Buying a boat is exciting, and you want to protect it. From that perspective, the logical question arises—do I need boat insurance if I only use it on private property near Falcon, CO?
Our team of insurance experts at Pikes Peak Insurance Agency is here to explain the different types of boat insurance coverage options.
Types of Coverage
Boat insurance has several components, some of which are required by law and others are at your discretion. One type of coverage is boat liability insurance, which covers bodily injury or property damage caused by your vessel. This includes medical payments for injuries sustained on or even near your boat. In most states, liability coverage is mandatory if you take your boat out in public waters.
Another type of boat insurance is collision coverage, which pays for damage done to your own vessel due to an accident with another boat or object. Collision coverage is usually optional but provides the most comprehensive protection against expensive repair bills. If you choose collision coverage, keep in mind that a deductible may be associated with filing a claim.
Finally, comprehensive coverage pays for non-collision-related incidents such as theft or vandalism of your boat and its equipment. Comprehensive coverage also pays for damages caused by natural disasters such as hurricanes and floods. Comprehensive coverage often comes with a higher premium than other types of boat insurance but can help protect you from unexpected losses in the event of unforeseen circumstances.
Give Us A Call
If you plan to use your boat exclusively on private property around Falcon, CO you may not need full-coverage boat insurance, but we highly recommend it. Contact Pikes Peak Insurance Agency to find the right policy for your needs.