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Figuring out what type of boat coverage you need to protect your vessel in Ramsey, MN can seem like a pain. Boats face an entirely different set of risks than any other vehicle you operate and insure, so understanding the types of coverage available starts with a bit of a learning curve. This quick overview will help give you an idea of what you’re looking for.
Liability
Like auto insurance, the most basic type of boat coverage is liability; that is, coverage for people who are injured or other people whose property is damaged on or around your watercraft. That includes bodily injury coverage and property damages your boat causes to docks or other boats in the water.
Comprehensive Coverage
Also like auto insurance, comprehensive coverage is a sort of umbrella policy for your boat, filling in the gaps that other policies leave behind. Comprehensive insurance typically covers the following:
- theft of your boat
- vandalism
- fire damage
- flood damage
- other weather-related damage and damages caused incurred when you’re not in the water
Uninsured Motorist Coverage
Your can also choose to purchase insurance that will cover your boat if you’re in an accident with an uninsured boater.
When is my boat covered?
When your boat is in the water or at the dock, your boat insurance policy covers it. When your boat is being towed, on the other hand, it’s covered by your auto insurance policy instead, and the details of that coverage depend on your auto insurance itself.
Depending on the details of your homeowner’s policy, your boat may or may not be protected when it’s parked at home. If it is, chances are the property you have on board is not. An independent agent in the Ramsey area will be able to look at your existing policy and help you decide just what type of coverage you need.