Most states do not require you to have boat and watercraft insurance, and New Jersey is one of these states. However, in the case that you have a boating accident and you are at fault with no insurance, you could end up having to sell assets to pay for the damages and injuries you caused to the other party. Depending on the size and type of boat, repairs can be several thousands of dollars or more. It makes sense to maintain boat insurance, so this won't happen to you, because you never know when an accident may occur.
In the Tri-State Area, you have several of the same types of policies for boat and watercraft insurance as you would with auto insurance but with some additions.
Comprehensive insurance covers any damages that may occur to your boat other than it being in an accident on the water. It covers weather-related losses from storms and hail damages as well as theft. Liability insurance pays for repairs to the other party's boat if you have an accident and you are found to be at fault.
Property damage insurance will pay for belongings lost in an accident and bodily injury insurance will pay the other party for their medical costs for injuries if you have an accident and you are at fault.
You can also add some specialty insurance to your policy to cover expensive items, such as fishing or skiing equipment. You can also include all your personal items that are on the boat while in the water, such as cell phones and smart devices. Roadside assistance will cover damages that may occur while you are towing your boat to or from the water. Water towing and salvage costs will tow you back to shore if your boat isn't running, and salvage costs will recover your boat after an accident and clean up any oil spills also.
You can add medical payments insurance to cover you and your passenger's medical costs after a wreck. Uninsured and underinsured coverage covers both your medical expenses and repairs to your boat if you are in a wreck, and the other party doesn't have insurance or not enough to cover your bills, and he is at fault.
It can be challenging to decide how much of each type of coverage you should carry on your boat or watercraft insurance. We are here to help you navigate the waters at Rock Insurance Agency Inc. You can call us or come by the office in Medford, NJ to speak to a knowledgeable agent.