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Sunken boatNo boater wants to lose his or her boat. However, boats can sink. That is just a fact of life. Should a hull loss occur, a boater loses much more than a piece of recreational equipment.

The financial loss from a sunken boat is always a significant loss. Boat insurance can help the owner recover lost costs and pay for damages associated with the sinking.

  • Total Loss Coverage: This type of coverage may not come with every boat insurance policy. However, it is valuable to many boat owners. It can help you recover the total cost for the lost boat. That is, it will help you get a brand new boat of equal value. One important catch is that many policies place time limits on total loss coverage. A newer boat will likely have much more value than an older one, and thus might be much harder to replace. Most boats have to be less than five years old to receive this coverage.
  • Bodily Injury & Medical Payments Coverage: If your boat sinks while you have passengers, someone might get hurt. Medical coverage can help cover the costs of medical bills associated with sinkings.
  • Fuel and Cleanup Coverage: A sunken boat might sustain damages that could lead to fuel leaks. The sinking could easily lead to other debris contamination of local water sources. Such contamination could cause hazards for other boaters and the local environment. Coverage can help you pay to clean up such damages and better secure the scene of damages.
  • Personal Property Loss Coverage: You could lose property like phones or clothing, in a sinking. Personal property coverage might help you afford to replace these items.
  • Salvage and Hull Removal Coverage: Sometimes, a sunken boat poses risks to waterways and other boaters. This coverage can help you salvage and remove the boat from the water.

However, use caution. This coverage may only come into play if you have a legal requirement to remove the boat from the water. If you decide to remove the boat at your own accord, you might have to use your own funds.

The best way to ensure that your boat has the proper coverage for sinking is to talk to your insurance agent. In the vast majority of cases, your policy will cover sinking losses and property losses. However, it is best to ask how high the limits are on this policy.

Voyager Insurance Services has your coverage needs in mind. We can help you get a fast, free boat insurance quote right now. Call us at 972.712.8000 for more information.

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