When you think of sailboats, you likely imagine a nice, relaxing day on the water with your family and friends. However, unexpected perils can occur, both on the water and in storage, that can leave your boat, your loved ones and yourself in danger. Having a sailboat insurance plan, which is often lumped together with other types of boat insurance, can protect you from the high cost of repairs or medical bills and give you piece of mind while enjoying your day at sea.
What Does Sailboat Insurance Cover?
Sailboat insurance includes liability coverage in case someone is injured on your boat as well as property damage if you boat damages a dock or other boat.
A comprehensive sailboat insurance plan also protects your boat against theft or vandalism during the off-season or when it’s in storage. It can even offer personal property protection of fishing gear and other items stored on your boat.
Some sailboat insurance only covers your boat while in use, however, and may only be valid during peak season. For example, it may be valid only from April to October when you are most likely to take our boat out on the water. This means that if you use your boat during the off-season and an accident occurs that your policy won’t cover the damages.
Boats are not covered by your boat policy while in transport to the water, however. Instead, they are covered by your auto insurance policy while being towed on the road.
There’s often a limit as to where you may sail your boat and still be covered by your sailboat insurance policy. If you’re planning to sail on a long journey, check with your insurance company to make sure you’re covered.
Is Sailboat Insurance Required?
Although sailboat insurance may not always be a requirement, it’s good to have to protect your boat and anyone who uses it. If you took a loan out to finance your boat, your lender will probably require that you purchase boat insurance.
How Much Does Sailboat Insurance Cost?
Sailboat insurance is surprisingly affordable and often runs around $20 each month. To save money, make sure that you’re signed up for the right boat insurance as there’s a variety of choices that cover everything from a little fishing boat to a fancy yacht.