Avoid the Three Biggest Boat Insurance Claims

Who has boats? Lots of people, but not everybody needs boat insurance. If you don’t have a boat, you don’t need your boat insurance. And since you don’t have a boat, you can check your Boat Insurance Coverage to see if your coverage is enough to cover your boat.

Most people don’t spend as much time as they should on their boats. But when something does happen, it can mean a lot of money spent on repairs and loss of time in repairs, making time in the water less enjoyable. You may think you know what to do, but do you really? The following three mistakes people make at sea can end up costing you a boat several times the value of the boat!

In the past few years, hull damage and theft have become two of the most common things to worry about when it comes to owning a boat. You can purchase insurance to protect yourself, but if you’re not careful it can be expensive and high-maintenance. In order to save the most money on boating insurance, you need to ensure that you’re covered by the right kind of insurance.. Read more about insurance companies and let us know what you think.

Having a boat allows you to go fishing and spend time on the water with your family and friends. However, owning a boat may be costly, and unanticipated problems can cause major hassles and credit card costs.

Boat insurance is a no-brainer for peace of mind. Knowing you’re covered in the event of an accident may relieve tension and allow you to enjoy your boat more. It’s even better to never have to utilize your boat insurance. According to a spokesperson from Travelers Insurance, which is one of several firms that provide boating insurance, three kinds of accidents account for 65 percent of their claims.

#3 Mechanical Defects

Mechanical failures account for 11% of Travelers Insurance’s boating claims. Engine issues are unavoidable, but by keeping on top of maintenance and servicing, you may prevent the majority of them. The manufacturer’s warranty will cover many engine problems. However, in certain instances, such as when a piece of debris is pulled into the engine and causes damage, a warranty claim will be rejected. If a manufacturer’s warranty claim is rejected, boat insurance may be able to assist pay the cost of the repair. Make sure your boat is examined by a professional at the start of the season, and make any required repairs before launching to prevent mechanical failures. Minor problems should be addressed before they become severe, resulting in large repair costs and time off the water.

Take the time to deal with little problems before they turn into a headache.

Tornadoes, tropical storms, and hurricanes account for 16% of Travelers Insurance claims. They may inflict significant damage to a boat, or even sink it. Between June 1 and November 30, keep an eye on the forecast, particularly in August and September, when the boating season’s worst weather occurs. Have a plan in place for your boat, including additional lines on standby to secure it in the event of strong winds. When strong winds, storm surges, and significant quantities of rainfall are expected, most marinas will remove boats from the water. If your boat is moored or parked in a slip, the best course of action is usually to remove it from the water to avoid damage or sinking.

Boat ClaimsPrepare for bad weather by having additional lines on hand to secure your boat in the event of strong winds.

Collisions are number one.

Damage caused by collisions is the most common kind of boating claim. Collisions with docks, seawalls, other boats, and particularly submerged items like rocks and logs accounted for 38% of boat insurance claims in 2020. Being aware of your surroundings at all times is the most apparent method to prevent accidents. When sailing in an unfamiliar location, act with care. Even the most experienced captains, however, may struggle to navigate on certain days due to low visibility produced by fog or rain. Learn to utilize your equipment, particularly your chartplotter and radar if you have one, keep an eye out, and slow down in bad weather.

Do you have any concerns regarding boat insurance? Speak with a Travelers representative to review your risks, requirements, and gaps in coverage so you can relax while out on the water.

More Tips for boating safety for travelers

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