When you purchase a boat, the first thing on your mind is probably taking it out on the water for a spin. Before doing so, however, there is a variety of different risks and precautions to consider. Boats are susceptible to unforeseen accidents while out on the water, but they are also vulnerable to accidents while in storage. Acquiring a boat insurance policy is a good way to limit financial risks, such as high out-of-pocket costs, if an accident occurs. 

What Is Boat Insurance? 
A typical boat insurance policy, like many insurance policies, works like a contract. In exchange for an insurance premium, your insurer provides financial assistance following an accident to help pay for expenses like repair costs and other unforeseen losses. Collisions, injuries and weather damage are among some of the incidents in which your insurer might step in to assist you. The amount of financial assistance you’re given generally depends on how much you pay for your insurance premium. 

How Does Boat Insurance Work? 
Boat insurance works similarly to a car insurance policy. You’ll pay an insurer a regular premium payment, which is determined by then based on a multitude of factors, in exchange for predetermined levels of protection should you experience a covered loss or accident. If you are in an accident or experience a covered loss, you’d then contact your agent to file a claim. Depending on your policy, you may have to pay a specified amount before insurance kicks in (i.e., your deductible). Talk to your agent to learn more about what types of boat insurance policies may be available.  

Why Should You Have Year-Round Boat Insurance? 
While many accidents can occur while out on the water, your boat is also vulnerable to many incidents while in storage. Regardless of where you store your boat, accidents such as flooding, fires and theft can occur at any given time, and they can be financially burdensome to recover from. Having year-round coverage can help protect you from incurring significant costs. 

Contact Us 
If you live near Elgin, Hanover Park or Chicago, Illinois, we can help you out. The agents at Alteza Insurance Agency are dedicated to assisting you in learning more about boat insurance so you can make an educated decision on a policy for you and your boat. 

Contact us today at 630-830-4500 to learn more about your coverage options.