Make sure your insurance actually covers you

When purchasing boat insurance, make sure it has these coverages.

Boat insurance can be more complicated than other types because the range of coverages that are available vary significantly. Insurance for cars and homeowners tend to be more regulated and cover very specific risks, while for boats there are policies that are both extremely limited and comprehensive. So it's a good idea when you're shopping for a new policy to read the fine print and find out when you'll actually be covered.

The Boat Owners Association of the United States (BOATUS) recently published a rundown of which clauses you want to keep an eye out for in your policy. Here are some of the most important points:

  • Consequential Damage: This type of coverage is crucial because it covers damage that results from a failed part. Many policies will exclude any problems that occur because of a component on your vessel that corroded or failed in some way due to neglect. Consequential damage, however, ensures that you'll be covered for the subsequent repairs needed from the failed part, even if your insurer won't replace the part itself.
  • Fuel-spill liability: If your boat sinks and fuel is released into the water, the federal government could hold you liable for the damage. These liabilities can total hundreds of thousands of dollars, so make sure your policy covers fuel spills.
  • Salvage: If your boat sinks because of a hurricane or some other disaster, you'll most likely have to salvage it, which can be a pretty expensive operation. Be careful when you're purchasing a policy to make sure it covers these costs.

Once you've invested in a policy that provides good coverage, you can add in the chartplotter you've been wanting with the assurance that if anything happens to your boat, you'll be reimbursed for the damage! Make sure to check out ePal's extensive inventory of navigational and communications equipment today!

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