability insurance, and life insurance? If you have all three of these already, adding it to your boating insurance is a waste of money.

Medical – this pays toward your medical bills and the medical expenses of any passengers you have with you IF you are at fault in a boating accident. If you have good health insurance and so does all of your passengers, this is also a waste of money. Why pay two insurance companies for the same coverage?

On water towing – handy to have unless you carry a load of cash with you when you go boating. This is inexpensive and a lot better than trying to explain to the tow boat owner why you don’t have $450 in cash in your pocket when you break down in the middle of a lake of on a river.

Personal Effects – this may be covered by your renters or homeowners insurance. Those policies normally cover a portion of your personal effects when they are outside of your home (traveling in a car or on a boat). Check and find out before you waste money duplicating the coverage.

Now that you have read this, go check your boating insurance policy and see if you are wasting money or not. If you have been, contact your insurance company and make a few changes. Just be sure you keep liability coverage on your boat; because, that is the ONE coverage that is NEVER a waste of money. That coverage lets you sleep well at night knowing that if the unexpected happens; the insurance company is the one “on the hook”, not you.