Reasons You Don’t Want to Get Caught Without Boat Insurance
by adminInsurance is one of the few things that can be more expensive not to own than to have. Unlike car insurance, which is required, Vancouver boat insurance remains optional. However, this doesn’t make having boat insurance any less important.
If you currently own a boat or are thinking of buying one, here are four reasons you will also want to invest in a good insurance policy.
You Are Liable for Damages
Just as when you are driving a car, when you are operating a boat, you are responsible for damages. This may include damages to docks, other boats, or in the worst-case scenario, an accident where someone is injured. Liability coverage ranges, however, boat repairs and injury cases can be very expensive. When discussing policies with an insurance provider, make sure you get sufficient coverage.
Theft is on the Rise
Unfortunately, there has been a rise in boat theft in Vancouver, due to increased demand as people look to spend more time outdoors. And the problem isn’t just with smaller craft, such as kayaks and canoes, but also larger vessels that are being taken from docks, and sometimes even driveways, trailers, and all. Boats are a significant investment, and larger watercraft typically aren’t covered under home insurance policies the way a non-engine-operated boat might be. Make sure you are protected from theft in Vancouver with boat insurance.
Boat Insurance Covers You On and Out of the Water
Boat insurance doesn’t only provide coverage when you are out on the water. Your policy will protect you from damage that may happen while dry-docked, while travelling on a trailer, or from weather-related natural disasters and fire.
Also Read: Tips on Choosing the Right Boat Insurance in Surrey
If You Financed Your Boat, You May Be Required to Have Boat Insurance
Sometimes getting boat insurance in Vancouver isn’t optional. If you have financed the purchase of your boat, most lending institutions will ask for proof of insurance to ensure that nothing happens without their investment being protected.
Certain marinas may also ask for proof of insurance before docking a boat, to protect their property and limit their liability.
Unlike car insurance in Vancouver, boat insurance is much more affordable, and the cost difference between getting a good policy and getting a great policy is minimal. Typically boats under $500K can be insurance for about 1% of their value, while insurance coverage for boats over $500K drops to around 0.5%.
Must Read: Why You Need Boat Insurance
With liability, damage, and theft claims that could run over a million, can you afford not to have Vancouver boat insurance?