Everyone knows that you need insurance in order to drive a car. It is a legal requirement and those who are found to be on the road without it can face heavy fines. Yet boat insurance is not a legal requirement, although there are similar issues facing boat owners as there are facing car drivers. So why should you insure your boat?
Whether you own a simple rowing boat or a top of the range, luxury yacht, insuring it is a sensible move. Not only do you not want to be left facing repair costs should your boat be damaged, but there are also legal implications if you cause damage or injury whilst on your boat. The peace of mind that comes from knowing that your precious boat is covered can ensure that you can relax and enjoy your boat and stop worrying about the potential hazards.
The insurance policies available for boats and road vehicles are markedly different. Comprehensive insurance covers you for damage caused to your boat and other boats (or vehicles, structures, etc.), no matter who is responsible for causing the damage. This is particularly useful in boat insurance, as because it is not a legal requirement, the chances are that you will be involved in an incident with an uninsured boat. This could leave you paying through the nose for repairs if you too were uninsured. The weather has been in the news a lot recently too, with high winds and floods creating problems across the country. Boat insurance can protect your boat from damage caused by the elements.
Comprehensive Versus Third Party
Comprehensive insurance can also cover theft, either of goods that were secured on the boat or of the boat itself. This happens more frequently than you might believe, as opportunistic thieves see boats as easy targets. Comprehensive insurance is more expensive than the usual third-party insurance because you are effectively providing cover for the cost of repair to potentially two boats and not just one, but as with car insurance, careful boat owners can receive discounts via no claims bonuses. Though the number of uninsured boats is relatively high, third-party insurance is not recommended, but still more desirable than no insurance at all.
If your boat has been involved in an incident and you are experiencing difficulties in claiming from the other party involved, or if you suffered an injury, you may need to consult a solicitor. Obviously, a solicitor who deals with boat claims will be best positioned to help you with your problems, so it may be best to seek help from a specialist rather than, say, solicitors in Bradford who are situated miles from the sea and are more used to dealing with family law matters.
A responsible boat owner is like a responsible car owner: he is less likely to be the cause of an accident. Even so, there are plenty of irresponsible users who make insurance necessary for even the most careful owner. For this reason, protecting your investment by insuring your boat is a wise move.
By Switalskis solicitors.