When you take your boat out for a relaxing day on the water, the last thing you expect to occur is an accident. Unfortunately, accidents do occur and can be extremely costly. Financial damages can occur when you damage your own boat and they can also occur when you damage someone else’s boat or property. Luckily, you can purchase watercraft liability insurance which will reduce your risk of financial hardship.
What is Covered By Watercraft Liability Insurance?
Watercraft Liability Insurance generally contains two distinct types of coverage. The first is for bodily injury coverage. This type of coverage provides protection in the case of bodily injury. If you injure someone with your boat, this type of insurance can make sure that you don’t have to cover anyone’s medical bills out of pocket.
The other type of coverage applies to property. This can be your property or someone else’s property. If you get in a boating accident, repair costs for both your own boat and someone else’s boat can be extremely high. This insurance will cover these costs and will also cover the cost of having any wreckage cleaned up.
It is very likely that you’ve invested a lot of your money and time into your personal watercraft. Having the right insurance can make all the difference and provide you with the protection you need to enjoy yourself while on the water.