Motor boats don’t come cheap, usually starting out in the thousands of dollars. If you’ve set aside some money for a boat, you’ll want to make it a worthwhile investment. That means protecting your vessel from damage, losses and other hazards.

If you don’t have insurance on the boat, you put yourself at considerable financial risk. Should a damaging event occur, you might have to pay for the losses. No one wants to do that. So, how can you get a boat insurance policy that helps reduce the risk of hardships?

Insuring Your Boat

A boat’s a motor vehicle. You’ll likely use it on public waterways, and you might even take passengers along. In many way, you can think of a boat like you would a car.

So, going for a sail is almost the same thing as going for a drive. Even when you use caution, there’s always a chance something could happen to you or the vessel. That’s where boat insurance might come in handy. With the right policy, you can use the provided funds in case of an accident. They might pay for damage to the vessel, your personal injuries and damage you might cause others.

Some of the coverage you should ask your agent to include are

• Collision coverage: Helps cover boat repairs following a wreck.
• Comprehensive coverage: Damage could happen even when you don’t collide with something. Weather, fire and theft damage are all examples. This coverage can step in to cover repairs to the vessel.
• Liability insurance: Your actions on your boat could harm others. Let’s say you collide with another boat, causing hull damage and injuries to those aboard. This coverage can help the other boater pay for their losses.
• Medical payments protection: If you or your passengers gets hurt, you might have medical bills. Use this coverage for those needs.
• Salvage coverage: If the boat sinks, you might have to pay to recover it. This protection can help.
• Fuel spill/Pollution coverage: An accident might cause gas leaks or other environmental contamination. Again, the boat owner might have a responsibility to clean up the damage. Use this coverage for help.

Talk to your Florida marine insurance agent about how you plan to use your boat. They might be able to recommend additional, more specific types of coverage. Keep in mind that you will have to choose deductibles, coverage limits and other options. Do so after you consider your own financial security and the value of the boat. You'll want to make sure the policy protects the value of both.