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What is Boat Insurance?
An auto insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, but not all, of these coverages. If you’re financing a car, your lender may also have requirements. Most auto policies are for six months to a year. Your insurance company should notify you by mail when it’s time to renew the policy and to pay your premium.
What Is Covered By A Boat Insurance Policy?
Bodily Injury Liability
When others are injured or killed as a result of an accident involving your boat, bodily injury liability will apply.
Medical Payments or Personal Injury Protection (PIP)
When you or your passengers sustain injuries on your boat, medical payments protection can help to cover some of the associated medical costs. Medical payments protection applies to injuries you or your passengers sustain in an accident involving your RV. Limits to this coverage will be specified in your policy.
Property Damage Liability
As its name implies, property damage liability covers property damage to other vehicles, boats, and structures as a result of an incident involving your boat.
Collision coverage helps to pay for repairs to your boat after an accident, regardless of who was at fault.
Comprehensive coverage helps to pay for damage your boat sustains in a non-accident-related incident. Examples can include natural disasters, theft, hail, vandalism, and flooding.
Uninsured and Underinsured Motorist Coverage
This coverage applies when your boat is damaged by someone who does not have enough insurance to pay for the related losses. It may also cover medical expenses.