Are you a New Boat Owner?

You just bought a lovely new boat and you are excited to get it out on the water. Before you do, you must get boat insurance in California. The question is do you know what type of insurance to buy?

If you assume there is only one kind of boat insurance to buy, you may find yourself with the wrong coverage when there is an accident. Make sure to do the right research so that you know what insurance to buy. Here are a few choices you have.

1. Hull insurance. Possibly the most common coverage, this insurance covers damage to your boat and any damage you cause to others’ property, including boat repair costs.

2. Third party liability. While this insurance also covers damage your boat causes to others’ property, it also covers incidental damage caused by accidental fuel spills, towing, medical expenses and rescue operations. Check with your marina, as well. It may require that you carry this coverage.

3. Yacht insurance. If you are lucky enough to have the means to afford a yacht, know that this policy covers 27-foot vessels and larger. The logic behind this policy assumes that larger boats are more exposed than smaller one.

Once you settle a new vessel, make sure to select the right policies to cover your new treasure. You’ll be happy you did.