Finding the Right Boat and Watercraft Coverage
Do I require boat/watercraft insurance to use my boat? This is a question that everyone that’s planning to own or owns a boat asks themselves. Most states require you to have specific minimum insurance coverage to operate your boat legally. Besides, it’s wise to protect your investment against risks of life at sea. If you are in Arkansas, we at Matthew Yancey Insurance & Real Estate, Inc. in Van Buren, AR can help you access boat insurance. While boat/water insurance policies can differ widely based on many considerations, below are a number of basic coverages in a boat and watercraft insurance policy.
- Liability coverage – Most states require boat owners to have this coverage. It protects you if you injure someone or destroy someone else’s property while using your boat. It pays for the property damaged, medical bills, and lost wages to the injured. If you are sued, it meets the cost of defending yourself in a court of law.
- Emergency boat services – Your boat can break down while you are on the water. At such a time, you can call for towing services. This coverage reimburses you for towing expenses.
- Collision damage coverage – This coverage pays for repairs after a collision accident. While purchasing your policy, you can include cleanup of wreckage in this coverage.
- Comprehensive coverage - It protects your boat if it is damaged or stolen. However, it does not protect your boat against damage caused by a collision accident.
The above are the basic coverage options. Additional coverages can include but are not limited to uninsured, oil spills, medical payments, personal property protection, and fishing equipment coverages.
Boat/watercraft insurance is essential regardless of whether you use your boat or not. It can be stolen or damaged by an unfortunate event. If you are in Arkansas, you can call or visit us at Matthew Yancey Insurance & Real Estate, Inc. in Van Buren, AR to get protection for your boat. Our agents are experienced and will help you get a policy that satisfies your needs.