Boat Insurance
Secure your aquatic adventures
Boat insurance is a contract between the policyholder and an insurance company, with the purpose of providing financial protection in the event of accidents or incidents related to the insured's boat. It is essential for any boat owner, as it acts as a shield against a variety of situations, depending on the coverage purchased, such as collision accidents, injuries resulting from the accident, vandalism, theft, fire, hurricanes, and other unforeseen events that may damage the boat. If the boat has a trailer, it is prudent to add the coverage to the policy.
The main coverages include:
Civil liability
- Covers property damage and bodily injuries caused to others in accidents where the insured is responsible. Texas requires a minimum coverage of $30,000 per injured person, up to a total of $60,000 per accident, and $25,000 for property damage per accident, known as 30/60/25 coverage. It is recommended to consider purchasing greater liability coverage in cases of multiple accidents due to damage caused to other boats and their crew.
Comprehensive coverage
- Covers against theft or damage caused by natural disasters, vandalism or other unforeseen events not related to collisions.
Collision coverage
- Covers the repair or replacement of the boat after an accident caused by a collision with another boat or object.
Medical payments
- Covers the medical bills of the pilot and/or crew. In some companies it also includes injuries suffered while practicing a water sport practiced from the boat.
Personal injury protection - PIP
- Generally applied to land vehicles such as cars, trucks, and motorcycles. This option is similar to medical payments coverage, covering medical bills resulting from an accident, no matter who is responsible. However, in the case of boats, the situation is different. Boat insurance focuses on protection against damage to the property of the vessel and civil liability for accidents related to it.
Protection against uninsured or underinsured drivers - UM/UIM
- Covers if you are affected by an uninsured or underinsured vessel. It also covers accident situations where the other pilot flees; It is recommended to collect evidence and witnesses.
Watercraft towing and labor
- Covers towing costs when the boat cannot be steered and may also be included in the basic coverage for labor/comprehensive assistance or be an additional option to repair or replace a mechanical breakdown.
Towing and roadside assistance - Trip interruption
- Covers towing costs to the nearest repair center in the event the boat breaks down while being towed, some companies offer additional coverage options which may include reimbursement of the cost of renting a replacement vehicle in the event that the trailer is damaged or in an accident, and you need an immediate alternative means of transportation.
*It is important to keep in mind that the terms and conditions of the insurance companies may vary for each coverage. Therefore, it is essential to review carefully to fully understand the extension and any exclusions that may apply.
