What Is Uninsured Boater Coverage? – As you are aware boat insurance offers multiple coverage and add-ons accessible by policyholders and every company has unique offerings. One of the popular coverages that you may come across while shopping is uninsured boater coverage. But what is uninsured boater security and how does it work?
In this guide, we will be breaking down everything there is to know about this form of coverage and assist you on how to get it. Besides, there are potential risks that come with venturing into the expanse of the seas and oceans.
Having insurance to protect the vessels on the boat against liabilities and accidents is one thing, but many people overlook an important part and that is uninsured boaters. Let’s find out why this insurance type is so important.
What Is Uninsured Boater Coverage?
Uninsured boater coverage is a part of boat insurance that offers financial protection to boat owners and passengers in accidents with an underinsured or uninsured boater. In other words, if you are involved in an accident with a boater who does not have sufficient insurance or no insurance at all, uninsured boater security acts as a safety net and covers the property damage, medical expenses, and associated costs as a result of the negligence of another boater with no insurance or insufficient insurance security.
How Does It Work?
Here is how uninsured boater coverage works. For example, if you are involved in an accident or collision where the liable party is underinsured or uninsured, uninsured boater security comes in to cover the damages incurred. Typically, this insurance coverage applies to property damage and bodily injury suffered by the insured boat owner and the passengers.
What Does Uninsured Boater Coverage Cover?
Here is what uninsured boater security typically covers:
- Property damage.
- Legal expenses.
- Medical expenses.
- Lost wages and other economic losses.
What Does It Not Cover?
There are certain exclusions that come with having an uninsured boater security policy. They include:
- Hit-in-run scenarios.
- Intention acts.
- Damage to the uninsured or underinsured boater’s vessel.
Who Needs a Policy?
Whether you need uninsured boater security is an important question you must ask yourself. Meanwhile, people who operate or own boats no matter the size or type of the vessel, should consider getting this form of insurance. They include:
- Boat rental companies.
- Fishing enthusiasts.
- Boat co-owners.
- Watercraft owners.
- Recreational boaters.
- Sailors and cruisers.
- Yacht owners.
- Boat clubs.
- Commercial operators.
- Boat loan borrowers.
Even though the boat insurance requirements may differ by the type of watercraft and region, all boat owners need uninsured boater security to protect themselves against the financial consequences of getting involved in an accident with an uninsured party.
How Much Does Uninsured Boater Coverage Cost?
There are multiple factors that affect the cost of an uninsured boater security policy. Nevertheless, the average cost of purchasing this form of insurance usually costs a few hundred to several thousand dollars yearly. These affecting factors include; chosen coverage limits, the value of the insured boat, its location, and its usage. But you can choose to bundle uninsured boater coverage with your existing boat insurance to save costs.
How To Get Uninsured Boater Coverage
If you would like to purchase an uninsured boater coverage policy and need assistance, here is a guide you can follow to obtain this type of insurance coverage:
- Go through your needs.
- Asses the value and usage of your boat as well as your personal risk tolerance.
- Ask an insurance broker or agent for help.
- Research insurance companies.
- Compare their level of coverage, reputation, financial stability, and customer reviews.
- Contact your selected insurance provider and ask them about their coverage options.
- Provide detailed information about your boat.
- Gather multiple quotes and compare.
- Personalize your quote.
- Consider additional endorsements and discounts.
- Review the terms and conditions of the policy before agreeing.
- Choose a policy and finalize it.
- Pay premium.
Once you make your premium payment, your coverage will be activated and it is important to keep a copy of your quote documents for records.
Frequently Asked Questions
How much uninsured boater coverage do I need?
The amount of uninsured boater security you need depends on various factors. This includes your risk tolerance, the possible cost of property damage and medical expenses in your location, and the value of your boat. Regardless, it is a good idea to buy sufficient coverage to give yourself peace of mind and safeguard your assets in case of an accident with an underinsured or uninsured boater.
Is uninsured boater coverage required by law?
Having boat insurance is important but it is not mandatory in all states or countries even though the requirements differ. It is a good idea to have a policy even though it is not required legally or compulsory. This way, you can have enough coverage and peace of mind when you get involved in an accident or collision.
Does uninsured boater coverage protect me if I am at fault in an accident?
Regardless of who is at fault or responsible, uninsured boater coverage covers the policyholder in the event of an accident. However, damages or injuries due to negligence are not covered with this form of insurance.
