Owning a boat or watercraft is a great way to spend time outdoors and make long-lasting memories with your friends and family. In order to make the most of your boat/watercraft ownership, it is vital that you have proper insurance in place. At Gardner and Gardner Insurance Agency, serving Michigan, we love taking the opportunity to educate our clients and future clients on these critical insurance topics. Keep reading to learn more about boat/watercraft insurance.
Why Is Boat/Watercraft Insurance Important?
Just like with a vehicle, boat/watercraft insurance is put in place to protect you as the owner, as well as others who might be on your boat/watercraft or others on the water. If your boat/watercraft is in an accident, the cost of repairing or replacing the craft will come out of your pocket. If your craft is involved in an accident that causes damage to another craft or causes injury to a person, you will be held liable for these expenses as well. Expenses of this nature could leave you financially vulnerable. Insurance seeks to decrease this risk.
What Does Boat/Watercraft Insurance Cover?
Boat/watercraft insurance can be customized to suit your specific needs, but in general, it will cover the following areas:
Collision/Damage - If your craft is damaged or lost due to an accident, natural disaster, fire, or theft, the insurance policy will pay to repair or replace your craft. This is a great way to protect the investment you have made into your craft.
Liability - If your craft is involved in an accident that causes damage to another craft, the insurance will pay for repairs or replacement of the other craft. If someone is injured on your craft, or as a result of an accident caused by your craft, the insurance will kick in to pay any medical expenses or legal fees that may result from the accident.
If you would like to learn more about boat/watercraft insurance, please call our staff today at Gardner and Gardner Insurance Agency serving Michigan.