Between the beautiful New Jersey Shore and countless lakes and rivers, there are plenty of places for residents of Central and North New Jersey to enjoy a little fun in the sun on a boat. Many residents do just that.

A boat is a significant investment, whether it’s a small fishing trawler or a 97 foot sailing yacht. Regardless of size and expense, it’s an investment you need to protect. Phoenix Insurance Group offers insurance for your boat or yatch to keep your asset protected.

What is Boat Insurance?

In many ways, boat insurance closely resembles home and auto insurance. Many of the coverages are quite similar. These coverage options include things like:

  • Collision Damage
  • Comprehensive Coverage
  • Bodily Injury liability Coverage
  • Medical Payments Coverage
  • Personal Property Coverage

In addition, to:

  • theft
  • vandalism
  • fire damage

The Imporatnce of Boat Liability Coverage

Perhaps one of the most important reasons to purchase boat insurance is boat liability coverage, which affords a certain level of protection for boat owners against a wide range of situations. Beneath the umbrella of boat liability coverage, and depending on the specific policy you choose, you can find the following vital coverages.

Property Damage Liability. Not only does this apply to damage done to other boats or personal watercraft on the water in the event of a collision, but it also applies to damage done to docks while docking (and in some cases during storms), and other possessions that may become damaged by your boat.

Bodily Injury Liability. Medical expenses add up quickly if someone is injured by your boat, on your boat, or as a result of being pulled behind your boat. Bodily injury liability insurance helps to insulate you from the true shock of those expenses.

Pollution Liability. Poluution liability coverage is very important to boat owners today as it helps cover the costs of cleaning up fuel spills if your boat sinks or becomes damaged in a manner that allows fuel to spill into the water.

Removal of Wreckage. – In many cases you are legally obligated to remove debris from your boat in the aftermath of an accident. This coverage will help with the costs involved if this occurs.

What You Need to Know Before You Buy Boat Insurance

Before you buy boat insurance, you need to determine how and where you plan to use your boat. For the most part, boat insurance covers events that happen within certain parameters. For some policies, this applies to inland waters and other policies apply to coastal waters for boats up to 26 feet in size.

Larger boats have a little more leeway when it comes to territory to travel. It’s important to discuss how you plan to use your boat with Phoenix Insurance Group before you buy insurance so we can help you get the right coverage to meet your needs.

Saving Money on Boat Insurance

Boats are a big investment that might leave you feeling cash strapped when the time to buy insurance rolls around. Rather than accepting a sub-standard policy that will not serve your needs best, there are other things you might want to consider in order to lower your insurance costs, such as:

  • Bundling multiple policies with the same carrier.
  • Increasing deductibles.
  • Take boater safety classes.
  • Opt for boats that have upgraded safety features.
  • Choose a longer lay-up period (when you boat is not in use) for your boat to decrease the premium price.

Here at Phoenix Insurance Group, we understand the siren’s call of the open sea. Let us help you be adequately protected with boat or yacht insurance. Call us today at 908-879-6500.