HomeBoat InsuranceCoverage & Common Misconceptions Report Published

Coverage & Common Misconceptions Report Published


Published October 14, 2023

The latest report addresses the common belief that boat insurance is “an unnecessary expense” and outlines the basics of boating insurance so that boat owners can make more informed decisions when choosing a policy.

For more details, please visit https://marineinsurancenow.com/common-misconceptions-about-boat-insurance/

As explained in the new report, boat insurance typically offers various levels of protection, from basic liability to comprehensive policies covering a wide range of risks including theft, accidents, vandalism and weather damage. Marine Insurance Now advises readers to analyze their boat usage and budget before deciding which level of insurance protection is right for them.

Readers are reminded of the high costs involved when dealing with a lawsuit from a boating accident. According to research from the experts, 60% of boaters are underinsured, meaning that when accidents do happen, they can be left with significant financial burdens. By taking out the appropriate liability coverage, boat owners are protected if someone is injured, or their property is damaged, due to a boating accident.

Marine Insurance Now also debunks the ‘small boat myth’, explaining that the safety of smaller boats is just as important as their larger counterparts. “While it’s true that smaller boats may have different risks and requirements, there are still plenty of options available to ensure you have proper coverage. Don’t let the size or age of your boat deter you from seeking the right insurance policy,” the report states.

In addition to covering accidents and damage, boat insurance can provide several other benefits outlined in the report. Benefits include 24/7 emergency assistance and on-water towing to provide peace of mind when out at sea. Personal property cover is also listed, ensuring that items such as fishing equipment and electronics are protected.

Marine Insurance Now recommends striking a balance between affordability and risk coverage when comparing costs for different insurance policies. As the experts explain: “Consider researching multiple insurance providers and comparing their offerings before making a decision. This way, you can make an informed choice that meets both your budgetary constraints and ensures adequate coverage for all potential risks.”

The full report, including common mistakes to avoid when taking out boat insurance, can be accessed online at https://marineinsurancenow.com/

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