Understanding Liability and Property Coverage for Boat Insurance in Oakville
Your boat is one of your most prized possessions. Protect your investment with comprehensive boat insurance in Oakville. Boat insurance is a type of insurance policy that protects boat owners from financial loss that can result from damage to their boat.
There are two main types of boat insurance coverage options-agreed value and actual cash value. An agreed value policy pays the cost of replacing a damaged or stolen boat (without taking depreciation into account). Actual cash value=agreed value-depreciation.
Liability Coverage
Boat insurance in Oakville offers liability coverage. If someone gets injured in a boat accident that was your fault, your boat insurance policy covers their medical expenses and lost wages protecting you from legal liability. Your boat insurance policy also covers-
- Damage to someone else’s property such as their boat,a dock, or a structure caused by your boat
- Cleanup costs if your boat leaks fuel into a water body and you’re held liable for damages
- Legal costs if you’re sued for damages
Without boat insurance, you may be forced to incur these expenses, which can lead to financial stress.
Property Coverage
If a covered event damages your boat, your boat insurance policy covers repairs and/or replacements.
- Hull insurance – Covers damage to the hull and sometimes other components of the boat such as its sail and motor
- Personal effects coverage – Boat insurance covers your personal items such as fishing gear, electronics or clothing that you keep in your boat. If your items are damaged in an accident or they’re stolen, your boat insurance policy covers repair or replacement
- Collision coverage – If your boat was damaged in an accident ( caused by another boat or underwater objects), boat insurance pays for repairs
- Comprehensive coverage – A comprehensive boat insurance policy offers protection from a variety of risks including storm damage, vandalism, and fire damage
- Towing assistance – A comprehensive boat insurance policy may cover towing expenses if your boat breaks down unexpectedly
Popular Boat Insurance Add-ons
Here are some commonly used boat insurance add-ons.
- Uninsured boater coverage – Covers your or your passengers’ treatment costs if an uninsured boat owner’s watercraft collides with your boat injuring people on board
- Wreck removal– Covers the cost of removing your boat from the water if it is damaged beyond repair
- Fishing equipment – Traditional boat insurance policies cover fishing gear to some extent. If you need comprehensive coverage, invest in an add-on
- Trip interruption coverage – This add-on covers lodging, traveling, and other expenses If your boat breaks down at a certain, predetermined distance from your home and you’re unable to complete the trip
- Mechanical breakdown coverage – Covers damage to the lower unit on an outboard motor
Solidify Insurance is a renowned insurance company catering to individuals and businesses in Mississauga. Our insurance experts have the knowhow to create tailored insurance policies.
