Boat insurance can be an excellent form of financial protection for boat owners. Unforeseen accidents can occur at any time and lead to significant recovery and repair costs. Boat insurance may reduce out-of-pocket expenses following a covered accident. 

What Is Boat Insurance? 
Boat insurance is coverage that commonly insures boat owners against accidents that occur on the water and while the boat is docked or in storage. Your insurance carrier will likely require you to pay a monthly or annual premium in exchange for coverage. Following a covered accident, you may have to pay an out-of-pocket cost, called a deductible, for certain coverage before insurance provides payments. 

What Does Boat Insurance Cover? 
Boat insurance varies among policyholders, but the following coverage options are typically available: 

• Property damage liability coverage may help cover expenses if your boat ownership or operation causes damage to another person’s property.
• Bodily injury liability coverage may respond to incidents related to bodily injuries to someone other than the boat owner and those covered under their policy (e.g., helps pay for medical expenses).
• Medical payments coverage may assist with medical expenses if you or a passenger gets injured in a boating accident.
• Boat physical damage coverage may protect against losses to your boat caused by covered incidents (e.g., fire, collisions, theft or vandalism).
• Uninsured watercraft coverage may help cover expenses if an uninsured boater collides with you and causes injury to you or your passengers. 

The agents at Parker, Shelton & Associates can help you learn more about choosing the right coverage options for your policy. 

Is Boat Insurance Required? 
Like most states, Virginia and North Carolina do not require boat owners to carry insurance. However, certain marinas and storage facilities may mandate coverage. Boat insurance can be an excellent way to limit out-of-pocket expenses after an accident, regardless of requirements. Financially recovering from a boat accident may be challenging without insurance. 

How Do I Get Covered? 
If you are a Virginia or North Carolina resident, the agents at Parker, Shelton & Associates can help you learn about boat insurance policies to assist you in deciding on sufficient coverage. 

Call us today at 540-381-6358 to request a quote on a policy.